<div>Shareholders of Yes Bank, India’s fifth largest private sector bank, have wholeheartedly backed the reappointment of Rana Kapoor as the MD & CEO for a period of three years. At the bank’s eleventh annual general body meeting (AGM) on 6 June, the shareholders voted overwhelmingly in favour of the resolution reappointing Kapoor as the bank’s top executive.The shareholders also approved the resolution fixing the remuneration of Kapoor.</div><div> </div><div>“This is a reflection of the faith reposed by the shareholders in Rana Kapoor’s vision & leadership,” the bank said in a release.</div><div> </div><div>The AGM saw shareholders approving the reappointment of M.R. Srinivasan as chairman of the bank as well as the appointment of Diwan Arun Nanda and Ajay Vohra as independent directors.</div><div> </div><div>A clutch of special resolutions on capital raising by the bank including Rs 10,000 crore through non convertible debentures and bonds as well as $1 billion in fresh equity received the stamp of shareholder approval as did the one on raising the combined Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) investment limit to 74 per cent of the bank’s paid-up capital.</div><div> </div><div>Among other resolutions that the shareholders approved included a dividend of 90 per cent (Rs 9 per share), which the bank claims is the highest among private banks; balance sheet for the financial year 2014-15 as well as profit and loss account for 2014-15; and appointment of M/s S R Batliboi & Co. as the bank’s auditors.<br> </div><div>Radha Singh, non executive chairperson, Yes Bank, thanked the shareholders saying, “We are extremely satisfied with the trust and faith shown by the institutional and retail shareholders to the Board of Directors, in the bank’s performance, its growth plans and decisions to maintain the highest professional standards of management.”</div><div> </div><div>Singh added that with the enabling approvals in place, Yes Bank would now look to capitalise on the renewed economic momentum and achieve its vision of emerging as the finest large Indian bank by 2020.<br> </div><div>The AGM was attended by 9 of the bank’s 10 directors including Kapoor (Diwan Arun Nanda was travelling) The attendees included Radha Singh, Non-Executive Chairperson; independent directors Ajay Vohra, Brahm Dutt, Mukesh Sabharwal, Ravish Chopra and Vasant V. Gujarathi; and M.R. Srinivasan, Non-executive, non-independent director.</div>
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