SC rejects bail plea of YES Bank’s founder Rana Kapoor
The apex court also questioned why the Enforcement Directorate (ED) is taking so long to investigate the YES Bank scam pertaining to Rs 3,642-crore.
The apex court also questioned why the Enforcement Directorate (ED) is taking so long to investigate the YES Bank scam pertaining to Rs 3,642-crore.
Stating that the case has ‘rocked the entire banking system’, the Supreme Court on Friday rejected the bail plea of…
Kapoor, who was also the promoter of Yes Bank, entered into an agreement as a 'guarantor'.
As per the reports, the properties attached includes bungalow in Delhi at 40, Amrita Shergil Marg and his flats in Mumbai’s Worli and Indiabulls One.
This move means that its founding promoters Rana Kapoor and Madhu Kapur families and firms linked to them will now become non-promoter shareholders or public shareholders.
Cox and Kings was one of the top borrowers of the bank and the latter had an exposure of about Rs 2,260 crore to the company, officials told agencies.
Kapoor was arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) earlier this month.
The meteoric rise of Yes Bank has been as spectacular as its fall. After getting the banking licence from the RBI in 2004, it raised Rs 355 crore through an IPO in 2005 which was oversubscribed 30 times. Its share price at listing was only Rs 45, which ultimately peaked to over Rs 400 in August 2018, to plummet to only Rs 25 now.
The Wadhawan brothers, who denied any wrongdoing in their dealings with the bank, were supposed to appear before the central agency on Tuesday at its office in south Mumbai.
Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA.
