Report says Rana Kapoor wants to be Chairman after term ends

Last Updated: Thu, Nov 29, 2018 19:06 hrs
Yes Bank (Reuters image)

Rana Kapoor, the Managing Director and Chief Executive Officer of Yes Bank is reported as keen to work with Yes Bank in the capacity of Chairman. That, once his term comes to an end.

Kapoor's term ends in January.

The report published in Mint said it accessed negotiation documents between Rana Kapoor and Madhu Kapur(wife of Rana's brother), the other promoter in Yes Bank.

Based on this finding, the report quotes on the negotiation terms, says that if Kapoor's appointment as a Director on the bank's board gets the regulator's and shareholders' nod, then, he could continue to work as a non-executive Chairman or Managing Director and CEO or non-executive Director.

However to become eligible, Kapoor may have to wait until February 2021. This is because, existing norms do not allow reappointment of a whole-time director on the bank’s board before two years from the date of stepping down.

Meanwhile, a report by PTI said that the bank's meeting on 13th December concluded that names would be recommended for Chairman to the RBI. The bank also concluded at this meeting that it would name fresh directors.

The bank's scrip has lost considerable value in recent times. It was trading at levels of Rs 366 per share, three months ago. On Thursday, the stock trading on the Bombay Stock Exchange quoted a price of Rs 160.45 per share.

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