Yes Bank Limited said in a filing to BSE that Mukesh Sabharwal has resigned as Non-Executive Independent Director of the Bank on June 10, 2019. He mentioned that he wants to devote quality time on his academic pursuits and hence has resigned.
He was appointed as an Independent Director under Companies Act, 2013 and has spent over 7 years with the Bank since April 25, 2012. The Bank proposed his re-appointment as an Independent Director until April 24, 2020.
Mukesh Sabharwal shall cease to be a director on the Board of the Bank as the Bank is not in a position to withdraw the resolution proposed in AGM Notice for his re-appointment, in terms of Rule 20 of the Companies (Management and Administration) Rules, 2014.