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Yes Bank's co-promoters agree to nominate one director each on board

Yes Banks co-promoters agree to nominate one director each on board

New Delhi: Yes Bank promoters Rana Kapoor and Madhu Kapur have agreed to nominate one representative director each on the bank's board as part of truce under the works, the private lender said Tuesday.

The bank in November had said that efforts were underway for mutual resolution and truce between Rana Kapoor group and Madhu Kapur and her family, the two co-promoters groups of the private sector lender.

Yes Bank said recently select senior board of directors of the bank had interacted with Kapur and her family. "Madhu Kapur Group and Rana Kapoor Group have agreed to nominate one representative director each on the bank's board, subject to the completion of the necessary documentation," Yes Bank said in a regulatory filing.

The two new directors will be announced at the next scheduled board meeting in April 2019. "This is intended to ensure better coordination and support by the two promoter groups with the new managing director and chief executive officer and the board of directors of the bank," it added.

Yes Bank also said that its board approved and recommended the name of a senior board member of the bank to the Reserve Bank to temporarily hold the office of the managing director and chief executive officer as an interim special duty officer.

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