Finance

Yes Bank board member Mukesh Sabharwal resigns over Rana Kapoor's re-appointment bid, says report

Updated : June 12, 2019 08:11 AM IST

Former interim CEO Ajai Kumar had quit on Monday, also on personal grounds.

The bank currently has a total of 11 directors, including chairman Brahm Dutt.

Mukesh Sabharwal, the chairman of the nomination and remuneration committee at Yes Bank, has put down his papers just two days after founder Rana Kapoor demanded a seat on the board and compensation for the payment lost, The Economic Times reported.

Former interim CEO Ajai Kumar had quit on Monday, on personal grounds.

The bank currently has a total of 11 directors, including chairman Brahm Dutt.

In early May, Kapoor had sent two letters seeking re-induction on the board and compensation in crores for lost remuneration. The demand was found to be unreasonable, three people aware of the developments told the newspaper, adding that the letters had caused a 'bitter battle in the boardroom'.

Some, however, were sympathetic to Kapoor's demands, the sources cited by the paper said.

When the paper approached Kapoor on this development, he said there were 'no issues whatsoever' regarding his appointment.

Yes Bank board member Mukesh Sabharwal resigns over Rana Kapoor's re-appointment bid, says report

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