Yes Bank recalls bonus to former MD Rana Kapoor–Economic Times

Kapoor did not receive any bonus in fiscal 2017.
Yes BankNSE -2.61 % has clawed back a total of Rs 1.44 crore performance bonus paid to former Managing Director Rana Kapoor after a recommendation of the bank’s board. The bonus was paid for the fiscal year ending March 2015 and 2016 and has been fully recalled the bank said in its annual report.

Kapoor’s term was cut short by RBI in October last year after the regulator expressed unhappiness over the bank’s high NPA divergence.

“The board of directors of the bank had considered and approved clawback of 100 per cent of the performance bonus paid to Mr. Rana Kapoor for FY 2014-15 (FY15) and FY16, net of taxes. The amount of bonus subject to clawback was Rs 62 lakh for FY15 and Rs 82.5 lakh for FY16,” said the bank in its annual report released later on Thursday.

Kapoor did not receive any bonus in fiscal 2017. His tenure ended in January this year. Former Deutsche Bank India CEO Ravneet Gill has taken over as the new MD in March.

Earlier this week the RBI appointed former deputy governor R Gandhi as an additional director on the Yes Bank board for two years, raising investor concerns over the workings of the bank.

This move by the regulator is unprecedented for a large lender like Yes Bank and indicates that RBI wants to keep a close eye on the bank board’s workings.

via Yes Bank recalls bonus to former MD Rana Kapoor

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