Friday 14 December 2018

Yes Bank gains 3% as Brahm Dutt could be part-time Non-executive Chairman


Yes Bank shares gained 3 percent in morning on Friday after a media report suggested that Brahm Dutt could be a part-time Non-executive chairman of the lender.

Currently Brahm Dutt is serving as Independent Director of the bank since July 24, 2013.

Sources told CNBC-TV18 that Dutt is likely to be the part-time Non-executive Chairman of the private sector lender.

In a statement to the exchanges on Thursday, Yes Bank said that their Nomination & Remuneration Committee (N&RC) and board have finalised the recommendation for Non-Executive Part-Time chairman position. The candidate's name will be sent to the Reserve Bank of India.

In November, Independent Directors R Chandrashekhar and Vasant Gujarathi, and Non-Executive Chairman Ashok Chawla, resigned from the private lender's board of directors.

The board on December 3 approved the appointment of TS Vijayan as an Additional Director (Independent) with immediate effect, and his appointment as Independent Director for a period of five years.

The bank said that with Vijayan and another additional independent director Uttam Prakash Agarwal on the board, the number of members on the board stands at eight.

Yes Bank said it will decide on the successor of founder Rana Kapoor at its board meeting on January 9. After the meeting, the bank will send the name of the candidate to the Reserve Bank of India.

Rana Kapoor's tenure will end on January 31, 2019.

The bank, in a statement, said that they are 'on track' to complete the process on time. Human resource consulting firm Korn Ferry is assisting the bank in the selection of the new chief executive officer.

Citi said if RBI approves internal candidate as CEO, it will be business as usual, but if external candidate approved then it could be a tricky situation.

The research house feels the stock may remain range-bound despite low valuations.

At 09:39 hours IST, the stock was quoting at Rs 178.00, up Rs 3.30, or 1.89 percent on the BSE.

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Source: Moneycontrol

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