Chairman of Yes Bank resigns on Corruption charges, stock down by 7%

Chairman of Yes Bank resigns on Corruption charges, stock down by 7%

Chairman of Yes Bank, Ashok Chawla, has resigned from the bank’s board on Wednesday after his name came up in the corruption charge sheet by the CBI. In a filing to the exchange, the bank said, “Yes Bank announces that Shri Ashok Chawla, Non-Executive Independent Part-Time Chairman, has tendered his resignation from the Bank’s Board, with immediate effect, mentioning that during the current transition period, the Bank would need a Chairman who could devote more time and attention. The bank shall in due course announce the appointment of a Chairman, post-RBI’s approval.”In another separate filing from the bank, independent director Vasant Gujarathi too has tendered his resignation with immediate effect due to personal commitments.

Chawla is also the chairman of National Stock Exchange of India and his continuation in this role is also under scanner.

The bank board has approved the appointment of Uttam Prakash Agarwal as an additional director (Independent) for a period of five years.  The Yes Bank shares is currently trading at 207 rupees, down around 7% percent.