Mumbai: Yes Bank on Thursday said that former Chairman of State Bank of India O.P. Bhatt has resigned as an external expert of the ‘Search and Selection Committee’ which has been set up to find a successor to the company’s MD and CEO Rana Kapoor.
The committee has been mandated to evaluate both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for Reserve Bank of India’s (RBI) final approval.
Last month, RBI had reaffirmed that a successor to Yes Bank’s MD and CEO Kapoor should be appointed by February 1, 2019.
“We would like to inform that Mr. 0.P. Bhatt has tendered his resignation from his duties as an external expert of the ‘Search and Selection Committee’ (‘S&SC’) with immediate effect citing that there may be a potential conflict of interest,” the bank said in a regulatory filing on Thursday.
“The ‘Nomination and Remuneration Committee’ of the bank while accepting Mr. Bhatt’s resignation has recognized his guidance and inputs during his association with the S&SC as an external expert.”
On Wednesday, the bank had said that its non-executive independent part-time Chairman Ashok Chawla has resigned.
“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 private lender said in a BSE filing on Wednesday.