Supreme Court blow to Yes Bank's bond kill
new delhi/mumbai, Oct. 16 -- Yes Bank Ltd's bondholders scored a landmark win over India's central bank and the government on Thursday, with the Supreme Court striking down a six-year-old decision to cancel their investments.
The Reserve Bank of India had seized the wobbly private lender in 2020 to facilitate a bailout, appointing an administrator who wrote off the bank's additional tier-1 (AT-1) bonds worth Rs.8,415 crore. The Bombay High Court quashed the write-off in 2023, and the apex court on Thursday said it found no reason to reverse that.
"The question is not whether the AT-1 bonds could have been or ought to have been written down off. The question is the manner in which it was done," the judgment penned by justices Dipankar Datta ...
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