Yes Bank’s non-executive Chairperson Ashok Chawla has stepped down with immediate effect, the bank said in a stock exchange filing on Wednesday night. He was appointed to the post in 2016.
The private lender said Chawla resigned as he feels the bank needs a chairperson who can “devote more time and attention” to it. Chief Executive Officer Rana Kapoor’s tenure is also set to end next year.
Chawla, who was a former secretary in the finance ministry, has faced questions over possible conflict of interests because of the multiple positions he holds. He is also the chairperson of the National Stock Exchange and a board member of Jet Airways.
In July, the Central Bureau of Investigation named Chawla in a chargesheet in the Aircel-Maxis corruption case, Mint reported. Three months later, a special court asked the agency to secure by November 26 the government’s approval to prosecute Chawla and others named in the chargesheet. The Securities and Exchange Board of India is also evaluating if Chawla should continue as chairman of the National Stock Exchange after it reportedly received multiple complaints.
Meanwhile, Yes Bank also announced the appointment of Uttam Prakash Agarwal as an additional director (independent) with immediate effect for five years, The Hindu Business Line reported. He will replace Vasant Gujarati, who resigned from the board because of personal reasons.