Transfin.

Yes Bank Suffers Heavy Withdrawal of Deposits, Alleges Former Director

Deep Kalra is stepping down as CEO of MakeMyTrip. Co-founder Rajesh Magow will take his place.

 

COMPANIES

Deep Kalra steps down as MakeMyTrip CEO, co-founder Rajesh Magow to take his place.

MakeMyCEO

Deep Kalra is stepping down as CEO of MakeMyTrip. Co-founder Rajesh Magow will take his place. Kalra will serve as executive chairman on the MakeMyTrip board.

 

“We believe that separating the roles of Group CEO and Executive Chairman will allow us to focus more on long-term strategic opportunities within and outside India, while maintaining our market-leading position in our existing businesses,” Kalra said. [Inc42]

 

Yes Bank suffers heavy withdrawal of deposits, alleges former director. 

All in the Letters

A letter reportedly sent by a former independent director of Yes Bank to Atanu Chakraborty, Secretary, Department of Economic Affairs, claims the private lendor has seen a massive erosion in its deposit base.

 

Uttam Prakash Agarwal, who resigned as an independent director of the Bank during mid-January, says Yes Bank has witnessed a gross withdrawal of ?1Lcr ($14bn) since March 1st 2019. The letter has also accused CEO Ravneet Gill of breach of governance, non-compliances, undue influence and control on the majority members of the board through quid pro quo and misleading investors. [Deccan Herald]

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