YES BANK announces Appointment of Ashok Chawla as an Additional (Non-Executive) Director

Mumbai, March 10, 2016: YES BANK, India’s fifth largest private sector Bank announced the appointment of Mr. Ashok Chawla as an Additional Director (Non Executive) with effect from March 05, 2016. YES BANK has also applied to the Reserve Bank of India to seek approval on the appointment of Mr. Ashok Chawla as the next Non-Executive Chairman of the Bank, upon expiry of term of current Non-Executive Chairperson (Ms. Radha Singh), which expires on October 29, 2016, as part of the succession planning process.
The shareholders’ of the Bank would consider the appointment of Mr. Chawla as an Independent Director in the ensuing Annual General Meeting of the Bank, in terms of the Companies Act, 2013.
Prior to joining YES BANK, Mr. Ashok Chawla was till recently, the Chairman of the Competition Commission of India (“CCI”). Mr. Chawla has been a distinguished civil servant with over 40 years of experience in various sectors of the economy in India as well as in International Multilateral agencies. He obtained his Masters in Economics from the Delhi School of Economics in 1972 and joined the Indian Administrative Service in 1973. He started his career in the State of Gujarat and held various positions, including Chief Executive of important State-Owned enterprises. Notably, he was the head of the multi-billion dollar Sardar Sarovar Narmada multi-purpose project.
He has been on the Boards of Reserve Bank of India, Insurance Regulatory and Development Authority, State Bank of India and Life Insurance Corporation of India. He was also at different points in time India's Executive Director on the International Fund for Agricultural Development, Alternate Governor for India at the World Bank and at the Asian Development Bank.
Mr. Chawla had also held leadership positions in the corporate sector. He has been Chairman and Managing Director of Indian Petrochemicals Corporation Limited and a Director on the Board of Oil and Natural Gas Corporation (ONGC).
Mr. Chawla was also recently appointed as Chairman of the Governing Council of The Energy and Research Institute (TERI), a not-for-profit policy research organization, working in the field of energy, environment and sustainable development.
With this appointment, YES BANK’s Board constitution is as follows:
1. Ms Radha Singh, Non Executive Chairperson
2. Mr. Ashok Chawla, Additional Director (Non Executive )
3. Mr. Ajay Vohra, Independent Director
4. Lt General (Retd.) Mukesh Sabharwal, Independent Director
5. Mr. Diwan Arun Nanda, Independent Director
6. Mr. Ravish Chopra, Independent Director
7. Mr Brahm Dutt, Independent Director
8. Mr. Saurabh Srivastava, Independent Director
9. Mr. Vasant V Gujarathi, Independent Director
10. Mr. M R Srinivasan, Non Executive Non Independent Director
11. Mr. Ajai Kumar, Additional Director ( Non Executive )
12. Mr. Rana Kapoor, Managing Director & CEO
Speaking on the occasion, Mr. Rana Kapoor, MD and CEO, YES BANK, said, "Mr. Ashok Chawla is a senior and experienced leader and highly respected in Indian Industry, given his impeccable track record and valued contribution in various spheres. We look forward to his continued guidance as member of the Board of Directors at YES BANK towards scaling the Bank in its next phase of growth, as also in further building on our Bank’s institutional character as the Professionals’ Bank of India”.