INSUBCONTINENT EXCLUSIVE:
Yes Bank managing director Rana Kapoor's continuation as a director on the board of the Mumbai-
headquartered lender could face
hurdles post January 31, 2019, if a crucial provision of the Banking Regulations Act dealing with the composition of the board of directors
Yes Bank and this section deals with the removal of whole-time directors of a banking company and a bar on them continuing as a director and
being appointed again for a specified period
such chairman, or whole-time director, as the case may be, under the provisions of this Act shall also cease to be a director of the banking
company and shall also not be eligible to be appointed as a director of such banking company, whether by election or co-option or otherwise,
for a period of four years from the date of his ceasing to be the chairman or whole-time director as the case may be."
In an official
received today, intimated that Shri Rana Kapoor may continue as the MD CEO till January 31, 2019, and the board of directors of the bank
at the time of going to press.
