Money & Banking

Yes Bank Independent Director Uttam Agarwal raises concerns over corporate governance

Our Bureau Mumbai | Updated on January 10, 2020 Published on January 10, 2020

In further trouble for Yes Bank, its Independent Director and Audit Committee Chairman Uttam Prakash Agarwal resigned on Friday on concerns over corporate governance.

Agarwal has written to SEBI, along with the Reserve Bank of India and Ministry of Corporate Affairs raising concerns about corporate governance and the recent capital raising plans of Yes Bank.

In his letter, Agarwal has raised questions on the proposed capital raising plan of Yes Bank as well as the potential “global investors” and the proposed investment of $1.2 billion.

Significantly, the Board of Directors of Yes Bank is meeting today to further discuss capital raising plans and further clarity is expected from the lender.

The bank’s scrip was down by about 4.55 per cent in intra-day trade on BSE.

Published on January 10, 2020
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