Yes Bank set to name Brahm Dutt as chairman, shares rise
Brahm Dutt, Independent Director, Yes Bank, is expected to be nominated the non-executive interim chairman of the bank after the resignation of Ashok Chawla in November.
A formal announcement on this is anticipated in the coming week pending the approval of RBI. Brahm Dutt has previously served as a bureaucrat for 37 years and has served as Director on the Board since July 24, 2013. During his tenure in the government, he held several positions in the state government and central government.
Before retirement, he was secretary in the cabinet secretariat and Ministry of Road Transport and Highways. The news was a temporary boost for the bank’s stock, which was trading at a premium of 2.35% at ₹178.80 after an opening that was 2% lower. The bank has been reeling from a series of resignations in the recent months including chairman Ashok Chawla, independent directors Vasant Gujarathi and R. Chandrasekhar and O.P. Bhatt — an external expert on the CEO search panel.
These came in the wake of the RBI’s decision to restrict the term of CEO Rana Kapoor till January 2019. Moreover, the shares have fallen by 51% from their peak this year amid news of an ongoing feud between the promoters Rana Kapoor and Madhu Kapur.