- Approve all 12 resolutions with an overwhelming majority
- YES BANK’s Books of Accounts and appointment of M/s S R Batliboi & Co. L.L.P as auditors approved
- Dividend of 80% on equity share approved
- Re-appointment of Mr. Rana Kapoor as MD & CEO and remuneration of Non-Executive Chairman M R Srinivasan approved by shareholders, both of which were earlier approved by the RBI.
- Approved the appointment of independent directors, viz., (i) Lt. Gen (Retd.) Mr. Mukesh Sabharwal, (ii) Ms. Radha Singh, (iii) Mr. Ravish Chopra, (iv) Mr.Brahm Dutt, (v) Mr. Saurabh Srivastava and (vi) Mr. Vasant. V. Gujarathi under the provisions of the Companies Act, 2013;
Mumbai: June 16, 2014
The General body of the shareholders of YES BANK, India's 4th largest Private sector bank, has approved all the 12 resolutions in the 10th Annual General Meeting (AGM) held on June 14, 2014, with an overwhelming majority. The outcome reflects a summation of votes cast during the AGM and through E-voting. Over 67% shareholders participated in the voting and polls, as compared to 57% in the year 2013.
The shareholders approved balance sheet as on March 31 2014, profit and loss account for the financial year 2013-14 and the appointment of M/s S R Batliboi & Co. as the auditors of the bank. The shareholders also approved the resolution to award dividend of 80% which is Rs. 8 per share. The shareholders also approved the decision to raise USD 500 million capital.
The shareholders approved the re-appointment of Mr. Rana Kapoor as MD & CEO of the Bank and remuneration of Mr. M R Srinivasan, Non-Executive Chairman. The appointments of Lt. Gen (Retd.) Mukesh Sabharwal, Mr.Brahm Dutt, Ms. Radha Singh, Mr. Saurabh Srivastava and Mr. Vasant V. Gujarathi as Independent Directors were also approved.
Despite opposition by the second largest shareholder, Madhu Kapur, all resolutions were approved with significant majority; reflecting over 98%, unanimous support from shareholders.
Mr. M.R.Srinivasan, Non Executive Chairman, YES Bank said, "We are extremely satisfied with the trust and faith shown by the institutional and retail shareholders on the Board of Directors, Bank’s performance, growth plans and decisions to maintain the highest professional standards of the Bank’s management team.
I am satisfied that the Board of the Bank has always acted in a manner, which is in accordance with law, and has upheld the principles of corporate and management governance and is reflected in the results of the AGM.
The result of the AGM is thereby a self explanatory reflection of the shareholders' (institutional and retail) view out rightly rejecting the untenable and baseless issues raised by the second largest shareholder.
It is also equally important to note that Mr. Rana Kapoor, MD & CEO has reiterated at the AGM , both in his capacity as the MD & CEO, and the promoter, that he is committed to ensure that YES BANK maintains its organizational character which has evolved as the Professionals' Bank of India. This was further reinforced by his reconfirmation that no member of his family will ever be part of the Bank's management or board. “
The 10th AGM of YES BANK held on Saturday, June 14 2014, was attended by 8 of the 10 Board of Directors participating, (Mr. Arun Nanda and Mr. Ravish Chopra were travelling due to prior commitments) including:
- Mr. M.R. Srinivasan, Non Executive Chairman, and Chairman – Risk Monitoring Committee YES BANK; Former Chief General Manager in charge of Department of Banking Operations & Development (RBI).
- Ms. Radha Singh Independent Director & Chairperson - Corporate Social Responsibility Committee, and Service Excellence Committee, YES BANK; Former Union Agriculture Secretary, Government of India
- Mr. Ajay Vohra Independent Director & Chairman - Audit Committee, YES BANK; Advocate - Supreme Court, Managing Partner of the Corporate,Tax and Business Advisory Law firm, Vaish Associates
- Mr. Brahm Dutt Independent Director, YES BANK; Former Secretary, GoI, Ministry of MSME.
- Lt General (Retd.) Mukesh Sabharwal Independent Director, YES BANK; Former Lt General and AG in the Indian Army
- Mr. Saurabh Srivastava Independent Director & Chairman - IT Strategy Committee, YES BANK ; Co - founder and past Chairman of NASSCOM
- Mr. Vasant V Gujarathi Independent Director, YES BANK. Ex- partner with PwC India.
- Mr. Rana Kapoor Founder, Managing Director & CEO YES BANK.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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