Kapoor's tweets poured cold water on reports that he was seeking a return to the board of Yes Bank.
Yes Bank co-founder Rana Kapoor on June 13 took to Twitter to state that he has no plans to come back to the bank's board.
It was reported by The Economic Times that Kapoor had written to the bank seeking re-entry to the board as well as several crores in compensation for a loss of remuneration.
In response to the piece, Kapoor said: "Some media reports have suggested that I am attempting a comeback to the Board, inspite of my unequivocal denial to them. I re-iterate that I have fullest confidence and conviction in the management under Ravneet Gill’s leadership and Board of Directors."The Rana Kapoor promoter group fully supported and voted in favor of all 19 resolutions at the 15th AGM yesterday 12th June, 2019. The @YESBANK leadership team, MD & CEO Shri Ravneet Gill and Board of Directors have my fullest support. (1/3)
— Rana Kapoor (@RanaKapoor_) June 13, 2019
Yes Bank had its annual general meeting on June 12. During this meeting, several resolutions relating to the appointment of independent directors and part-time chairman was approved.
However, concerns were raised after two board members resigned from the bank board in quick succession.
Mukesh Sabharwal, the bank's non-executive independent director resigned on June 10. Sabharwal said that he wanted to devote quality time on his academic pursuits as a reason to quit.
On June 9, Ajai Kumar, non-executive (non-independent) director of Yes Bank resigned citing personal reasons.
The Reserve Bank of India (RBI) on September 17 had cut Rana Kapoor's term as MD & CEO to the end of January 2019. Later, the board had requested more time from RBI to allow Kapoor to remain as MD/CEO till April 30, 2019 and thereafter extend it to September 30, 2019. But this request was rejected by RBI.
In January 2019, Yes Bank named Ravneet Gill as Managing Director & Chief Executive Officer effective March 1, 2019.
Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.
