Yes Bank promotes three executives as whole-time directors

Yes Bank promotes three executives as whole-time directorsPrivate sector lender Yes Bank on Friday confirmed the elevation of its three top executives as whole-time directors, even as the controversy over the nomination of the bank's co-founder Ashok Gogia's appointment as a member of the board remains unresolved.

At its meeting held on Thursday, June 27, the board of directors approved the elevation of executive director & CFO Rajat Monga, wholesale banking executive director Sanjay Palve and branch & retail banking executive director Pralay Mondal to the positions of whole-time directors.

Announcing the development, the bank said in a statement, "This development is in line with the bank's objective to further build and strengthen the institutional and professional character of Yes Bank as the professional bank of India."

The promotions are however subject to the Reserve Bank of India's (RBI's) and shareholders' approval.

During the Thursday's meeting, the board also discussed and voted on the issue of the appointment of the bank's late co-founder Ashok Kapur's daughter Shagun Kapur Gogia to the board. But, the bank didn't disclose the results of the vote.

The bank said the board's final decision on the subject would be submitted to the Bombay High Court at the scheduled hearing on 1st of July.

Shagun Gogia had first sought a board seat in 2009 after her father was killed in the 26/11 Mumbai terror attack, but the board rejected the application, saying she might not meet the RBI's "fit & proper" criteria.