Yes Bank rallies 4% on appointment of Brahm Dutt as non–executive part-time Chairman

Brahm Dutt has been on the board of Yes Bank since July 2013 as an independent director.

Yes Bank shares rallied 4.4 percent in morning on Monday after the appointment of Brahm Dutt as non-executive part-time Chairman of the board.

"The Reserve Bank of India, basis Brahm Dutt's outstanding credentials and experience, has approved his appointment as part-time Chairman of the bank's board up till July 4, 2020," the country's fourth largest private sector lender said in its filing.

Dutt has been on the board of Yes Bank since July 2013 as an independent director, and has contributed to almost all the sub-committees of the board over the past 5.5 years and is currently also the Chair of the nomination & remuneration committee.

Meanwhile, in a meeting on January 9, board of directors finalised names of potential candidates for the position of MD & CEO.

The board submitted its application to the Reserve Bank of India on January 10, seeking approval for the appointment of the new MD & CEO.

The board is expected to announce MD & CEO once the RBI clears the appointment. January 31, 2019 is the last date for Rana Kapoor as MD & CEO fo the bank.

Sources told CNBC-TV18 on last Friday that search & selection panel recommended two names for MD & CEO post. "No. 1 on list for MD & CEO post is an external candidate, CEO of a foreign bank and No. 2 is Rajat Monga, Senior Group President."

Panel had closely screened 7-8 prospective names for MD & CEO post and the list was further pruned to about 4 of which 2 names proposed, sources said, adding Rajesh Sud, former MD of Max Life Insurance is not part of the list.

A meeting of the board of directors of the bank will be held on January 24 to consider the unaudited financial results of the bank for the quarter and nine months ended December 2018.

At 10:40 hours IST, the stock was quoting at Rs 191.30, up Rs 7.35, or 4.00 percent on the BSE.

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