Mumbai, Jan 10 (IANS): Yes Bank scrips plunged over 5 per cent on Friday after independent Director and Audit Committee Chairman Uttam Prakash Agarwal resigned, alleging that CEO and MD Ravneet Gill was misleading the bank's board and shareholders.

Agarwal, in his resignation letter, said that there are "serious concerns as regards deteriorating standards of corporate governance corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the Company are being conducted".

Apart from Gill, he named Senior Group President, Governance and Controls, Rajiv Uberoi, and Legal Head and Board of Directors, Sanjay Nambiar in his resignation letter.

"I have left no stone unturned to discharge my duties and thus wrote a letter detailing all these matters in the attached letter dated 9th January, 2020 (which is submitted to all the regulatory authorities)," Agarwal added.

However, Yes Bank in a regulatory filing also said that it was "reviewing the 'fit and proper' status of Agarwal and a call was to be made on Friday".

"However, prior to the commencement of the proceedings of these meetings, the Bank received the resignation of Agarwal," the company said.

Agarwal has been an independent director at the bank since November 14, 2018 to serve a period of five years starting June 12, 2019.