ANI
26 Mar 2020, 21:48 GMT+10
New Delhi [India], Mar 26 (ANI): Yes Bank board was reconstituted with immediate effect on Thursday with the appointment of eight members.
Group Company Secretary, Shivanand R Shettigar in a letter wrote, "We wish to inform you that pursuant to the 'Yes Bank Limited Reconstruction Scheme, 2020' notified by the Ministry of Finance, Government of India, the office of the Administrator of the Bank, Prashant Kumar stands vacated and the Board of Directors of the Bank has been re-constituted comprising of eight persons with effect from March 26."The eight members include--Sunil Mehta as Executive Chairman, Mahesh Krishnamurti as Non-Executive Director, Atul Bheda as Non-Executive Director, R Gandhi as Additional Director appointed by Reserve Bank of India.
Ananth Narayan Gopalakrishnan as Additional Director appointed by Reserve Bank of India, Partha Pratim Sengupta as Director nominated by State Bank of India, Swaminathan Janakiraman as Director nominated by State Bank of India and Prashant Kumar as Managing Director and CEO.
"The reconstitution of the Board of Directors as per the Scheme and appointment of the New Board has been noted in the Board Meeting held today i.e. March 26, 2020, including the appointment of the Directors nominated by State Bank of India as Nominee Directors on the Board of the Bank," he added.
On March 5, the Reserve Bank of India (RBI) had imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3 in view of its poor financial health due to bad loans.
The government notified Yes Bank Ltd Reconstruction Scheme 2020 on March 13. Key stakeholders, including the RBI, have put in place various measures to bolster the bank's liquidity.
While the moratorium was initially slated to continue till April 3, it was lifted in 13 days on March 18 as per the scheme.
The scheme involves equity infusion of Rs 10,000 crore by eight entities, mainly banks led by State Bank of India, and the reconstitution of Yes Bank's board with Prashant Kumar (former Deputy Managing Director and Chief Financial Officer of SBI) taking over as Managing Director and Chief Executive Officer. (ANI)Get a daily dose of London Mercury news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to London Mercury.
More InformationFive to watch on Scotland's summer tour of the Pacific
John Kear- Long-serving head coach leaves Wales rugby league post
RE Park City puts a new twist in growing consignment market - Park Record
Tuske To Take On Ownership Of Alabama Radio Properties
EFC, Skandha Team To Boost MCC Infrastructure, Services
GOP E&C Subcommittee Leadership, Assignments Get A Tweak
NEW YORK, New York -U.S. stock markets closed with broad gains on Thursday, led by strong performances in U.S. tech stocks, while European...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
PARIS, France: L'Oréal is making a fresh play in the booming premium haircare segment with a new acquisition. The French beauty conglomerate...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...