Mumbai: In a major blow to YES Bank and its CEO Ravneet Gill, Uttam Prakash Agarwal, Chairman of the bank's Audit Committee and Independent Director, resigned with immediate effect, citing the falling standards of corporate governance and compliance failures under Gill's leadership.
He also tendered his resignation from all other committees of the Board raising serious concerns on falling of standards of corporate governance.
Agarwal has blamed Gill and other senior management for serious concerns about corporate governance, management practices and how the company is being run.
"There are serious concerns as regards deteriorating standards of the corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the Company are being conducted by Ravneet Gill-MD/CEO, Rajiv Ubeoi-Senior Group President Governance &Controls, Sanjay Nambiar-Legal Head and Board of Directors," Agarwal said in his resignation letter.
"I have raised my concerns on these very critical matters from time to time in the overall interest of YES Bank Ltd., and millions of its small and large depositors, investors, shareholders and all other stakeholders. I have left no stone unturned to discharge my duties and thus wrote a letter detailing all these matters in the attached letter dated 9th January, 2020 (which is submitted to all the regulatory authorities)", Agarwal said.
