By
Yes Bank snubs Canadian investor Braich\'s offer; independent director quits
Photo Credit: VCCircle

Yes Bank Ltd said on Friday it would raise up to 100 billion rupees ($1.41 billion) through the issue of new securities.

The bank also said it would not proceed with a $1.2 billion offer from Canadian investor Erwin Singh Braich and SPGP Holdings announced earlier.

Director resigns

Uttam Prakash Agarwal, an independent board member with Yes Bank Ltd, resigned from the lender’s board and stepped down as head of its audit committee on Friday, citing major corporate governance concerns at the troubled lender.

Agarwal, in a resignation letter seen by Reuters, said there are “serious concerns” around deteriorating corporate governance standards, along with compliance failures at the bank.

Agarwal was appointed to the board in November 2018 by the lender’s former managing director Rana Kapoor.

Leave Your Comment(s)