In a third resignation from the Yes Bank board, independent director Rentala Chandrashekhar on Monday put in his papers, according to a regulatory filing.

Besides, the private sector lender is expected to overhaul its board after receiving an approval from its promoters, sources said.

“We would like to inform that Rentala Chandrashekhar, non-executive, independent director, has tendered his resignation from the board of directors of Yes Bank on November 19, 2018 with immediate effect,” the bank said.

The bank cited personal reasons for his resignation.

“The Nomination & Remuneration Committee of the bank will look for a suitable replacement in the field of infotech & cyber security in terms of applicable provisions of Sebi regulations, Companies Act and RBI Act,” it added.

Yes Bank’s nomination committee is reviewing the performance of the board members, according to sources. Both the promoter groups of the bank, led by its MD and CEO Rana Kapoor and Madhu Kapur, are in favour of a clean-up and overhaul of the board, they added.

Earlier last week, former SBI chairman O.P. Bhatt resigned from the panel set up by the bank to find a successor for Rana Kapoor. On November 14, the bank’s non-executive chairman Ashok Chawla had resigned as his name figured in a CBI chargesheet filed in the Aircel-Maxis case. Another independent director Vasant Gujarathi, too, had tendered his resignation on the same day over audit committee performance issues.

Share surges

Shares of Yes Bank surged over 7 per cent on Monday on reports that a search panel appointed to find a successor to Rana Kapoor had shortlisted multiple names. On the BSE, the share soared 7.19 per cent to end at Rs 205.05, its biggest gain in almost three weeks.

The Telegraph