es Bank share price declined 7 percent intraday on January 10 following reports of resignation on the company’s independent director.
Uttam Prakash Agarwal submitted his resignation in the morning, CNBC-TV18 reported.
Agarwal’s tenure was to end in November 2023 but resigned on concerns over corporate governance.
“I dissented on certain issues in the capital-raising meeting and raised concerns before the board twice in the past before resigning,” Agarwal said.
The exchanges have sought clarification from Yes Bank on Agarwal’s resignation.
Agarwal’s resignation is an ‘improvement’ towards corporate governance issues as RBI had raised concerns regarding Agarwal’s ‘fit & proper’ status. Agarwal didn’t make proper disclosure to the nomination & remuneration committee (NRC) at the time of appointment, quoting sources, reported CNBC-TV18.
A meeting of the board of directors of bank scheduled to hold today, in Mumbai to discuss and consider raising of funds.
At 1352 hours, Yes Bank was quoting at Rs 44.95, down Rs 2.35, or 4.97 percent, on the BSE.
News Source:- moneycontrol