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O.P. Bhatt resigns from Yes Bank's search committee to find Kapoor's successor
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IANS | 16 Nov, 2018
Yes Bank on Thursday said that former Chairman of State Bank of India
O.P. Bhatt has resigned as an external expert of the 'Search and
Selection Committee' which has been set up to find a successor to the
company's MD and CEO Rana Kapoor.
The committee has been mandated
to evaluate both internal and external candidates and make suitable
recommendations to the Board of Directors within stipulated timelines
for Reserve Bank of India's (RBI) final approval.
Last month, RBI had reaffirmed that a successor to Yes Bank's MD and CEO Kapoor should be appointed by February 1, 2019.
"We
would like to inform that Mr. 0.P. Bhatt has tendered his resignation
from his duties as an external expert of the 'Search and Selection
Committee' ('S&SC') with immediate effect citing that there may be a
potential conflict of interest," the bank said in a regulatory filing
on Thursday.
"The 'Nomination and Remuneration Committee' of the
bank while accepting Mr. Bhatt's resignation has recognised his guidance
and inputs during his association with the S&SC as an external
expert."
On Wednesday, the bank had said that its non-executive independent part-time Chairman Ashok Chawla has resigned.
"Yes
Bank announces that Shri Ashok Chawla, non-executive independent
part-time chairman, has tendered his resignation from the Bank's Board,
with immediate effect, mentioning that during the current transition
period, the bank would need a Chairman who could devote more time and
attention," the private lender said in a BSE filing on Wednesday.
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