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YES BANK AGM – June 6 2015: Shareholders Fully support All YES BANK Board Resolutions

  • Approved all 12 resolutions with an overwhelming majority

  • Approved Re-appointment of Mr. Rana Kapoor as MD & CEO of the Bank for a period of 3 years

  • Approved the appointment of directors, viz., (i) Mr. M R Srinivasan (ii) Mr. Diwan Arun Nanda (iii) Mr. Ajay Vohra under the provisions of the Companies Act, 2013;

  • Shareholders also overwhelmingly approved the Bank’s Special Resolutions

    • To issue Equity shares aggregating upto USD 1 Billion (approx. INR 6,400 crores)

    • To issue Non Convertible Debentures and Bonds upto INR 10,000 Crores

    • Increase Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) aggregate limit to 74% of paid-up share capital

  • Dividend of 90% (INR 9 per share) approved

Mumbai: June 06, 2015

The General body of the shareholders of YES BANK, India's 5th largest Private sector bank, has approved all the 12 Board resolutions with an overwhelming majority, in the 11th Annual General Meeting (AGM) held on June 06, 2015. The outcome reflects a summation of votes cast during the AGM and through E-voting held from June 2 to June 5, 2015.

  1. The shareholders supported the resolutions for reappointment of Mr. Rana Kapoor as the MD & CEO of the Bank for a period of 3 years, with an overwhelming majority. This is a reflection of the faith reposed by the shareholders in Mr. Rana Kapoor’s Vision & leadership. The shareholders also fully supported the resolution for the remuneration of the MD & CEO.

  2. The shareholders approved the re-appointment of Mr. M R Srinivasan(previously the Chairman of YES BANK) with an overwhelming majority.

  3. The shareholders also approved the appointments of Diwan Arun Nanda and Mr. Ajay Vohra as Independent Directors

  4. In line with the Bank’s vision of growing YES BANK into a meaningful Large Bank by 2020, as also to further capitalize on the imminent revival in the economic growth cycle, the Bank had also sought approvals for capital raising which was passed with an overwhelming majority.

    • The shareholders have approved through special resolution to raise fresh equity aggregating upto USD 1 Billion.

    • The shareholders also approved through special resolution, the issuance of Non Convertible Debentures and bonds upto a total amount of INR 10,000 crores.

    • The shareholders also approved through special resolution, the increase in the borrowing limits of the Bank to INR 50,000 crore (from the existing limits of INR 30,000 crores).

  5. Further to the recent Union Budget proposal, the Bank had also sought approval to increase the combined Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) investment limits to 74% of the paid-up capital of the Bank. The shareholders have approved the same with an overwhelming majority.

  6. The Shareholders approved a Dividend of 90% (Rs 9 per share) as proposed by the Bank, with an overwhelming majority.The Dividend payout by YES BANK, in its 11 years is the highest amongst peer Indian banks in their 11th year of operations.

  7. The shareholders also approved balance sheet as at March 31, 2015, for the financial year 2014-15, profit and loss account for the FY 2014-15, and the appointment of M/s S R Batliboi & Co. as the auditors of the bank.

Speaking on the occasion, Ms. Radha Singh, Non Executive Chairperson, 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. Further, with the enabling approvals in place, YES BANK is fully geared up to capitalize on the renewed economic momentum and achieve its Vision of emerging the finest large bank in India by 2020.

I am satisfied that the Board of the Bank has always upheld highest levels of corporate and management governance and is reflected in the results of the AGM. It is also equally important to note that Mr. Rana Kapoor, MD&CEOhas reiterated at the AGM, both in his capacity as the MD&CEO, and the promoter, that he is committed to ensuring that YES BANK maintains its organizational character which has evolved as the Professionals' Bank of India”.

The 11th AGM of YES BANK held on Saturday, June 06, was attended by 9 of the 10 Board of Directors participating, (Mr. Diwan Arun Nanda was travelling due to prior commitments) including:

  • Ms. Radha Singh,Non Executive Part-time Chairperson, YES BANK Limited, Chairperson – Corporate Social Responsibility Committee, Former Union Agriculture Secretary, Government of India

  • Mr. Ajay Vohra Independent Director & Chairman - Audit Committee, YES BANK; Senior Advocate – Delhi High Court, Managing Partner of the Corporate,Tax and Business Advisory Law firm, Vaish Associates

  • Mr. Brahm Dutt Independent Director & Chairman Nomination & Remuneration Committee ; YES BANK ; Former Secretary, Ministry of Road Transport & Highways, Govt. of India

  • Mr. Diwan Arun Nanda, Independent Director & Chairman, Stakeholders Relationship Committee and Service Excellence, Branding and Marketing Committee, YES BANK ; Chairman and Managing Director, Rediffusion DY&R

  • Mr. M.R. Srinivasan,Non Executive Non Independent Director, and Chairman – Risk Monitoring Committee & Board Credit Committee, YES BANK; Former Chief General Manager in charge of Department of Banking Operations & Development (RBI).

  • Lt General (Retd.) Mukesh SabharwalIndependent Director, YES BANK; Former Lt General and AG in the Indian Army

  • Mr. Saurabh SrivastavaIndependent Director & Chairman - IT Strategy Committee, YES BANK ; Co - founder and past Chairman of NASSCOM

  • Mr. Ravish Chopra,Independent Director, YES BANK; Former Managing Director of HSBC Bank Private (UK) Limited

  • Mr. Vasant V Gujarathi Independent Director, YES BANK. Ex- partner with PwC India.

  • Mr. Rana KapoorManaging Director & CEO YES BANK.

About YES BANK

YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.

For further information, please contact:

Amit Shah
YES BANK
Ph.: +91 9004485552
Email: amit.shah1@yesbank.in

Jyothi Goswami
Adfactors PR
Ph.: +91 22 67574444
Email: jyothi@adfactorspr.com

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