Promoters of Yes Bank — Rana Kapoor and the Madhu Kapur family — have now agreed to nominate one representative each on the board of the bank.
“Madhu Kapur Group and Rana Kapoor Group have agreed to nominate one representative director each on the Bank’s Board, subject to the completion of the necessary documentation. The two new appointed directors will be announced at the next scheduled Board meeting in April, 2019,” the bank said in a statement.
The move comes as a part of the truce process that was initiated between the promoters a couple of months ago.
“This is intended to ensure better coordination and support by the two promoter groups with the new MD & CEO and the board of directors of the bank,” the bank said.
Interim director
The board has also approved and recommended to the RBI for its approval, a board member for temporarily holding the office as ‘Board Director on Interim Special Duty from Feb 1, 2019 till the new CEO Ravneet Gill takes charge in March, 2019.
The term of the present MD & CEO of the bank, Rana Kapoor, ends on 31 January, that is, Thursday.