Mumbai, November 15: Ashok Chawla, Chairman of Yes Bank has resigned from the bank's board on Wednesday after his name came up in the corruption chargesheet by the Central Bureau of Investigation (CBI). In a filing to the exchange, the bank said, "Yes Bank announces that Shri Ashok Chawla, Non-Executive Independent Part-Time Chairman, has tendered his resignation from the Bank’s Board, with immediate effect, mentioning that during the current transition period, the Bank would need a Chairman who could devote more time and attention. The bank shall in due course announce the appointment of a Chairman, post-RBI’s approval." Why Yes Bank Shares Have Tanked by 34% After Sensex Witness a Blood Bath.

Chawla is also the chairman of National Stock Exchange of India and his continuation in this role is also under scrutiny on similar grounds. In another separate filing from the bank, independent director Vasant Gujarathi too has tendered his resignation with immediate effect due to personal commitments.

The bank’s board has also approved the appointment of Uttam Prakash Agarwal as an additional director (Independent) for a period of five years. The Reserve Bank has already asked the private sector bank to find the replacement of founder MD and CEO by January 31.

In September, Yes Bank shares fell 34 percent after Reserve Bank of India (RBI) reduced the tenure of MD and CEO Rana Kapoor, to January 31, 2019. Last month, Yes Bank had said the panel looking for a successor to Kapoor had finalised potential candidates.

The Yes Bank shares are currently trading at Rs 207, down 6.74 percent.

(The above story first appeared on LatestLY on Nov 15, 2018 09:59 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).