YES Bank set to come out of the “YES Bank Reconstruction Scheme 2020”
Initiates process for formation of alternate board
City Air News
Jun 9, 2022 01:15
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Chandigarh, June 9, 2022: Commenting on the occasion of the Board’s decision on forming the alternate Board, the Chairman of the Board, 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.”
