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Former CEO Rana Kapoor denies attempt to return to the board of YES Bank

Subrata Panda/Mumbai 14 Jun 19 | 02:02 AM

Rana Kapoor, the former managing director and CEO of YES Bank, said on Thursday that he did not make any effort to return to the bank's board and reiterated his confidence in CEO Ravneet Gill’s leadership.

“Some media reports have suggested that I am attempting a comeback to the board, in spite of my unequivocal denial to them. I reiterate that I have fullest confidence and conviction in the management under Ravneet Gill’s leadership and board of directors," Kapoor said in a tweet.

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There were media reports that Kapoor was trying to make a comeback to YES Bank’s board and had also sought compensation for “lost remuneration". Kapoor also expressed his support to all the resolutions at the annual general meeting (AGM) on Wednesday. “The Rana Kapoor promoter group fully supported and voted in favour of all 19 resolutions at the 15th AGM yesterday. The YES Bank leadership team, MD and CEO Ravneet Gill and board of directors have my fullest support," he said.

While YES Bank shareholders had reappointed Kapoor as MD and CEO for three years starting September 1, 2018, the central bank had cut short his tenure till January 31, 2019.

The private lender’s AGM on Wednesday saw investors questioning the corporate governance standards at the bank as well as the Reserve Bank of India’s (RBI) scrutiny of the bank. However, the investors were not worried about Kapoor’s future role in the bank. The bank has seen some exits from the board in the past few months.

The bank has been receiving flak for a number of issues like violation of RBI’s disclosure norms and governance standard. In May, the RBI appointed its former deputy governor R Gandhi to the board of YES Bank. Shares of YES Bank on Thursday nosedived 13 per cent to close at Rs 117.20 after foreign brokerage UBS cut its target on the stock and downgraded it to “sell" because of greater than expected risks from bad loans and moderating loan growth.

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