Mumbai: Rana Kapoor, the former managing director and chief executive at YES Bank Thursday denied reports that he is attempting a comeback to the bank and said he has full confidence in his successor Ravneet Gill.
Kapoor's term was curtailed by RBI due to a slew of concerns, including poor governance and loan practices. Gill took over on March 1 and began a massive clean-up which resulted in the bank booking a maiden quarterly loss of over Rs 1,500 crore.
"Media reports have suggested that I am attempting a comeback to the board, in spite of my unequivocal denial to them," Kapoor said in a series of tweets. Kapoor, who continues to hold over 9 percent in the bank, said he has "the fullest confidence and conviction" in Gill and the board.
Terming Gill's efforts as "Hanumanian", probably comparing it with the efforts mounted by one of Lord Ram's devotees in Hindu mythology, Kapoor exuded confidence that the bank will overcome this "transitional phase".
Meanwhile, YES Bank’s management and board of directors faced criticism from its shareholders at the annual general meeting on Wednesday, especially regarding management’s inaction over the bank entering into riskier portfolios under erstwhile MD & CEO Kapoor.
The board level resignations ahead of the annual general meeting further highlighted the problems at the private sector lender, which have led the Reserve Bank of India to nominate former deputy governor R. Gandhi as an additional director. The shares dropped over 11% afternoon after Swiss multinational brokerage house UBS slashed price target sharply by 47%.
