Former head of the audit committee of the Yes Bank board Uttam Prakash Agarwal has filed a complaint with the Securities and Exchange Board of India (SEBI) seeking a probe into “the illegal gains made by a certain set of people” in giving misleading information to the markets and the people on potential investors, including Citax and Erwin Singh Braich.
Though Agarwal, who recently resigned as the independent director from the Yes Bank board and head of the audit committee, has not spelled it out, it implies to insider- trading, which needs to be investigated by SEBI.
In a letter to SEBI Chairman Ajay Tyagi and Wholetime Member G Mahalingam, Agarwal, former president of the Institute of Chartered Accountants of India (ICAI), has revealed the chain of events when Yes Bank was evaluating potential investors.
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