TIDM16ER
RNS Number : 1492O
YES Bank Limited
08 June 2022
YBL/CS/2022-23/Int/05
June 08, 2022
India International Exchange IFSC The Singapore Exchange Securities
Limited Trading Limited
101 First Floor, Hiranandani Signature 2, Shenton Way #19-00
Tower, SGX Centre 1, Singapore 068804
GIFT City IFSC - 382355, Gujarat,
India
The London Stock Exchange
10, Patemoster Square,
London, EC4M 7LS
Dear Sir/Madam,
Sub.: 18(th) Annual General Meeting (AGM) of the Bank
This is to inform that pursuant to the applicable provisions of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board of Directors of the Bank has resolved
to convene the 18(th) Annual General Meeting (AGM) of the Bank on
Friday, July 15, 2022 at 10.30 AM through Video Conferencing (VC) /
Other Audio-Visual Means (OVAM), in accordance with the General
Circular No. 20/2020 dated May 5, 2020, read with the circulars
dated April 8, 2020, April 13, 2020, January 13, 2021, December 08,
2021, and May 05, 2022 issued by the Ministry of Corporate Affairs
(MCA) and in accordance with circulars dated May 12, 2020, January
15, 2021 and May 13, 2022 issued by the Securities and Exchange
Board of India (SEBI) granting relaxations from compliance of
certain provisions related to calling and convening of AGM. The
Notice of the 18(th) AGM will be submitted in due course.
The Board of Directors has recommended constitution of alternate
Board for approval of shareholders at the ensuing AGM. In this
regard, please find attached copy of press release which is
self-explanatory.
We request you to take above on your record and disseminate to
all concerned.
Thanking you,
Yours faithfully,
For YES BANK LIMITED
Shivanand R. Shettigar
Company Secretary
Encl: A/a
YES BANK SET TO COME OUT OF THE "YES BANK RECONSTRUCTION SCHEME
2020"; INITIATES PROCESS FOR FORMATION OF ALTERNATE BOARD;
-- On the back of YES Bank's turnaround and having achieved
significant progress post the implementation of the YES Bank
Reconstruction Scheme March 2020 ("Reconstruction Scheme"), the
Board of Directors of the Bank appointed under the Reconstruction
Scheme, have recommended to its shareholders, the formation of an
alternate Board in line with the directions of the Scheme.
-- The alternate Board is being constituted and will operate
under the applicable laws & regulations as against the current
Board which was constituted and is functioning under the ambit of
the Reconstruction Scheme.
Commenting on the occasion of the Board's decision on forming
the alternate Board, the Chairman of the Board, Mr. Sunil Mehta
said " YES Bank today accomplishes a significant milestone of
coming out of the Reconstruction Scheme by initiating the process
of formation of the alternate Board. On this occasion, I wish to
compliment and thank my colleagues on the Board, the Reserve Bank
of India, Government of India, State Bank of India and all other
investors, Bank's customers and importantly the 24,000 plus highly
dedicated employees of YES Bank for having achieved a historic
turnaround of one of the largest private sector banks of this
country.
It has been a fascinating experience and truly a privilege to
lead the Board during this very difficult period and achieve very
distinct milestones over the course of more than 2 years. My
special gratitude to Mr. Mahesh Krishnamurti and Mr. Atul Bheda who
will be demitting office along with me on formation of the
alternate Board. The most satisfying and fulfilling outcome for us
has been the renewed business momentum and trust we have regained
with our customers, employees, regulators, investors and all our
stakeholders. As demonstrated over the last several quarters, the
Bank is now ready to grow profitably and sustainably, on behalf of
the Board, I assure all our stakeholders that the Bank has built a
strong ethos of integrity, trust and transparency which shall
remain uncompromised. The Bank now is fully ready to achieve its
long term growth trajectory under the direction of the alternate
Board being formed. "
BACKGROUND
-- Government of India had notified the YES Bank Reconstruction
Scheme, 2020 on March 13, 2020. The existing Board of the Bank was
constituted under the rules laid out in Para 5 of the
Reconstruction Scheme which included appointment of following
directors:
a. Four Directors including MD&CEO and Chairman as mentioned in the Reconstruction Scheme:
- Mr. Sunil Mehta, Chairman of the Board
- Mr. Mahesh Krishnamuti, Board Member
- Mr. Atul Bheda, Board Member
- Mr. Prashant Kumar, MD & CEO
b. Two SBI nominee directors who are the officers of SBI
c. Two RBI appointed Additional Directors
-- Further, the Reconstruction Scheme stated that the members of
the Board, other than the Additional Directors appointed by RBI,
shall continue in office for a period of one year, or until an
alternate Board is constituted
-- Since the implementation of the Reconstruction Scheme, the
Bank has undertaken multiple transformational initiatives that have
helped the Bank to resurrect and rebuild its foundation and now
remains on course to achieve its growth and profitability
objectives. The Bank also expanded the Board in 2021. Some of the
key milestones include:
a. FY22 was a first full year profit for the Bank at INR 1,066
Crores after two successive years of heavy losses in FY20 and
FY21
b. Near doubling of the deposit book from INR 1.05 Lakh Crores
(Mar-20) to INR 1.97 Lakh Crores (Mar-22). CASA Ratio back in
excess of 30%.
c. Significant corrections and improvements in the liquidity
position and funding structure of the Bank expressed through CD
Ratio improving from 163% to 92% and Liquidity Coverage Ratio
improving from 37% to 128%
d. Raised INR 15,000 Crores of equity capital in July 2020
through one of the largest public issues in this country. CET1
Ratio improved from 6.3% (Mar-20) to 11.6% (Mar-22)
e. Continuous granularization of the Balance-sheet, with Retail
/ MSME mix improving from 44% (Mar-20) to 60% (Mar-22).
f. Focus has moved from consolidation of the balance-sheet to
growth. In FY22, Loan Book grew by 9% with Gross Disbursements of
INR 70,000 Crores across all segments.
g. Bank has undertaken multiple initiatives to review and make
necessary changes to it's Governance Frameworks and processes with
a key focus on the Credit underwriting policies and practices.
h. Maintained leadership in Digital Payments with highest market
share in UPI. 1 of every 3(rd) digital transaction is process by
YES Bank infrastructure.
-- On the back of the above and basis recommendation received
from SBI the largest shareholder of the Bank, the Board has now
initiated the process of forming the alternate Board. As a first
step, the Board has recommended to the Shareholders the appointment
of Directors as recommended by SBI on the alternate Board. The
Shareholders' meeting (AGM) is scheduled on Friday, July 15, 2022
to consider the relevant resolutions.
-- Pursuant to SBI's recommendation, the composition of the
proposed alternate Board subject to shareholders approval would be
as under:
a. Mr. Atul Malik
b. Ms. Rekha Murthy
c. Mr. Sharad Sharma
d. Ms. Nandita Gurjar
e. Mr. Sanjay Kumar Khemani
f. Mr. Sadashiv Srinivas Rao
g. Mr. T Keshav Kumar
h. Mr. Sandeep Tewari
i. Mr. Prashant Kumar
-- The Term of Two Additional Directors Viz. Mr. R. Gandhi and
Mr. Ananth Narayan Gopalakrishnan appointed by RBI is valid upto
March 23, 2023 or till further orders, whichever is earlier.
-- Mr. Sunil Mehta, Chairman, Mr. Mahesh Krishnamurti and Mr.
Atul Bheda - Board members as appointed under the Notification
dated March 13, 2020 of the Reconstruction Scheme, would be handing
over charge to the alternate Board having overseen the significant
turnaround of the Bank in record time and having achieved the
primary purpose for which they were mandated per the YES Bank
Reconstruction Scheme, 2020.
The Bank's largest shareholder, State Bank of India, has
proposed Mr. Prashant Kumar's candidature for the position of
MD&CEO of the Bank for a period of three years, which will be
subject to approval of the alternate Board, Reserve Bank of India
and the Shareholders.
ABOUT YES BANK
YES BANK is a 'Full Service Commercial 'Bank' providing a
complete range of products, services and technology driven digital
offerings, catering to Retail, MSME as well as corporate
clients.
YES BANK operates its Investment banking, Merchant banking &
Brokerage businesses through YES SECURITIES, a wholly owned
subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India
presence 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/
For further information, please contact:
YES BANK
Neha Chandwani
Email: neha.chandwani@yesbank.in
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END
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Grafico Azioni Yes Bank. 23 (LSE:16ER)
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