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finance | IST

Yes Bank board member resigns citing poor corporate governance

Uttam Prakash Agarwal has also said that there were issues with the bank’s big fundraising plan. “The management did not disclose the binding bids to the board,” he said.

Uttam Prakash Agarwal resigned as an independent director of Yes Bank, citing poor corporate governance at the private lender. “I have already submitted my resignation this morning and I have sent a copy to Reserve Bank of India, SEBI, BSE, NSE and auditor KPMG,” said Agarwal in an interview with CNBC-TV18.
Agarwal has also said that there were issues with Yes Bank's fundraising plan. “The management did not disclose the binding bids to the board,” he said.
Besides corporate governance and fundraising, Agarwal said he has raised other larger concerns in his resignation letter. “Since the matter is before the regulatory authority, I will not be able to speak much. Let them have an independent inquiry from the regulators to take care of this."
Yes Bank board is meeting today to discuss the fundraising plan. In December, the lender had said that it is favourably considering Citax Holdings and Citax Investment Group's $500 million offer.
The board is expected to take a final decision regarding allotment to Citax Holdings and Citax Investment Group today.
The $1.2 billion binding offer of Erwin Singh Braich/SPGP Holdings continues to be under the board's consideration.
The bank has also approached various European entities.