MUMBAI: The board of YES Bank just did the unthinkable. Against all odds, it decided to seek a one-year extension for its MD & CEO Rana Kapoor, whose tenure was cut short by the RBI to four months.
The request flies in the face of sparring promoter family, led by Madhu Kapur, who wants Kapoor to proceed on leave at once.
“It was decided that the RBI be requested for an extension up to minimum April 30, 2019 for finalisation of audited financial statements for fiscal year ending 2019; thereafter subject to RBI approval, up to September 30, 2019 in order for the statutory AGM process to be completed,” the bank said.
The board also decided to form a committee to find a new CEO. The panel will have two external experts.
For now, the board decided to promote senior group presidents Rajat Monga and Pralay Mondal as executive directors.