YES Bank audit committee chief quits, says Gill misled on capital raising

The CEO initially did not want to disclose to the board the name of the investor who had given binding offers, Uttam Prakash Agarwal's letter alleged

YES Bank’s independent director and chairman of its audit committee, Uttam Prakash Agarwal, resigned on Friday, alleging that Managing Director and Chief Executive Officer Ravneet Gill had misled the board of directors about the binding offers to raise capital.

The bank’s board said in a notification that it had received the resignation of Agarwal, and that certain observations made by him on the bank’s governance would be “duly examined by the board”. However, the notification on board meeting did not mention if the allegations were discussed. A Yes Bank official did not want to add anything beyond the exchange notifications. 

The bank