Yes Bank Shareholders Approve Rana Kapoor’s Reappointment As CEO

Yes Bank Ltd. shareholders today accepted a proposal to grant another three-year term to Rana Kapoor as managing director and chief executive officer.

Shareholders voted to reappoint Kapoor for a period of three years starting Sept. 1, 2018, Yes Bank said in its filing with the stock exchanges after the 14th annual general meeting. His new tenure now has to be approved by the Reserve Bank of India.

Rana Kapoor has been at the helm of the private sector lender since 2004. During this time, the bank set records for both loan growth and the highest proportion of disputed bad debt among its top private-sector peers.

Other appointments include:

• Subhash Chander Kalia has been appointment as the non-executive non-independent director.
• Rentala Chandrashekhar as been appointed as independent director for a period of five years.
• Pratima Sheorey has been appointed as independent director for a period of five years.
• Ajai Kumar has been re-appointed as the non-executive non-independent director.

Shareholders approved raising up to Rs 30,000 crore through the issue of debt securities and up to $1 billion through the issue of shares or convertible securities, the filing said. The lender also received a nod to raise the total borrowing limit to Rs 1,10,000 crore from Rs 70,000 crore earlier.