Mumbai: Pursuant to approval of the Board of Directors, basis the recommendation of the Nomination and Remuneration Committee, YES BANK, India’s fourth largest private sector Bank announced the appointment of Mr. Uttam Prakash Agarwal as an Additional Director (Independent), with immediate effect.
In terms of the provisions of Section 149, 152 read with Schedule IV of the Companies Act, 2013, the appointment of Mr. Uttam Prakash Agarwal as an Independent Director on the Board of YES BANK with effect from November 14, 2018 for a period of 5 years would be subject to approval of Shareholders at the next General Meeting of the Bank.
Mr. Uttam Prakash Agarwal replaces Mr. Vasant Gujarati who has tendered his resignation from the Board of the Bank, with immediate effect, due to personal commitments.
Mr. Uttam Prakash Agarwal has been the youngest President of ICAI 2009-10, and has been acknowledged by former President of India, for his commendable work in the industry and presented with ‘Recognition of Excellence Award’. He also holds the honorary membership of Institute of Chartered Accountants of Australia and Certified Public Accountant of Australia.
Mr. Agarwal is a Chartered Accountant with 30 years of experience in taxation, finance and restructuring having worked extensively in areas such as statutory audit, income leakage audit, dealing room audit of Banks, special investigative audit on behalf of Board for Industrial and Financial Reconstruction (BIFR), Public sector banks and companies under RBI’s appointment as well as monitoring of sick companies on behalf of Bank of India and audits for banks, NBFCs and Mutual Funds. He also has rich experience in providing tax and business advisory services to private equity investors, banks, investment banks, brokerage houses and finance companies.
He was a Technical Advisor on the Board of International Federation of Accountants (IFAC), Developing Nations Committee (DNC) of IFAC and Small and Medium Practices Committee (SMP) of IFAC. He is also a member of the Disciplinary Committee constituted by the Council of the Institute of Actuaries of India nominated by the Ministry of Finance from 2009 to till Date.
Mr. Agarwal has also been a Member of the Central Direct Taxes Advisory Committee (CDTAC) constituted by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Govt. of India and Regional Direct Taxes Advisory Committee (RDTAC), New Delhi; the National Advisory Committee on Accounting Standards constituted by the Ministry of Corporate Affairs, Government of India; the Audit Advisory Board and the Government Accounting Standards Advisory Board, constituted by the Comptroller and Auditor General of India; Member on the Board of Insurance Regulatory and Development Authority (IRDA); Board of Tariff Advisory Committee of IRDA and also a member of Standing Committee on Accounting Issues (SCAI) constituted by IRDA; Member of SEBI Committee on Disclosures and Accounting Standards (SCODA). Mr. Agarwal has served as an Independent Director on the Boards of various companies including IRDAI, NSEL (new board post scam) and ICAI Research Foundation amongst others.