Rana Kapoor says no plan to join YES Bank board

Tweet to Clarify Not Seeking Comeback at Yes Bank

Yes Bank

Rana Kapoor says no plan to join YES Bank board, Tweet to Clarify Not Seeking Comeback at Yes Bank, Shares Slump To 52-Week Low. Yes Bank founder Rana Kapoor on Thursday tweeted that he was not looking to make a comeback to the bank's board after stepping down in January this year. In a series of three tweets on Thursday, Kapoor said his promoter group fully supported and voted in favor of all 19 resolutions at the 15th AGM of the bank on 12 June.

Kapoor also showed full confidence in Yes Bank’s management and board of directors. “The Yes Bank leadership team, MD and CEO Shri Ravneet Gill and Board of Directors have my fullest support,” Kapoor said on his Twitter handle. Kapoor, who continues to hold over 9 percent in the bank, said he has "the fullest confidence and conviction" in Gill and the board. Meanwhile, earlier today, Rana Kapoor, the former managing director and chief executive at Yes Bank denied media reports stating that he is trying to make a comeback to the bank.

In the morning trading session, the stock was the biggest loser on BSE's Sensex as well as NSE's Nifty 50. The private bank's share price has fallen 30 percent since the start of 2019, and has seen a 62 percent drop in the last one-year's time. Some of the investors voiced concerns on the state of corporate governance at the lender at the meeting, according media reports.

Sabharwal was appointed as the board member of the bank on 25 April 2012 and has spent over seven years with the Yes Bank. The bank said that Sabharwal has mentioned that he wanted to devote quality time on his academic pursuits and confirmed that there was no other material reason other than those provided.

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