Yes Bank general counsel Sanjay Nambiar resigns
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Mumbai: Sanjay Nambiar , the group general counsel of Yes Bank , has resigned and is currently serving his gardening leave. Yes Bank , under its erstwhile management, has been part of a long-drawn investigation by the Enforcement Directorate (ED) into a loan fraud case involving firms linked to Anil Ambani "It is true that Sanjay Nambiar has resigned," an official spokesperson for the lender confirmed Thursday in an emailed response to ET's specific queries.Nambiar, who was general counsel at Yes Bank for nearly 15 years, had previously worked at ICICI Bank for over four years, as per his LinkedIn profile.According to the ED, preliminary investigations showed that loans worth around ₹3,000 crore, sanctioned by Yes Bank between 2017 and 2019, were allegedly diverted to shell firms and other group entities.One key aspect of the ED probe involves loans sanctioned by Yes Bank, Canara Bank and Bank of Baroda to various ADAG group entities, and a related ₹2,850-crore investment made by Reliance Mutual Fund in Yes Bank's AT-1 bonds.The ED suspects these transactions may have involved quid pro quo arrangements.The AT-1 bonds considered quasi-equity in nature, were written off by the RBI after Mint Road had ordered the board of the private lender be superseded in March 2020. A consortium of lenders then bailed out Yes Bank from the brink of collapse.
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