Yes Bank on Wednesday said it's chairman of the board, Ashok Chawla, has resigned from the post of non-executive (Independent) with immediate effect.
His resignation is effective from November 14, 2018, the company said. However, Yes Bank did not give the reason for his exit.
Yes Bank sources say the resignation was a fallout of the Aircel Maxis case.
On November 12, the Mint had reported that Yes Bank has sought guidance from the Reserve Bank of India (RBI) over Chawla continuing as non-executive chairman of its board after being named in a corruption chargesheet. This follows the National Stock Exchange of India Ltd (NSE) — also chaired by Chawla — scrutinising his continuance on similar grounds.
Uttam Prakash Agarwal has been appointed as the additional director (Independent) and chairman audit committee, with immediate effect from November 14, 2018 for a period of 5 years and would be subject to approval of shareholders at the next general meeting of the bank.
Agarwal replaces Vasant Gujarati who has tendered his resignation from the board of the bank, with immediate effect, due to personal commitments.
A chartered accountant with 30 years of experience, Agarwal is a member of the Disciplinary Committee constituted by the Council of the Institute of Actuaries of India nominated by the ministry of finance from 2009 to till date.
He also has rich experience in providing tax and business advisory services to private equity investors, banks, investment banks, brokerage houses and finance companies.