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<ul><li>The non-executive chairman of <keyword id="45660" type="DOMAIN" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, <keyword id="46928" type="PERSON" weightage="20" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, submitted his resignation on 14 November. </li><li>The move is a significant blow for Yes Bank, which was counting on Chawla to steady the ship ahead of the departure of CEO <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, whose tenure will not be extended past January 2019 following an order from the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>. </li><li>In July 2018, Chawla, who is a former secretary of the finance ministry, was named in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. </li></ul> Yes Bank, one of India’s largest private sector banks, hasn’t had an easy go as of late. Just a few months after the Reserve Bank of India (RBI) refused to extend the tenure of its CEO and founder Rana Kapoor, precipitating <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">a crash in its market value</a>, its non-executive chairman, Ashok Chawla, has resigned. On Wednesday, the bank <a href="https://www.yesbank.in/media/press-releases/yes-bank-announces-resignation-of-chairman-shri-ashok-chawla-from-board-of-directors">confirmed </a>the news of Chawla’s resignation, explaining that it needed a chairman that could devote more attention to the bank as it navigated the management transition period. The move is a significant blow for Yes Bank, which was counting on Chawla to <a href="https://www.livemint.com/Industry/ibwVz9TXbViawOxiyv6nhJ/Yes-Bank-chairman-Ashok-Chawla-looks-to-restore-investor-con.html">steady the ship</a> ahead of Kapoor’s departure. In September, RBI had refused to extend Kapoor’s tenure owing to lapses in governance at Yes Bank which led to under-reporting of non-performing loans under the RBI’s regulatory requirements that mandate all banks recognise and make provisions for bad loans in their balance sheets. Separately, Chawla, who is also the chairman of the National Stock Exchange of India (NSE) and a former joint secretary in the Ministry of Finance, is currently a person of interest in a <keyword id="46183" type="PERSON" weightage="20" keywordseo="Corruption">corruption</keyword> investigation. In July 2018, he was <a href="https://www.livemint.com/Companies/ADf3iTFpj1u3EAKd1pKvFM/Aircel-Maxis-case-Yes-Bank-wants-RBI-to-decide-on-Ashok-Cha.html">named </a>in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. That case is centred on the 2006 acquisition of a 74% stake in Indian mobile network operator Aircel, which was owned by C Sivasankaran, by Malaysian telecom firm Maxis, which is owned by T Ananda Krishnan. In 2011, Sivasankaran said he was forced into selling the stake in Aircel by India’s telecom minister, Dayanidhi Maran. It was subsequently found that a firm owned by Maran’s brother received a hefty payment from Maxis for facilitating the deal. Former Union Finance Minister P Chidambaram and his son Karti <a href="https://www.indiatoday.in/india/story/chidambaram-charged-in-aircel-maxis-case-is-accused-no-1-1375213-2018-10-25">have also been charged</a> with money laundering in the case. The RBI has sought to take a sterner approach towards corporate governance in recent times. In October, the CEO of ICICI Bank, Chanda Kochhar, was forced <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">to step down </a>amid a conflict-of-interest scandal. Yes Bank now has to scramble to find a new CEO and chairman. At the end of October, it had shortlisted <a href="https://www.livemint.com/Companies/oglYV7TdL2hm16ukNOsRlI/Yes-Bank-ready-with-first-list-of-names-in-Rana-successor-hu.html">more than 12 candidates</a> to succeed Kapoor, who term as CEO ends on 31 January next year. A final list is expected by the end of November. Meanwhile, owing to Chawla’s alleged involvement in the Aircel-Maxis case, the Securities and Exchange Board of India is reportedly in the process of deciding on whether or not he should continue as <a href="https://www.livemint.com/Companies/7BGhuMZHIvP8oyL4CZWjqI/Aircel-Maxis-case-NSEs-Ashok-Chawla-now-under-Sebi-probe.html">the chairman of the NSE</a>. SEE ALSO: <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">One of India’s largest private banks has lost more than half its market value in 37 days</a> <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">It's the end of the road for Chanda Kochhar</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a>

Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe

There are seven candidates on a long list to replace Reserve Bank of India Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, a senior government official told Reuters on Saturday. 
 The candidates are Vijay Kelkar, Rakesh Mohan, Ashok Lahiri, Urjit Patel, <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, Subir Gokarn and <keyword id="46928" type="PERSON" weightage="100" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, the official said, speaking on condition of anonymity due to the sensitivity of the matter. 
 Of the field, the two best known are Patel, now a deputy governor of the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>, and Bhattacharya, who is chair of State Bank of India, the country's largest bank. 
 
The others are veterans of the RBI, the Indian civil service or the two major global financial bodies, the International Monetary Fund or World Bank. 
 
Image credit: Indiatimes

Who will replace Raghuram Rajan as RBI Governor?

Urging the government to give greater freedom to regulatory bodies for efficient regulation of the industries, the <keyword id="97393" type="ORGANIZATION" weightage="20" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (<keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword>) has said that continued interference by the state to protect vested interests of individuals and corporate has compromised the efficiency of the regulator. 
 “Continued interference by the state compromises the efficiency enhancement role of the regulator. For an independent regulator to deliver, state actors have to forbear. Intervention to promote public policy or redistribution objectives is to some extent ' understandable'. However, interference to protect vested interests is undesirable,” revealed Ashok Chawla, Chairman of CCI at an <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword> event. 
 
He emphasized that to maintain the efficiency of a regulatory body requires both political and judicial maturity. “We are slowly moving in that direction. But it cannot happen in a day". 
 
Addressing the issue of stringent actions taken by such bodies in recent times, Chawla noted that the country lacked a common regulatory philosophy, which would have cleared the confusion and maintained uniformity in the roles of the watchdogs. “Perhaps there is a need for a helicopter view of the regulatory structure and an over-arching legislation which brings about uniformity in design and structure to the extent necessary. There are perhaps one too many regulatory bodies, particularly in the financial sector”. 
 Catching him off-guard, KP Singh, the former president of the chamber and the current chairman of <keyword id="212898" type="COMPANY" weightage="20" keywordseo="DLF-Limited">DLF Limited</keyword> demanded that the government must come up with a law to hold regulators responsible for causing damage to the companies by passing judgments, which have serious repercussions on the company as well as its investors. “These regulators pass judgments and then go while companies suffer loss of reputation. By the time the aggrieved companies get justice, damage is already done to their reputation,” said Singh. 
 Last year, <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>) had taken stringent actions against defaulting companies, and barred <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> major DLF from entering the capital markets for three years. At that time, industry body had raised the red flag and termed the punishment too harsh for the corporate. 
 
Image: official website of CCI

State Interference To Protect Vested Interests Hampers Regulator’s Role: CCI

<a href="http://www.businessinsider.in/searchresult.cms?query=Competition+Commission+of+India+">Competition Commission of India</a> (<keyword id="47183" type="ORGANIZATION" weightage="100" keywordseo="CCI">CCI</keyword>), that received a detailed probe report on the case related to alleged unfair business practices of Internet major <a href="http://www.businessinsider.in/searchresult.cms?query=Google+">Google</a> in India, will take "sometime" to take final decision over it. 
 
The fair trade regulator has received the probe report from its investigation arm director general, reported PTI. 
 On being asked about the status of <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword> case, CCI Chairman <keyword id="46928" type="PERSON" weightage="80" keywordseo="Ashok-Chawla">Ashok Chawla</keyword> said on Friday that it would take sometime to take a final decision. 
 
He said: "The process is fairly lengthy, it is a quasi judicial process. We have to hear the parties involved and then decide. It will take quite sometime." 
 
The fair trade regulator, which first received a complaint against Google back in 2011, has been looking into allegations that the company abused its dominant position in the search engine space for well over three years. 
 
The main allegations against the <a href="http://www.businessinsider.in/searchresult.cms?query=major+search+engine+">major search engine</a> are that it favours its own products in search results and resorts to discrimination by favouring paid searches. 
 
Other allegations include denial of access to content and imposing of unfair and discriminatory conditions on 'AdWords' customers. 
 
Under competition regulations, an entity found violating the norms could be slapped with penalty of up to 10% of its three-year annual average <a href="http://www.businessinsider.in/searchresult.cms?query=turnover">turnover</a>. 
 
In its annual report for the year ended December 2014, Google had mentioned about anti-trust investigations in India. 
 According to the report, the Comision Nacional de Defensa de la Competencia in <keyword id="5927" type="COUNTRY" weightage="60" keywordseo="Argentina">Argentina</keyword>, the <keyword id="97393" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword>, the Taiwan Fair Trade Commission, Brazil's Council for Economic Defense and the Canadian Competition Bureau have started investigations against the company. 
 
(Image: Indiatimes)

Google case: Competition Commission of India needs time to take final decision

<ul><li><keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> has denied all the report that the new chief executive of Yes Bank, <keyword id="788579" type="PERSON" weightage="20" keywordseo="Ravneet-Gill">Ravneet Gill</keyword>, is reportedly planning to replace the entire <keyword id="401455" type="ORGANIZATION" weightage="20" keywordseo="top-management">top management</keyword> of the lender.</li><li>The executives that are expected to go include group president Rajat Monga, CFO Raj Ahuja and chief risk officer Ashish Agarwal. The replacement process is slated to take around three months. </li><li>Having taken over the CEO role in January, Gill inherited a bank that had been beset with corporate governance and risk management issues during the tenure of the previous CEO <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>. </li></ul>Yes Bank is denying reports that its new CEO Ravneet Gill is getting rid of its top brass. A Mint report earlier this morning stated that Gill was in the process of replacing the entire top management of the bank. Gill was reportedly in the process of replacing the entire top management of Yes Bank, which is one of India’s largest private sector lender. In fact, the bank is said to be looking for replacements for around 14 senior executives. The executives that are expected to go include group president Rajat Monga, CFO Raj Ahuja and chief risk officer Ashish Agarwal. The replacement process is slated to take around three months. The culling is likely an attempt on Gill’s to attempt a fresh start for the bank. Having taken over the CEO role in January, he inherited a lender that had been beset with <a href="https://www.businessinsider.in/yes-bank-stock-jumps-on-new-ceo-appointment/articleshow/67685861.cms">corporate governance and risk management issues</a> during the tenure of the previous CEO Rana Kapoor. Starting in October 2017, when the Reserve Bank of India levied a <a href="https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=42050">₹60 million fine</a> on the lender. This followed a sector-wide risk review which showed that the private lender had under-reported a series of non-performing loans in its financial statements for the year ended March 2016. Yes Bank’s market value took <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">a dramatic hit </a>in September last year, when the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> refused to extend Rana Kapoor’s tenure as CEO of Yes Bank, giving him four months (until January 31st, 2019) to vacate the position. The lender’s woes were further compounded by a rise in <a href="https://www.yesbank.in/pdf/q2fy2018_19_press_release_cr_pdf">reported bad loans</a>, a significant exposure to IL&amp;FS, the resignation of the non-executive chairman <a href="https://www.yesbank.in/media/press-releases/yes-bank-announces-resignation-of-chairman-shri-ashok-chawla-from-board-of-directors">Ashok Chawla </a>amid a corruption probe and a series of credit downgrades. SEE ALSO: <a href="https://www.businessinsider.in/indias-central-bank-says-that-yes-bank-is-no-longer-lying-about-its-bad-loans/articleshow/67985953.cms">India’s central bank says that Yes Bank is no longer lying about its bad loans</a> <a href="https://www.businessinsider.in/yes-bank-stock-jumps-on-new-ceo-appointment/articleshow/67685861.cms">Yes Bank's 15-month journey from regulatory crackdown to finding a new CEO</a>

Yes Bank is denying reports that its new CEO Ravneet Gill is getting rid of its top brass.

The <a href="http://www.businessinsider.in/searchresult.cms?query=competition+commission+of+India">Competition Commission of India</a> (CCI) has accused <a href="http://www.businessinsider.in/searchresult.cms?query=google">Google</a> of abusing its dominant market position to rig search outcomes and if proven right, this can lead to long <a href="http://www.businessinsider.in/searchresult.cms?query=regulatory+battle">regulatory battle</a>. 
 
Queries were raised by the watchdog to which 30 businesses, including <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=facebook">Facebook</a>, Makemytrip.com, Nokia’s maps division, and other social networks, travel and content sites, responded and complained that Google abused its dominant market position. 
 
Based on the corroborated complaints, the CCI director-general has filed a report that accuses Google of abusing its dominant position to rig search outcomes, both the actual search result as well as sponsored links. This marks the first case globally where an anti-trust body is formally raising such charges against Google. 
 
Google has time till September 10 to file its response to the findings and present itself before the seven-member commission headed by Chairman Ashok Chawla, a week later. 
 
The CCI may also impose a fine up to 10% of Google's income. 
 
Meanwhile, Google said it was reviewing the report from the CCI and exuded confidence that they follow prescribed Indian laws. 
 
As per the CCI’s report, Google is liable on two counts, first being Google's proprietary content and second on sponsored links. 
 
Proprietary content means that for instance, even though a website may have a higher hit rate for a specific section, Google’s content is given priority. Like Google Hotels gets preference over other travel portals that may have higher traffic and therefore mathematically more appropriate as first results of a search. 
 <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> stated that it found search results to have a direct correlation with the amount of money the <a href="http://www.businessinsider.in/searchresult.cms?query=ecommerce">e-Commerce</a> portal spends on Google advertising. 
 Meanwhile, the CCI report dismisses Google's submission that its nature of search is similar to that of <keyword id="6354576" type="CITY" weightage="100" keywordseo="Facebook">Facebook</keyword> and Twitter, which the report says are social networks, not web searches. 
 
Google's using foreign arbitration clauses in case of disputes is also considered abuse of dominance, according to the report. 
 
Though Google can seek more time to respond to the CCI report, it was fined Rs1 crore last year for delaying information the commission had sought. 
 
Google’s case will be represented by law firms AZB &amp; Partners and Economic Law Practice. 
 
(Image: Josephmallozzi.wordpress.com)

Is Google really using its power to rig results? If yes, it is in deep trouble

<keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> has finally named a successor for its current <keyword id="115930" type="POSITION" weightage="20" keywordseo="Chief-Executive-Officer">chief executive officer</keyword> (CEO), <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, putting to rest any further uncertainty over the succession process at one of India’s largest private banks. <keyword id="788579" type="PERSON" weightage="20" keywordseo="Ravneet-Gill">Ravneet Gill</keyword> - the head of Deutsche Bank’s Indian operations - is set to take over from Kapoor, who also founded the bank in 2004. Kapoor’s tenure is set to end on 31st January following the Reserve Bank of India’s refusal to extend his term. 
 <div type="image" title="ravneet-gill-770x433" msid="67686057" hostid="261"></div>



 Gill’s appointment caps a tumultuous period for Yes Bank, following a clampdown by India’s central bank. Gill is expected to step into the role on March 1st for a three-year term. The move was greeted favourably by equity investors, with the bank’s shares <a href="https://www.google.com/search?q=yes+bank+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=yes+bank+share+price&amp;aqs=chrome..69i57j0j69i60l3j0.2433j0j4&amp;sourceid=chrome&amp;ie=UTF-8">surging 16%</a> in the last session of trading on Thursday. Here all the events leading up to the announcement:- October 23rd, 2017 The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> levied <a href="https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=42050">a ₹60 million fine</a> on Yes Bank after a sector-wide risk review found that the private lender had under-reported a series of non-performing loans in its financial statements for the year ended March 2016. The fine followed a notice issued to the bank the preceding July for its failure to report a cybersecurity attack at its ATM network. According to the RBI, this amounted to a refusal to accept liability for the loss of customers’ information. June 12th, 2018 At an annual shareholders’ meeting, Yes Bank’s shareholders voted to give Rana Kapoor <a href="https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/6/f8d7297d-dbbc-4a80-b910-bd0be88b546f.pdf">another three-year term</a> as the bank’s CEO starting September 1st. Kapoor’s re-appointment did, however, depend upon a greenlight from the central bank. 
 <div type="image" title="download (14)" msid="67686044" hostid="261"></div>



 August 30th, 2018 After deliberating <a href="https://www.thehindubusinessline.com/money-and-banking/yes-bank-awaits-rbi-approval-to-reappoint-rana-kapoor-as-ceo/article24803656.ece">for more time than was initially expected</a>, the RBI approved Yes Bank’s decision to have Kapoor continue in his role as Managing Director and CEO a day before his term was set to expire. The approval came with a slightly suspicious caveat: Rana Kapoor was allowed to continue as CEO <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/4b4b2947-7e80-4013-878d-6c3330117be5.pdf">‘till further notice</a>’. September 19th, 2018 In a glaring about-turn, the RBI refused to extend Rana Kapoor’s tenure as CEO of Yes Bank, giving him four months (until January 31st, 2019) to vacate the position. The move had precedence. Earlier in the year, the central bank refused to clear a three-year extension of the tenure of Shikha Sharma, the CEO of Axis Bank, as the bank dealt with its own host of bad loan calculation problems. September 20th, 2018 Yes Bank’s share price plummeted by over 29% on the first day of trading since the RBI’s decision was announced - a loss of nearly $3 billion worth of market capitalisation. The price drop exacerbated a freefall in Yes Bank’s share price since August, which culminated in the loss of <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">half the bank’s market value.</a> September 25th, 2018 The board of directors of Yes Bank met to assess the situation. At <a href="https://www.yesbank.in/media/press-releases/outcome-of-board-meeting-25-sep-2018">the meeting</a>, they decided to request the RBI to reconsider its decision. They wrote to the RBI asking for an extension for Kapoor’s tenure till at least the end of April 2019 to finalise the bank’s year-end financial statements. The board also set up a search committee to find a replacement for Kapoor. October 1st, 2018 CARE Ratings, a credit ratings agency, placed Yes Bank’s debt on <a href="https://www.yesbank.in/media/press-releases/developing-implications-by-care-ratings">‘credit watch with developing implications’</a>, causing further investor jitters. October 17th, 2018 The RBI rejects the request submitted by Yes Bank’s board of directors seeking a minor extension for Kapoor. To allay investor fears, Yes Bank says that it should conclude the CEO search process by mid-December 2018. October 19th, 2018 Rana Kapoor <a href="https://www.livemint.com/Companies/SVfWpr650CG79vvcqXlydL/Yes-Bank-CEO-Rana-Kapoor-meets-rival-promoter-Madhu-Kapur-s.html">met with another Yes Bank promoter Madhu Kapur</a>, the wife of Yes Bank’s co-founder - the now-deceased Ashok Kapur, to discuss a possible formation of a single promoter group, ending a decade-long dispute and paving the way for a smooth succession plan for the bank. October 25th, 2018 Yes Bank posted <a href="https://www.yesbank.in/pdf/q2fy2018_19_press_release_cr_pdf">a 4% drop</a> in net profit for the quarter ended September 2018 owing to higher provisions for loan losses. Gross <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> also rose by 37% on a sequential basis, resulting in a bad loan ratio of 1.6% as opposed to 1.3% the previous quarter. To make matters worse, the lender also disclosed a ₹26 billion to the near-bankrupt IL&amp;FS. November 14th, 2018 The bank’s non-executive chairman, Ashok Chawla, <a href="https://www.yesbank.in/media/press-releases/yes-bank-announces-resignation-of-chairman-shri-ashok-chawla-from-board-of-directors">submitted his resignation</a> owing to the fact that he was the <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">subject of a corruption probe</a>. In July 2018, Chawla, who was also the chairman of the National Stock Exchange of India (NSE), was named in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. In its announcement, Yes Bank said that it needed a chairman that could devote more attention to the bank as it navigated the management transition period. November 27th, 2018 Following a number of resignations from Yes Bank’s board, Moody’s Investors Service <a href="https://www.moodys.com/research/Moodys-downgrades-Yes-Banks-ratings-changes-outlook-to-negative--PR_392036">downgraded </a>Yes Bank’s credit rating to non-investment grade and changed the bank’s outlook to negative from stable. November 29th, 2018 News reports emerged that Rana Kapoor was seeking to maintain control of Yes Bank by <a href="https://www.livemint.com/Companies/FAMv2Atixphj1fprI0DYpI/Rana-Kapoor-eyes-Yes-Bank-chairman-seat-after-exit-as-CEO.html">taking over the chairmanship</a> of the company. The move, however, never came to fruition. December 3rd, 2018 T S Vijayan, was appointed to Yes Bank’s board as an independent director for five years. The move was expected, given that former chief of LIC and the Insurance Regulatory and Development Authority (IRDAI) was also on the CEO search and selection committee. January 10th, 2019 The board of directors of Yes Bank submits a list of potential CEO candidates to the RBI for the latter’s approval. The board highlights Gill as their most preferred candidate to take over the role. January 12th, 2019 Yes Bank named Brahm Dutt as its new non-executive chairman on a part time basis. A board member since 2013, Dutt’s tenure is capped till July 2020, when he is scheduled to turn 70 years old. SEE ALSO: <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe</a> <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">One of India’s largest private banks has lost more than half its market value in 37 day</a>s

Yes Bank's 15-month journey from regulatory crackdown to finding a new CEO

From the Indian Parliament to the Reserve Bank of India, to startup unicorns, this year was especially rife with high-profile resignations, giving fuel to ongoing controversies. Here are the top departures that left the country in surprise: 1. <keyword id="6375119" type="PERSON" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> <div type="image" title="Urjit patel" tempid="286964" msid="67322946" hostid="261"></div>
 In December, Urjit Patel announced his resignation from his role as the governor of the Reserve Bank of India citing ‘personal reasons’ amid differences between the central bank and the Indian government. While many top politicians and academicians in the country have been citing different reasons for ‘why’ Urjit Patel abruptly resigned from his post, many believe it was the tensions between the RBI and the government, particularly the latter’s moves that threaten the central bank’s independence that led to his departure. Patel has subsequently been replaced a former government official Shaktikanta Das. 2. <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword> <div type="image" title="Arvind" tempid="286980" msid="67322947" hostid="261"></div>

(Image Credits- IANS) India’s Chief Economic Advisor Arvind Subramanian resigned from his position in Finance Ministry on 20th June citing ‘pressing family commitments.’ Krishnamurthy Subramanian was <a href="https://www.businessinsider.in/indian-government-appoints-krishnamurthy-subramanian-as-its-new-chief-economic-advisor/articleshow/66987414.cms">appointed</a> as the new CEA after the post was left vacant for nearly six months. Months after quitting his post, Subramanian in his recently-launched book ‘Of Counsel’ <a href="https://www.businessinsider.in/demonetisation-was-a-massive-draconian-monetary-shock-says-narendra-modi-governments-former-chief-economic-advisor-arvind-subramanian/articleshow/66860962.cms">commented</a> on the government’s demonetisation policy calling it “a massive, draconian, monetary shock” that took a hit on the Indian economy. 3. <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> <div type="image" title="binny-bansal1" msid="67322928" hostid="261"></div>

(Image Credits-Wikimedia.org) Indian e-tail major Flipkart Group's Chief Executive Officer (CEO) Binny Bansal parted ways with the company on 13th November following the allegations of ‘personal misconduct’. Bansal announced his resignation, effective immediately, following an independent investigation by Flipkart and Walmart against him. However, Binny Bansal has strongly denied all the accusations against him. He is reportedly launching a tech startup to provide technology tools, learning and consulting services to growth-stage ventures, ET <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-former-flipkart-executive-to-launch-new-startup/articleshow/67085632.cms">reported</a>. 4. M.J Akbar <div type="image" title="907c8b2772a84537d8c711eba43627b2" tempid="287008" msid="67322948" hostid="261"></div>
 (Image Credits-IANS) The #Metoo movement forced the Minister of State for External Affairs, MJ Akbar, <a href="https://www.businessinsider.in/too-little-too-late-indian-government-reacts-to-metoo-by-forming-a-panel-to-review-sexual-harassment-laws/articleshow/66347468.cms">to put down his papers days </a>after several of his former female colleagues accused him of sexual harassment. The campaign gathered much attention from people across India with many women coming forward to reveal sexual predators at workplaces, especially in the media industry. 5. <keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword> <div type="image" title="ananth-narayan" tempid="287014" msid="67322949" hostid="261"></div>
 Myntra’s Chief Executive Officer (CEO), Ananth Narayanan,<a href="https://www.businessinsider.in/myntra-is-in-the-middle-of-a-management-shakeup-after-key-leaders-resign-in-succession/articleshow/67043730.cms"> stepped down</a> from his position in the company within a month after denying speculation about his resignation, following Binny Bansal’s exit from parent Flipkart. Following his resignation other high-ranked officials including Mithun Sundar, Chief Revenue Officer (CRO), and Manpreet Ratia, Head for Human Resources, also resigned from their respective role in the company. 6. Chanda Kochhar 
 <div type="image" title="95b438c9e8e160e4d9704c9dc628ce2a" tempid="287133" msid="67322950" hostid="261"></div>

In October, Chanda Kochhar resigned as the CEO and Managing Director of India’s largest private sector bank, ICICI Bank. Kochhar had been sent on indefinite leave amid a corporate governance <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">scandal</a> that led to an independent judicial investigation into alleged misconduct and dealings with Videocon. Kochhar was facing allegations of conflict of interest while making a loan to Venugopal Dhoot, the promoter of Videocon Group. 7. <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> 
 <div type="image" title="5e96e735b844a0506c8cd17e3f2bbc9d (1)" tempid="287157" msid="67322951" hostid="261"></div>

The co-founder and chief executive of Yes Bank, Rana Kapoor, was reportedly asked by the Reserve Bank of India to put in his papers by January 2019. Kapoor had been working as the managing director and CEO since the bank started its operations in 2004. RBI decided not to extend the tenure of Rana Kapoor amid alleged corporate governance lapses and under-reporting of non-performing loans. The central bank further instructed Yes Bank to look for his successor. His resignation led to a crash in the bank’s shares. However, last month, its non-executive chairman, Ashok Chawla, also <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">resigned</a>, further exacerbating matters for the bank who had been tasked with bringing back stability to the institution.

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