Yes Bank’s Non-executive (Independent) Chairman Ashok Chawla (Retd IAS:GJ), on 14 November, resigned from the its board after being named in a corruption chargesheet by the Central Bureau of Investigation (CBI). On 19 July, the CBI named Chawla in a chargesheet related to the Aircel-Maxis case. Reportedly, Chawla may step down as NSE chairman.

Further, Vasant Gujrati, the chairman of the bank’s audit committee too resigned. Uttam Prakash Agarwal, former President of Institute of Chartered Accountants of India (ICAI), will replace Gujrati.

Amid growing uncertainties over the outcome of the CBI chargesheet, Yes Bank had, on 09 November, sought guidance from RBI over Chawla continuing as chairman of its board. It may be mentioned that Yes Bank is still struggling to find a replacement for CEO Rana Kapoor, whose term has been cut short by RBI.