Mumbai: Private sector lender Yes Bank Ltd on Monday appointed former IRDAI chief T.S. Vijayan as an independent director for five years. “Pursuant to approval of board of directors, basis the recommendation of the nomination and remuneration committee (N&RC), Yes Bank…announced the appointment of T.S. Vijayan as an additional director (Independent), with immediate effect," Yes Bank said in a statement to the stock exchanges.

Vijayan’s appointment would be subject to approval of Yes Bank shareholders at the next general meeting of the bank. He is already a key member of the search and selection committee (S&SC) set up to identify a suitable successor for CEO Rana Kapoor.

“Given that the S&SC has made significant progress and is in advanced stages, the N&RC and the board has decided to seek Vijayan’s larger engagement and involvement, now as an additional board director (independent) with continuation on the four-member S&SC," the bank said.

Mint reported on 21 November that Yes Bank independent director R. Chandrashekhar, who resigned last month, questioned certain corporate governance practices at the bank in his resignation letter. Chandrashekhar expressed his displeasure over the recent events at the bank and disappointment at the manner in which the lender dealt with these.

Chandrashekhar’s resignation came less than a week after Ashok Chawla stepped down as Yes Bank chairman and Vasant Gujarathi stepped down as the head of the bank’s audit committee.

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