Yes Bank Begins Process To Exit Rescue Plan; To Set Up New Board

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The board of Yes Bank has started an alternate board process, more than two years after the government set up a rescue plan for the ailing lender.

Due to Yes Bank’s significant progress, the board of directors appointed under the reconstruction scheme have recommended to its shareholders, the formation of an alternate board

The new board will operate under all related rules, but the old board operates under those of the reconstruction plan.

The shareholders’ annual general meeting is scheduled on July 15 to consider the relevant resolutions

New board includes the following members Atul Malik  Rekha Murthy  Sharad Sharma  Nandita Gurjar  Sanjay Kumar  Khemani Sadashiv Srinivas Rao  T Keshav Kumar  Sandeep Tewari  Prashant Kumar

State Bank of India, the largest shareholder, has proposed Prashant Kumar to continue as the managing director and chief executive officer of the bank for three more years

Chairman Sunil Mehta, Mahesh Krishnamurti and Atul Bheda would not be a part of the new board, "having overseen the significant turnaround of the bank in record time and having achieved the primary purpose for which they were mandated"

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