One-man Army of YES BANK surrenders!
Yes Bank Founder and CEO Rana Kapoor tweeted today that he will never ever sell his Yes Bank shares.
In back to back 3 tweets today Rana Kapoor expressed his loyalty to Yes Bank after he realized that he won’t get any extension as a CEO and MD of Yes Bank. As directed by RBI he will step down on 31st January 2019.
Earlier this Wednesday, Board of Directors of Yes Bank sought an extension of minimum 3 months and maximum one year for their CEO and MD Rana Kapoor. They gave a reason that Audits of Yes Bank needs to be done under his guidance. They also said that Yes Bank hasn’t found their Successor yet and it will take time to decide who will lead the bank. To complete the transition of leadership smoothly they tried to buy some time. But the Central bank didn’t approve it as they already feel that rampant Corporate Governance issues in Yes Bank have already made investors in this bank vulnerable. Reserve Bank of India is on the mission to bring reforms in the banking sector. Mergers of Public Sector banks and taking strict actions on Private Sector banks who didn’t comply with the disclosures of NPAs rule properly are some of the actions RBI is taking to reduce the NPAs in the banking system of India. After Nirav Modi scam Government too is going rough on Leaders who have made some dubious decisions in the past. Yes Bank’s Rana Kapoor too faced the wrath of central bank thanks to the discrepancy in the NPAs stated by Bank. Now it is confirmed that Rana Kapoor will step down on 31st January 2019 and RBI might bring Professional CEO from outside of the Bank to ensure the safety and trust of Investors.
Tweets by Rana Kapoor on 28th September 2018
“Diamonds are forever: My Promoter shares of @YESBANK are invaluable to me”
“I will eventually bequeath my @YESBANK shares to my 3 daughters and subsequently to their children, with a request in my Will stating not to sell a single share, as Diamonds are forever !”
“Even after I demit office s MD and CEO of YES BANK, I will never ever sell my @YESBANK shares”
“In this leadership transition at @YESBANK, I continue to remain fully committed to the interests of the Bank and all its Shareholders. I will fully be guided by the Board of Directors of YES BANK and Reserve Bank of India”
Rana Kapoor, an Indian Billionaire is the Founder of private sector bank ‘YES BANK’ in India. He founded Yes Bank in 2003 after he received a banking licence from RBI. After 16 yrs of experience in Bank of America and 2 years in ANZ Grindlays, he decided to quit his job and become an Entrepreneur. He stated with NBFC first in 1998 and then Bank in 2003. Yes Bank became one of the largest banks in India in very short time. It gave 28% CAGR return to its investors. In 2017 he became Billionaire thanks to his 26% stake in Yes Bank. Currently, he holds 10%+ stake in Yes Bank and has tweeted that he will never sell his YES BANK Shares in his life.