Ashok Chawla resigns from Yes Bank’s board over corruption charges
MUMBAI: Ashok Chawla, chairman of Yes Bank Ltd, resigned from the lender’s board on Wednesday after a corruption chargesheet by the Central Bureau of Investigation (CBI) put a question mark over his suitability for the job. “Ashok Chawla, non-executive (independent) chairman of the board has tendered his resignation on November 14 with immediate effect,” the bank said in a late evening exchange filing on Wednesday.
Chawla attributed his decision to personal reasons, a person with direct knowledge of the matter said, on the condition of anonymity. “As I resign, I wish to thank everyone at Yes Bank….and wish the bank all the luck for the transition it is going through...,” reads Chawla’s resignation letter, the person said.
The cloud of uncertainty over whether Chawla, who is also the chairman of National Stock Exchange of India Ltd and a former finance secretary, is in compliance with the Reserve Bank of India’s “fit and proper” norms after his name appeared in the chargesheet ends with the resignation. Yes Bank cited Chawla as saying in the resignation letter that the bank would need a chairman who could devote more time and attention in the current transition period.