Ashok Chawla. (Photographer: Pankaj Nangia/Bloomberg News)

Ashok Chawla Steps Down As Yes Bank Chairman

Yes Bank Ltd. Chairman Ashok Chawla has resigned with immediate effect, said the bank in a statement to stock exchanges. Chawla had been non-executive, independent, part-time chairman of the bank since Oct. 30, 2016. He has been on the board of the bank since March 2016.

In its statement, the bank said that Chawla was stepping down as the bank would need a chairman who can devote more time to the lender during the upcoming management transition. Rana Kapoor, chief executive officer of the bank, is set to step down by the end of January after the RBI declined him a third term.

Yes Bank announces that 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.
Yes Bank Statement

Also read: RBI Denies Yes Bank’s Request For Extension Of Rana Kapoor’s Term

Ashok Chawla joined the Indian Administrative Service in 1973 and has held a number of government positions. He has been finance secretary and has also chaired the Competition Commission of India.

At present, Chawla is chairman of the National Stock Exchange of India Ltd. and chairman of Reliance Nippon Life Insurance Company Ltd.

Recently, Chawla’s name cropped up in a chargesheet filed by the Central Bureau of Investigation alleging wrong doing in the purchase of shares in Aircel by Malaysian telecom major Maxis. Chawla was joint secretary in the Finance Ministry when the transaction was cleared in March 2006.

Separately, Yes Bank also said that Vasant Gujarati, who was an independent director on the board, has tendered his resignation due to personal reasons. He will be replaced by Uttam Prakash Agarwal.

Also read: Will Never Sell My Shares In Yes Bank, Says Rana Kapoor