The rules of English grammar came to the rescue of Mumbai-headquartered Yes Bank as a London court ruled in its favour while rejecting a $7.5 million lawsuit filed by US financial services firm Cantor Fitzgerald.&nbsp;

According to a media report, Cantor Fitzgerald filed a $7.5 million lawsuit against Yes Bank for failing to pay a financing fee for its $2 billion foreign portfolio investment (FPO), which was raised in 2020.

Back then, the bank had picked Cantor Fitzgerald and two other firms to raise funds by bringing potential investors to invest in the FPO.

As per reports, Cantor Fitzgerald claimed a two per cent commission on the total investment made by three entities - Tilden Park ($300 million), Hinduja group ($22.7 million) and Amansa ($50 million).

The financial services firm argued in the court that the deal with Yes Bank included private financing and the FPO.

The crux of the case lies with the term "Financing" or, more specifically, with this line in the agreement between Yes Bank and Cantor Fitzgerald: "the private placement, offering or other sales of equity instruments… ("a "Financing")."

Cantor Fitzgerald argued that the adjective "private" qualifies only placement and not "offering or other sales of equity instruments…"

Justice Robert Bright ruled that Yes Bank was right in constructing the term "Financing", which included only private offerings and not FPO. He added that Cantor Fitzgerald "was not being paid by the hour or by reference to the number of introductions made."

Private offerings are shares sold privately, not via a public offering (like FPO).

The court gave a short lesson on English grammar, explaining nouns, verbs, and adjectives while delivering a judgment in favour of Yes Bank.

"Where an adjective or determiner is followed by a series of nouns in a list, the conventional understanding is that it modifies all the nouns in that list..." The court added that this grammar rule is not at all uncommon and is known to "every Tom, Dick and Harry".

However, as a saving grace, the US-based financial services firm was awarded $21,195 interest on the retainer fee.

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The rules of English grammar came to the rescue of Mumbai-headquartered Yes Bank as a London court ruled in its favour while rejecting a $7.5 million lawsuit filed by US financial services firm Cantor Fitzgerald.

The rules of English grammar came to the rescue of Mumbai-headquartered Yes Bank as a London court ruled in its favour while rejecting a $7.5 million lawsuit filed by US financial services firm Cantor Fitzgerald. According to a media report, Cantor Fitzgerald filed a $7.5 million lawsuit against Yes Bank for failing to pay a financing fee for its $2 billion foreign portfolio investment (FPO), which was raised in 2020. Back then, the bank had picked Cantor Fitzgerald and two other firms to raise funds by bringing potential investors to invest in the FPO. As per reports, Cantor Fitzgerald claimed a two per cent commission on the total investment made by three entities - Tilden Park ($300 million), Hinduja group ($22.7 million) and Amansa ($50 million). The financial services firm argued in the court that the deal with Yes Bank included private financing and the FPO. The crux of the case lies with the term "Financing" or, more specifically, with this line in the agreement between Yes Bank and Cantor Fitzgerald: "the private placement, offering or other sales of equity instruments… ("a "Financing")." Cantor Fitzgerald argued that the adjective "private" qualifies only placement and not "offering or other sales of equity instruments…" Justice Robert Bright ruled that Yes Bank was right in constructing the term "Financing", which included only private offerings and not FPO. He added that Cantor Fitzgerald "was not being paid by the hour or by reference to the number of introductions made." Private offerings are shares sold privately, not via a public offering (like FPO). The court gave a short lesson on English grammar, explaining nouns, verbs, and adjectives while delivering a judgment in favour of Yes Bank. "Where an adjective or determiner is followed by a series of nouns in a list, the conventional understanding is that it modifies all the nouns in that list..." The court added that this grammar rule is not at all uncommon and is known to "every Tom, Dick and Harry". However, as a saving grace, the US-based financial services firm was awarded $21,195 interest on the retainer fee. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Adjective or noun? English grammar saves Yes Bank in London court

In what comes as a big win for Dish TV in the Yes Bank matter, Proxy advisory firm InGovern has advised investors to support Dish TV AGM proposals.

"We note that these proposals are coming up for shareholder vote in the background of an ongoing dispute between the company and two sets of shareholders – the promoters and Yes Bank, as the largest shareholder. The legal battle is being fought in various forums: at the NCLT, the High Courts and the Supreme Court," In the note titled 'VOTE RECOMMENDATIONS FOR 2021 ANNUAL GENERAL MEETING InGovern said.

The note adds, "On December 23, 2021, the company put out a statement that the Bombay High Court rejected the ad-interim prayers of the Plaintiff. However, the Court directed that the result of the proposed Annual General Meeting of the Company to be held on December 30, 2021, shall be subject to the outcome of the final hearing of the Interim Application filed by the Plaintiff in the Suit. The matter has been adjourned to February 3, 2022."

"Our view is that unless the court battles play out, the management and operations of the company should be viewed by shareholders as ongoing," the InGovern note added.

Proposals – Management &amp; InGovern Recommendations

1 -Adoption of Standalone Accounts and Consolidated Accounts: FOR

"We note that shareholders have approved the qualifications made in FY2019-20, and that there are NO significant changes in ownership in the past year. We note in many instances that content valuations can be very subjective. Considering no new adverse audit qualifications, we recommend shareholders vote FOR the proposal," InGovern said.

2-Re-appointment of Mr. Ashok Mathai Kurien liable to retire by rotation: FOR

"We recommend shareholders vote FOR this proposal," InGovern said.

3 -Ratification of Remuneration of Cost Auditors for FY2021-22: FOR

"There are no concerns regarding this proposal. We recommend shareholders vote FOR the resolution," InGovern said.

Recently, promoter Group Company of Dish TV had filed an application before the Bombay High Court in the share transfer matter. The company urged the HC to not allow the transfer of shares till the completion of the hearing.

As per Dish TV, an attempt is being made by Yes Bank to take control of Dish TV's board of directors by proposing a shareholder EGM to make changes to the board. However, till recently, it has not made any open offer in this area.

The Ministry of Finance, Yes Bank, and the Securities and Exchange Board of India (SEBI) have been included as parties to the dispute in an application filed with the Bombay High Court. Exchanges, Catalyst Trusteeship, and Dish TV have also been added to the list of parties.

Catalyst Trusteeship and Yes Bank have been the subject of an investigation. Aside from that, IDBI Trusteeship has been the subject of an investigation.

The promoter firm claims in its application that Yes Bank is attempting to seize control of Dish TV and that this must be halted.

In what comes as a big win for Dish TV in the Yes Bank matter, Proxy advisory firm InGovern has advised investors to support Dish TV AGM proposals. "We note that these proposals are coming up for shareholder vote in the background of an ongoing dispute between the company and two sets of shareholders – the promoters and Yes Bank, as the largest shareholder.

In what comes as a big win for Dish TV in the Yes Bank matter, Proxy advisory firm InGovern has advised investors to support Dish TV AGM proposals. "We note that these proposals are coming up for shareholder vote in the background of an ongoing dispute between the company and two sets of shareholders – the promoters and Yes Bank, as the largest shareholder. The legal battle is being fought in various forums: at the NCLT, the High Courts and the Supreme Court," In the note titled 'VOTE RECOMMENDATIONS FOR 2021 ANNUAL GENERAL MEETING InGovern said. The note adds, "On December 23, 2021, the company put out a statement that the Bombay High Court rejected the ad-interim prayers of the Plaintiff. However, the Court directed that the result of the proposed Annual General Meeting of the Company to be held on December 30, 2021, shall be subject to the outcome of the final hearing of the Interim Application filed by the Plaintiff in the Suit. The matter has been adjourned to February 3, 2022." "Our view is that unless the court battles play out, the management and operations of the company should be viewed by shareholders as ongoing," the InGovern note added. Proposals – Management & InGovern Recommendations 1 -Adoption of Standalone Accounts and Consolidated Accounts: FOR "We note that shareholders have approved the qualifications made in FY2019-20, and that there are NO significant changes in ownership in the past year. We note in many instances that content valuations can be very subjective. Considering no new adverse audit qualifications, we recommend shareholders vote FOR the proposal," InGovern said. 2-Re-appointment of Mr. Ashok Mathai Kurien liable to retire by rotation: FOR "We recommend shareholders vote FOR this proposal," InGovern said. 3 -Ratification of Remuneration of Cost Auditors for FY2021-22: FOR "There are no concerns regarding this proposal. We recommend shareholders vote FOR the resolution," InGovern said. Recently, promoter Group Company of Dish TV had filed an application before the Bombay High Court in the share transfer matter. The company urged the HC to not allow the transfer of shares till the completion of the hearing. As per Dish TV, an attempt is being made by Yes Bank to take control of Dish TV's board of directors by proposing a shareholder EGM to make changes to the board. However, till recently, it has not made any open offer in this area. The Ministry of Finance, Yes Bank, and the Securities and Exchange Board of India (SEBI) have been included as parties to the dispute in an application filed with the Bombay High Court. Exchanges, Catalyst Trusteeship, and Dish TV have also been added to the list of parties. Catalyst Trusteeship and Yes Bank have been the subject of an investigation. Aside from that, IDBI Trusteeship has been the subject of an investigation. The promoter firm claims in its application that Yes Bank is attempting to seize control of Dish TV and that this must be halted.

Boost to Dish TV! Proxy advisory firm InGovern advises investors to support Dish TV AGM proposals

Regarding the Dish TV and Yes Bank issue, the Promoter Group Company of Dish TV has filed an application before India's Bombay High Court in the share transfer matter.

Regarding the Dish TV and Yes Bank issue, the Promoter Group Company of Dish TV has filed an application before India's Bombay High Court in the share transfer matter. The company urged the HC to not allow the transfer of shares till the completion of the hearing. In its application, the company has appealed to Bombay HC to stop any attempt to exercise control over Dish TV. The application has been filed by JSGG Infra Developers LLP which is the promoter company of Dish TV. Plea to stay share transfer till the hearing is ongoing. The company in its application has appealed that the share transfer of Dish TV must be stopped till the hearing is going on. Complaint filed against Yes Bank before SEBI Prior to the filing of this application, Dish TV has also lodged a complaint against Yes Bank before SEBI. The company has written a letter to SEBI and said that Yes Bank had not announced open offer which is a violation of acquisition rules. Dish TV has said that Yes Bank is trying to take control over the board of Dish TV by proposing to hold shareholder EGM to make changes in the Board. However, it has not given any open offer with regards to this, till now. Appeal seeking investigation against Yes Bank and IDBI trusteeship In the application filed before the Bombay HC, Ministry of Finance, Yes Bank and Securities and Exchange Board of India (SEBI) have been made parties to the case. Apart from them, exchanges, Catalyst Trusteeship, and Dish TV have also been made parties. Dish TV has informed the exchanges about the High Court case An investigation has been sought against Catalyst Trusteeship and Yes Bank. Apart from this, an investigation has also been sought against IDBI Trusteeship. In its application, the promoter company has said an attempt is being made by Yes Bank to take control over Dish TV and must be stopped.

Dish TV promoter company files plea before Bombay HC to halt share transfer till hearing is going on

Direct-to-home television service provider&nbsp;Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board.

The bank, which owns nearly 26% of Dish TV, had sent a notice for an extraordinary general meeting (EGM) of shareholders to seek approval for its proposal to revamp the board. The EGM is scheduled for December 30.

In its complaint to the Securities Exchange Board of India (SEBI), Jawahar Goel-backed Dish TV said YES Bank violated India's takeover regulations by not announcing an open offer while seeking to oust the board of directors.

Under Indian regulations, such a move should have triggered an open offer.

In an open offer, which is a secondary market operation, a company may offer its existing shareholders the right to buy new shares at a discount to the market price.

 
YES Bank, along with IDBI Trusteeship Services Ltd, owns 25.63% stake in Dish TV, which the lender acquired after invocation of pledged shares in 2020.&nbsp;

YES Bank did not make an open offer of shares as per law, allegedly taking the stance that it had acquired the shares pursuant to invocation of pledged shares.

 
Dish TV maintains that the exemption became invalid the moment the bank sent a notice in September to oust the existing board members and appoint new directors nominated by the bank as it amounts to taking control of the company.

“The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations," Dish TV said in its complaint to SEBI.&nbsp;

"If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution (s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company.”

The company said the notices would have necessitated an open offer to be made by YES Bank for acquiring shares from the public shareholders. “No such public announcement has been made by YES Bank, and thus, the aforesaid notices are in violation of the Takeover Regulations.”

Dish TV said that even if YES Bank makes an open offer, there remains a possibility that the shareholding of YES Bank in the company may cross 30%, “which shall be in complete violation of Section 19 of the Banking Regulation Act, 1949 (BR Act). Section 19 of the BR Act prescribes that no banking company shall hold shares in any company, whether as pledgee, mortgagee, or absolute owner, of an amount exceeding 30 per cent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves, whichever is less.”&nbsp;

The company has asked SEBI to investigate the actions of YES Bank in proposing the revamping of the board.

“The company further requests your good offices to issue necessary directions in the matter to YES Bank to immediately withdraw the EGM notice sent to the company and to cease and desist from taking any further actions in respect of the EGM notice and not continue the violations of the Takeover Regulations,” Dish TV said.

Direct-to-home television service provider Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board.

Direct-to-home television service provider Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board. The bank, which owns nearly 26% of Dish TV, had sent a notice for an extraordinary general meeting (EGM) of shareholders to seek approval for its proposal to revamp the board. The EGM is scheduled for December 30. In its complaint to the Securities Exchange Board of India (SEBI), Jawahar Goel-backed Dish TV said YES Bank violated India's takeover regulations by not announcing an open offer while seeking to oust the board of directors. Under Indian regulations, such a move should have triggered an open offer. In an open offer, which is a secondary market operation, a company may offer its existing shareholders the right to buy new shares at a discount to the market price. YES Bank, along with IDBI Trusteeship Services Ltd, owns 25.63% stake in Dish TV, which the lender acquired after invocation of pledged shares in 2020. YES Bank did not make an open offer of shares as per law, allegedly taking the stance that it had acquired the shares pursuant to invocation of pledged shares. Dish TV maintains that the exemption became invalid the moment the bank sent a notice in September to oust the existing board members and appoint new directors nominated by the bank as it amounts to taking control of the company. “The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations," Dish TV said in its complaint to SEBI. "If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution (s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company.” The company said the notices would have necessitated an open offer to be made by YES Bank for acquiring shares from the public shareholders. “No such public announcement has been made by YES Bank, and thus, the aforesaid notices are in violation of the Takeover Regulations.” Dish TV said that even if YES Bank makes an open offer, there remains a possibility that the shareholding of YES Bank in the company may cross 30%, “which shall be in complete violation of Section 19 of the Banking Regulation Act, 1949 (BR Act). Section 19 of the BR Act prescribes that no banking company shall hold shares in any company, whether as pledgee, mortgagee, or absolute owner, of an amount exceeding 30 per cent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves, whichever is less.” The company has asked SEBI to investigate the actions of YES Bank in proposing the revamping of the board. “The company further requests your good offices to issue necessary directions in the matter to YES Bank to immediately withdraw the EGM notice sent to the company and to cease and desist from taking any further actions in respect of the EGM notice and not continue the violations of the Takeover Regulations,” Dish TV said.

Dish TV moves India's securities regulator SEBI against Yes Bank for violating takeover regulations

In a major setback to Yes Bank, Allahabad High Court has refused to interfere in a case related to freezing of DishTV shares by the Gautam Budh Nagar police of Uttar Pradesh Police which have been mortgaged with Yes Bank.

A bench of Justices Mahesh Chandra Tripathi and Subhash Vidyarthi wrote in its order, “We are of the opinion that the writ jurisdiction should not be exercised to stifle the legitimate investigation. It is well settled that the High Court should normally refrain from giving prima facie decision, in case, where the entire facts are incomplete and hazy, more so, when the evidence has not been collected and produced before the Court.”

HC further noted in its order that “the issues involved whether factual or legal are of magnitude and cannot be seen in their true perspective without sufficient material. In the present matter, we lack sufficient material. Therefore, we are of the opinion that disputed facts cannot be examined under Article 226 of Constitution of India and once efficacious statutory remedy is available to the petitioner against the notice impugned, then we decline to exercise our discretionary jurisdiction under Article 226 of Constitution of India. Accordingly, the writ petition fails and is dismissed on the ground of availability of statutory remedy”.

The crime branch Gautam Budh Nagar police had issued a notice on Nov 5 to Yes Bank and NSDL for freezing the shares of Dish TV, which were pledged to the bank and later invoked by the lender.

Yes Bank had challenged the freezing of shares by the crime branch in Allahabad HC, pleading that it has to exercise its voting rights in general body meeting to be held on November 30.

During the hearing, the prosecution labelled serious allegations of misleading by Yes Bank to the high court using manufactured documents.

The prosecution also blasted the plea of Yes Bank which was seeking quashing of FIR, saying that when the bank is not made an accused in the case, then on what basis is quashing being sought.&nbsp;

The prosecution also told to the court that freezing of the shares by the crime branch is based on 1.5 years of serious investigation into the various aspects of the case.

Dr Subhash Chandra, Mentor of Essel Group had filed a criminal complaint with the Gautam Buddh Nagar police, wherein he alleged that a conspiracy was hatched by Rana Kapoor, former chairman and CEO of Yes Bank, Venugopal Dhoot, former CMD of Videocon Group and others to cause loss by forcing the merger of Videocon D2H with Dish TV.

He alleged that Kapoor forced this deal so that the proceeds of the same can be transferred to Videocon and later to Yes Bank, as Videocon Group loans were on the verge of tagged as non-performing asset (NPA). He alleged that Kapoor has threatened if the deal is not done, then, he will recall all the loans given to the Essel Group companies.

In a major setback to Yes Bank, Allahabad High Court has refused to interfere in a case related to freezing of DishTV shares by the Gautam Budh Nagar police of Uttar Pradesh Police which have been mortgaged with Yes Bank.

In a major setback to Yes Bank, Allahabad High Court has refused to interfere in a case related to freezing of DishTV shares by the Gautam Budh Nagar police of Uttar Pradesh Police which have been mortgaged with Yes Bank. A bench of Justices Mahesh Chandra Tripathi and Subhash Vidyarthi wrote in its order, “We are of the opinion that the writ jurisdiction should not be exercised to stifle the legitimate investigation. It is well settled that the High Court should normally refrain from giving prima facie decision, in case, where the entire facts are incomplete and hazy, more so, when the evidence has not been collected and produced before the Court.” HC further noted in its order that “the issues involved whether factual or legal are of magnitude and cannot be seen in their true perspective without sufficient material. In the present matter, we lack sufficient material. Therefore, we are of the opinion that disputed facts cannot be examined under Article 226 of Constitution of India and once efficacious statutory remedy is available to the petitioner against the notice impugned, then we decline to exercise our discretionary jurisdiction under Article 226 of Constitution of India. Accordingly, the writ petition fails and is dismissed on the ground of availability of statutory remedy”. The crime branch Gautam Budh Nagar police had issued a notice on Nov 5 to Yes Bank and NSDL for freezing the shares of Dish TV, which were pledged to the bank and later invoked by the lender. Yes Bank had challenged the freezing of shares by the crime branch in Allahabad HC, pleading that it has to exercise its voting rights in general body meeting to be held on November 30. During the hearing, the prosecution labelled serious allegations of misleading by Yes Bank to the high court using manufactured documents. The prosecution also blasted the plea of Yes Bank which was seeking quashing of FIR, saying that when the bank is not made an accused in the case, then on what basis is quashing being sought. The prosecution also told to the court that freezing of the shares by the crime branch is based on 1.5 years of serious investigation into the various aspects of the case. Dr Subhash Chandra, Mentor of Essel Group had filed a criminal complaint with the Gautam Buddh Nagar police, wherein he alleged that a conspiracy was hatched by Rana Kapoor, former chairman and CEO of Yes Bank, Venugopal Dhoot, former CMD of Videocon Group and others to cause loss by forcing the merger of Videocon D2H with Dish TV. He alleged that Kapoor forced this deal so that the proceeds of the same can be transferred to Videocon and later to Yes Bank, as Videocon Group loans were on the verge of tagged as non-performing asset (NPA). He alleged that Kapoor has threatened if the deal is not done, then, he will recall all the loans given to the Essel Group companies.

Major setback to Yes Bank: Allahabad High Court refuses to interfere in investigation on DishTV shares

In the aftermath of the recent moves by Yes Bank against Dish TV, news headlines about Yes Bank and Dish TV have been in the spotlight in the markets over the previous several days.

Yes Bank has requested that new directors be appointed to Dish TV, including one who was under SEBI investigation for selective disclosure and had to settle the matter after paying a large sum of money.

Yes Bank and proxy advice firm Institutional Investor Advisory Services India Limited (IiAS) are now deeply embroiled in the issues they have raised.&nbsp;

Both companies are facing severe market issues regarding the hidden goals and nefarious motives behind their actions.&nbsp;

Here are some:

<ul>
	<li>What was the motivation behind Yes Bank's proposal?</li>
	<li>Why did IiAS back it?</li>
	<li>Are Yes Bank and IiAS attempting to deceive large investors?</li>
	<li>Why are Yes Bank and IiAS disseminating biased information?</li>
	<li>Is IiAS representing someone who wants to take over Dish TV Network?</li>
	<li>According to the IiAS, financial results should be withheld.</li>
	<li>Who will gain from this decision?</li>
	<li>What is the purpose of this warning?</li>
	<li>Why is the IiAS silent about Yes Bank's plan to appoint someone who has been subject to regulatory action?</li>
	<li>What exactly is the issue with the rights?</li>
	<li>Money will go into the company rather than into the pockets of individuals, so what exactly is the issue?</li>
	<li>What is the goal of Yes Bank?&nbsp;</li>
	<li>Why is there a demand for a change in Dish TV management? What does Yes Bank want to achieve by doing so?</li>
	<li>Do the Yes Bank nominees have the requisite DTH industry experience?&nbsp; 
	&nbsp;
	<div class="ui-state-default" contenteditable="false">
	<div class="twitter-block" draggable="false">
	<blockquote class="twitter-tweet">
	प्रॉक्सी एडवाइजरी फर्म IiAS क्या किसी कॉरपोरेट घराने के इशारे पर कर रही काम? 
	 
	कॉरपोरेट गवर्नेंस पर इतना पक्षपात क्यों? 
	 
	यस बैंक के प्रस्तावित नॉमिनी के खिलाफ SEBI का ऑर्डर, उस पर IiAS चुप क्यों? IiAS और यस बैंक से सवाल।<a href="https://twitter.com/hashtag/DishTV?src=hash&amp;ref_src=twsrc%5Etfw">#DishTV</a> <a href="https://twitter.com/hashtag/YesBank?src=hash&amp;ref_src=twsrc%5Etfw">#YesBank</a> <a href="https://twitter.com/AnilSinghvi_?ref_src=twsrc%5Etfw">@AnilSinghvi_</a> <a href="https://twitter.com/BrajeshKMZee?ref_src=twsrc%5Etfw">@BrajeshKMZee</a> <a href="https://twitter.com/SwatiKJain?ref_src=twsrc%5Etfw">@SwatiKJain</a> <a href="https://t.co/Gu9kULqxs0">pic.twitter.com/Gu9kULqxs0</a>
	— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1438765338183622665?ref_src=twsrc%5Etfw">September 17, 2021</a></blockquote>
	<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
	<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

	&nbsp;
	</li>
</ul>

There are numerous reasons to be suspicious about Yes Bank's and IiAS's actions and intentions in the Dish TV case.

There appears to be a plan in place to raise investor worries, but such a move might jeopardise the proxy firm's credibility.

Yes Bank and IiAS were contacted by Zee Media for comment, but no answer was received at the time of publication of this report.&nbsp;

In the aftermath of the recent moves by Yes Bank against Dish TV, news headlines about Yes Bank and Dish TV have been in the spotlight in the markets over the previous several days.

In the aftermath of the recent moves by Yes Bank against Dish TV, news headlines about Yes Bank and Dish TV have been in the spotlight in the markets over the previous several days. Yes Bank has requested that new directors be appointed to Dish TV, including one who was under SEBI investigation for selective disclosure and had to settle the matter after paying a large sum of money. Yes Bank and proxy advice firm Institutional Investor Advisory Services India Limited (IiAS) are now deeply embroiled in the issues they have raised. Both companies are facing severe market issues regarding the hidden goals and nefarious motives behind their actions. Here are some: What was the motivation behind Yes Bank's proposal? Why did IiAS back it? Are Yes Bank and IiAS attempting to deceive large investors? Why are Yes Bank and IiAS disseminating biased information? Is IiAS representing someone who wants to take over Dish TV Network? According to the IiAS, financial results should be withheld. Who will gain from this decision? What is the purpose of this warning? Why is the IiAS silent about Yes Bank's plan to appoint someone who has been subject to regulatory action? What exactly is the issue with the rights? Money will go into the company rather than into the pockets of individuals, so what exactly is the issue? What is the goal of Yes Bank? Why is there a demand for a change in Dish TV management? What does Yes Bank want to achieve by doing so? Do the Yes Bank nominees have the requisite DTH industry experience? प्रॉक्सी एडवाइजरी फर्म IiAS क्या किसी कॉरपोरेट घराने के इशारे पर कर रही काम? कॉरपोरेट गवर्नेंस पर इतना पक्षपात क्यों? यस बैंक के प्रस्तावित नॉमिनी के खिलाफ SEBI का ऑर्डर, उस पर IiAS चुप क्यों? IiAS और यस बैंक से सवाल।#DishTV #YesBank @AnilSinghvi_ @BrajeshKMZee @SwatiKJain pic.twitter.com/Gu9kULqxs0 — Zee Business (@ZeeBusiness) September 17, 2021 × There are numerous reasons to be suspicious about Yes Bank's and IiAS's actions and intentions in the Dish TV case. There appears to be a plan in place to raise investor worries, but such a move might jeopardise the proxy firm's credibility. Yes Bank and IiAS were contacted by Zee Media for comment, but no answer was received at the time of publication of this report.

Attempt to mislead big investors? Proxy advisory firm IiAS, Yes Bank's intentions under the spotlight in Dish TV matter

Assets worth about Rs 2,203 crore of Yes Bank co-founder Rana Kapoor and others have been attached by the Enforcement Directorate (ED) under the anti-money laundering law, officials said on Thursday.

They said properties of DHFL promoter brothers Kapil and Dheeraj Wadhawan have also been attached as part of a provisional order issued by it under the Prevention of Money Laundering Act (PMLA).

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/yes-bank-board-reconstituted-with-immediate-effect-prashant-kumar-to-be-new-md-ceo-288727">Yes Bank board reconstituted with immediate effect; Prashant Kumar to be new MD-CEO</a>

Some foreign assets of Kapoor have also been frozen by the central agency, they said. 
 
Kapoor was arrested by the central probe agency in March and he is at present in judicial custody.

Assets worth about Rs 2,203 crore of Yes Bank co-founder Rana Kapoor and others have been attached by the Enforcement Directorate (ED) under the anti-money laundering law, officials said on Thursday.

Assets worth about Rs 2,203 crore of Yes Bank co-founder Rana Kapoor and others have been attached by the Enforcement Directorate (ED) under the anti-money laundering law, officials said on Thursday. They said properties of DHFL promoter brothers Kapil and Dheeraj Wadhawan have also been attached as part of a provisional order issued by it under the Prevention of Money Laundering Act (PMLA). Also read | Yes Bank board reconstituted with immediate effect; Prashant Kumar to be new MD-CEO Some foreign assets of Kapoor have also been frozen by the central agency, they said. Kapoor was arrested by the central probe agency in March and he is at present in judicial custody.

Yes Bank scam: ED attaches over Rs 2,200 crore assets of Rana Kapoor, others

The cash-strapped Yes Bank’s board on Thursday was reconstituted with immediate effect with the appointment of eight members pursuant to “Yes Bank Limited Reconstruction Scheme, 2020”.

The bank had earlier approved the reconstitution of its board with Prashant Kumar as the new MD and CEO.

The board comprises of Sunil Mehta as non-executive chairman, Mahesh Krishmurthi as non-executive director, Atul Bheda as non-executive director, R Gandhi as additional director appointed by Reserve Bank of India, Anand Narayan Gopalakrishnan as additional director appointed by Reserve Bank of India, Partha Pratim Sengupta as director appointed by State Bank of India, Swaminathan Janakiraman as director appointed by State Bank of India, and Prashant Kumar as managing director and CEO.

The bank on March 5 was put under moratorium by RBI due to financial mismanagement under its former MD and CEO Rana Kapoor, who currently is in the custody of probe agencies.

Yes Bank had also failed to raise enough capital to keep afloat.

The board of the bank was superseded with immediate effect, and other financial activities such as granting new loans, investment, among others, were also curbed.&nbsp;

Meanwhile, as per ICRA’s estimates,<a href="https://www.business-standard.com/topic/yes-bank">&nbsp;</a>Yes Bank would require equity infusion of Rs. 9,000-13,000 crore to meet the regulatory capital requirements including the Capital Conservation Buffers (CCB). As the regulatory norms require banks to maintain a CCB of 2.5 per cent as on March 31, 2020.

As per the bank’s rescue plan outlined by RBI, SBI will have a stake of 49 per cent in Yes Bank through capital infusion of Rs 7,250 crore.

(With inputs from agencies)

The cash-strapped Yes Bank’s board on Thursday was reconstituted with immediate effect with the appointment of eight members pursuant to “Yes Bank Limited Reconstruction Scheme, 2020”.

The cash-strapped Yes Bank’s board on Thursday was reconstituted with immediate effect with the appointment of eight members pursuant to “Yes Bank Limited Reconstruction Scheme, 2020”. The bank had earlier approved the reconstitution of its board with Prashant Kumar as the new MD and CEO. The board comprises of Sunil Mehta as non-executive chairman, Mahesh Krishmurthi as non-executive director, Atul Bheda as non-executive director, R Gandhi as additional director appointed by Reserve Bank of India, Anand Narayan Gopalakrishnan as additional director appointed by Reserve Bank of India, Partha Pratim Sengupta as director appointed by State Bank of India, Swaminathan Janakiraman as director appointed by State Bank of India, and Prashant Kumar as managing director and CEO. The bank on March 5 was put under moratorium by RBI due to financial mismanagement under its former MD and CEO Rana Kapoor, who currently is in the custody of probe agencies. Yes Bank had also failed to raise enough capital to keep afloat. The board of the bank was superseded with immediate effect, and other financial activities such as granting new loans, investment, among others, were also curbed. Meanwhile, as per ICRA’s estimates, Yes Bank would require equity infusion of Rs. 9,000-13,000 crore to meet the regulatory capital requirements including the Capital Conservation Buffers (CCB). As the regulatory norms require banks to maintain a CCB of 2.5 per cent as on March 31, 2020. As per the bank’s rescue plan outlined by RBI, SBI will have a stake of 49 per cent in Yes Bank through capital infusion of Rs 7,250 crore. (With inputs from agencies)

Yes Bank board reconstituted with immediate effect; Prashant Kumar to be new MD-CEO

Yes Bank administrator Prashant Kumar on Tuesday said that customers of the bank can enjoy normal operations from March 18. Addressing the media persons in Mumbai, he said that the bank will resume normal operations from 6 PM on March 18.

Yes Bank administrator Prashant Kumar on Tuesday said that customers of the bank can enjoy normal operations from March 18. Addressing the media persons in Mumbai, he said that the bank will resume normal operations from 6 PM on March 18. All Yes Bank ATMs has sufficient cash and all the branches have adequate cash supply, he added. Yes Bank also tweeted on March 16 that the bank would resume full banking services from Wednesday. We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms@RBI @FinMinIndia — YES BANK (@YESBANK) March 16, 2020 × Shares of Yes Bank have surged more than 11-fold from their lifetime low during the last seven sessions, after State Bank of India (SBI), along with eight lenders, agreed to a bailout package for the private lender. On Tuesday, the stock closed at ₹59.10 on NSE, up 59.3% from its previous close. The stock had hit a lifetime low of ₹5.50 a share on 6 March.

Yes Bank to resume full banking services from today

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI.

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI. Ambani has been asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank, the report added. It is understood that Ambani has sought exemption on health grounds from the agency and he may be issued a new date. Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA. Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said. Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month. The ED has accused Rana, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA. (With inputs from PTI)

Yes Bank crisis: Anil Ambani asked to appear before Enforcement Directorate today 

Rbi holds a press conference on Yes Bank crisis. Rbi Governor Shaktikanta Das says, Depositors money is safe, Customers need not to worry.

Yes Bank Crisis: Rbi says, Depositor's money is safe

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the central bank of India would provide necessary liquidity to cash-strapped Yes Bank if such a need arises. He added the money of the depositors was safe at Yes Bank, and that they should not withdraw it in panic.

"A swift action has been taken by the RBI and the government of India. The moratorium on Yes Bank will be lifted on March 18 at 6 pm. And the new board of the Yes Bank will take over on March 26. Also, the bank's identity will be retained as a private sector entity," Shaktikanta Das said, while addressing the media in New Delhi.

<a href="https://www.wionews.com/india-news/federal-bank-to-invest-rs-300-crore-in-yes-bank-286414">Also Read: Federal Bank to invest Rs 300 crore in Yes Bank</a>

He added, "I would like to convey to the depositors of Yes Bank, through you, that their money is completely safe and there is nothing to worry about. There is no reason for any undue worry," adding, "RBI will provide the necessary liquidity to the Yes Bank if need arises."

The RBI governor also said the Yes Bank is being credibly and sustainably restructured.

Das added that the Indian banking sector, including that of private banks, was sound and safe, and that State governments need not withdraw their money from private banks.

Finance Minister Sitharaman Nirmala Sitharaman had last week asked the RBI to report on the irregularities at the Yes Bank and the role of its leadership indicating a probe is on the way. The minister also assured that the employees' salaries would be protected for a year.

<a href="https://www.wionews.com/business-economy/yes-bank-crisis-anil-ambani-asked-to-appear-before-enforcement-directorate-today-286599">Also Read: Yes Bank crisis — Anil Ambani asked to appear before Enforcement Directorate</a>

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the central bank of India would provide necessary liquidity to cash-strapped Yes Bank if such a need arises.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the central bank of India would provide necessary liquidity to cash-strapped Yes Bank if such a need arises. He added the money of the depositors was safe at Yes Bank, and that they should not withdraw it in panic. "A swift action has been taken by the RBI and the government of India. The moratorium on Yes Bank will be lifted on March 18 at 6 pm. And the new board of the Yes Bank will take over on March 26. Also, the bank's identity will be retained as a private sector entity," Shaktikanta Das said, while addressing the media in New Delhi. Also Read: Federal Bank to invest Rs 300 crore in Yes Bank He added, "I would like to convey to the depositors of Yes Bank, through you, that their money is completely safe and there is nothing to worry about. There is no reason for any undue worry," adding, "RBI will provide the necessary liquidity to the Yes Bank if need arises." The RBI governor also said the Yes Bank is being credibly and sustainably restructured. Das added that the Indian banking sector, including that of private banks, was sound and safe, and that State governments need not withdraw their money from private banks. Finance Minister Sitharaman Nirmala Sitharaman had last week asked the RBI to report on the irregularities at the Yes Bank and the role of its leadership indicating a probe is on the way. The minister also assured that the employees' salaries would be protected for a year. Also Read: Yes Bank crisis — Anil Ambani asked to appear before Enforcement Directorate

RBI will support Yes Bank by providing necessary liquidity if need arises: Shaktikanta Das

Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for the subscription of its 30 crore shares.

"The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for the subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per equity share," a regulatory filing said.

Also Read: <a href="https://www.wionews.com/india-news/sbi-will-take-49-stake-in-yes-bank-cabinet-has-approved-restructuring-sitharaman-286178">SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman</a>

According to the statement, this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of India and subject to regulatory approvals and other conditions as set out in the Letter.

The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank.

The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday.

Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take 49 per cent equity.

Also Read: <a href="https://www.wionews.com/india-news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-285222">Yes Bank scam: CBI carries out searches at 7 locations</a>

Private lender ICICI Bank also announced investing Rs 1,000 crore for equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank.

There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only 26 per cent of shareholding. It would be 75 per cent in the case of other investors.

The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18.

Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for the subscription of its 30 crore shares. "The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for the subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per equity share," a regulatory filing said.

Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for the subscription of its 30 crore shares. "The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for the subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per equity share," a regulatory filing said. Also Read: SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman According to the statement, this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of India and subject to regulatory approvals and other conditions as set out in the Letter. The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take 49 per cent equity. Also Read: Yes Bank scam: CBI carries out searches at 7 locations Private lender ICICI Bank also announced investing Rs 1,000 crore for equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only 26 per cent of shareholding. It would be 75 per cent in the case of other investors. The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18.

Federal Bank to invest Rs 300 crore in Yes Bank

India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of <a href="https://www.wionews.com/india-news/centre-should-allow-puri-jagannath-temple-to-withdraw-from-yes-bank-bjds-prasanna-acharya-285257">Yes Bank</a>.

<a href="https://www.wionews.com/india-news/enforcement-directorate-arrests-yes-bank-founder-rana-kapoor-under-money-laundering-charges-285034">ED arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank.

"There will be three years lock-in period for SBI for up to 26 per cent of their investment. For others, there will be a lock-in period of three years of 75 per cent of their investment," Sitharaman asserted.&nbsp;

Sitharaman said SBI is also in talks with other prospective investors.

"The moratorium will be lifted within three days of notifying the scheme," the finance minister said, adding,"A new board, having at least two&nbsp;directors of SBI, will take over within seven&nbsp;days of the issuance of notification."

"Authorised capital has been raised from Rs 1,100 crores to Rs 6,200 crores of Yes Bank to accommodate immediate and subsequent raising of capital requirements," Sitharaman added.

Yes Bank shares in the morning had risen ten per cent after SBI said it will infuse Rs 7,250 crore. The stock went up 9.98 per cent to Rs 27.55 on the BSE and 10.57 per cent to Rs 27.70 on NSE.

India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of Yes Bank. ED arrests Yes Bank founder Rana Kapoor under money laundering charges The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank.

India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of Yes Bank. ED arrests Yes Bank founder Rana Kapoor under money laundering charges The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank. "There will be three years lock-in period for SBI for up to 26 per cent of their investment. For others, there will be a lock-in period of three years of 75 per cent of their investment," Sitharaman asserted. Sitharaman said SBI is also in talks with other prospective investors. "The moratorium will be lifted within three days of notifying the scheme," the finance minister said, adding,"A new board, having at least two directors of SBI, will take over within seven days of the issuance of notification." "Authorised capital has been raised from Rs 1,100 crores to Rs 6,200 crores of Yes Bank to accommodate immediate and subsequent raising of capital requirements," Sitharaman added. Yes Bank shares in the morning had risen ten per cent after SBI said it will infuse Rs 7,250 crore. The stock went up 9.98 per cent to Rs 27.55 on the BSE and 10.57 per cent to Rs 27.70 on NSE.

SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday.

Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today. According to Union Cabinet sources, Joint Secretaries of all five ministries, including the Ministry of External Affairs, Health, Civil Aviation, Finance and Commerce will address a press conference every day.

Also Read: <a href="https://www.wionews.com/india-news/yes-bank-crisis-will-not-let-any-institution-to-fall-says-fm-nirmala-sitharaman-284776">Yes Bank crisis: Will not let any institution to fall, says FM Nirmala Sitharaman</a>

The press conference comes at a time when the country is facing economic slowdown, coronavirus scare and Yes Bank crisis.

There are speculations that the Cabinet might give a nod to Reserve Bank of India's reconstruction scheme for the troubled Yes Bank.

Also Read: <a href="https://www.wionews.com/india-news/potential-investor-will-have-to-pick-up-49-stake-in-yes-bank-sbi-shown-willingness-rbi-284817">Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI</a>

The State Bank of India had said on Thursday that it will buy 725 crore shares of Yes Bank at the price of Rs 10 per share, subject to regulatory approvals.

The Opposition has been targetting Centre over handling of economy and coronavirus outbreak.

So far 73 people were tested positive for COVID-19 in India. World Health Organisation (WHO) on Wednesday had declared the coronavirus outbreak a 'pandemic'&nbsp;and expressed deep concern.

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday. Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today.

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday. Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today. According to Union Cabinet sources, Joint Secretaries of all five ministries, including the Ministry of External Affairs, Health, Civil Aviation, Finance and Commerce will address a press conference every day. Also Read: Yes Bank crisis: Will not let any institution to fall, says FM Nirmala Sitharaman The press conference comes at a time when the country is facing economic slowdown, coronavirus scare and Yes Bank crisis. There are speculations that the Cabinet might give a nod to Reserve Bank of India's reconstruction scheme for the troubled Yes Bank. Also Read: Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI The State Bank of India had said on Thursday that it will buy 725 crore shares of Yes Bank at the price of Rs 10 per share, subject to regulatory approvals. The Opposition has been targetting Centre over handling of economy and coronavirus outbreak. So far 73 people were tested positive for COVID-19 in India. World Health Organisation (WHO) on Wednesday had declared the coronavirus outbreak a 'pandemic' and expressed deep concern.

Sitharaman, Piyush Goyal, Prakash Javadekar to brief media on Union Cabinet decisions

Biju Janata Dal (BJD) Vice President Prasanna Acharya on Monday urged Union Finance Minister to allow Puri Jagannath Temple administration to withdraw the temple's fund from the crisis-hit Yes Bank as it belongs to the common people of the country.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-285222">Yes Bank scam: CBI carries out searches at 7 locations</a>

Acharya said he supported the move of State Finance Minister Niranjan Pujari writing to Union Finance Minister Nirmala Sitharaman seeking her intervention in the matter.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-arrests-yes-bank-founder-rana-kapoor-under-money-laundering-charges-285034">Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

"It is a very precarious situation and our Finance Minister of Odisha has written to the Union Finance Minister to intervene in the matter to allow the Jagannath Temple Trust to withdraw the amount that is deposited in Yes Bank. The money belongs to the thousands of devotees," Acharya told ANI.

Acharya said the Yes Bank crisis will shatter the confidence of the depositors in the banking system."I think it is a failure on the part of the central government and Reserve Bank of India and it proves that there is no proper monitoring system," he added.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/yes-bank-founder-rana-kapoor-sent-in-ed-custody-till-march-11-285078">Yes Bank founder Rana Kapoor sent in ED custody till March 11</a>

State Finance Minister Pujari had written to Sitharaman on March 8."Various funds related to the temple - Foundation Fund, Corpus Fund, and Temple Fund - are being managed by the Managing Committee. Out of these funds, an amount of Rs 545 crore has been deposited with Yes Bank, Puri," Pujari wrote to Sitharaman.

"In this background, I request you to kindly issue necessary instruction to RBI to allow the release of deposits relating to SJTA in Yes Bank in the interest of millions of devotees of Lord Jagannath," he added.

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&nbsp;

Earlier, the Reserve Bank of India (RBI) had said that a moratorium has been imposed on Yes Bank, stressing that the bank`s financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.

During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, make payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.

Biju Janata Dal (BJD) Vice President Prasanna Acharya on Monday urged Union Finance Minister to allow Puri Jagannath Temple administration to withdraw the temple's fund from the crisis-hit Yes Bank as it belongs to the common people of the country.

Biju Janata Dal (BJD) Vice President Prasanna Acharya on Monday urged Union Finance Minister to allow Puri Jagannath Temple administration to withdraw the temple's fund from the crisis-hit Yes Bank as it belongs to the common people of the country. Also read: Yes Bank scam: CBI carries out searches at 7 locations Acharya said he supported the move of State Finance Minister Niranjan Pujari writing to Union Finance Minister Nirmala Sitharaman seeking her intervention in the matter. Also read: Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges "It is a very precarious situation and our Finance Minister of Odisha has written to the Union Finance Minister to intervene in the matter to allow the Jagannath Temple Trust to withdraw the amount that is deposited in Yes Bank. The money belongs to the thousands of devotees," Acharya told ANI. Acharya said the Yes Bank crisis will shatter the confidence of the depositors in the banking system."I think it is a failure on the part of the central government and Reserve Bank of India and it proves that there is no proper monitoring system," he added. Also read: Yes Bank founder Rana Kapoor sent in ED custody till March 11 State Finance Minister Pujari had written to Sitharaman on March 8."Various funds related to the temple - Foundation Fund, Corpus Fund, and Temple Fund - are being managed by the Managing Committee. Out of these funds, an amount of Rs 545 crore has been deposited with Yes Bank, Puri," Pujari wrote to Sitharaman. "In this background, I request you to kindly issue necessary instruction to RBI to allow the release of deposits relating to SJTA in Yes Bank in the interest of millions of devotees of Lord Jagannath," he added. × Earlier, the Reserve Bank of India (RBI) had said that a moratorium has been imposed on Yes Bank, stressing that the bank`s financial capability has undergone a steady decline largely due to the inability of the bank to raise capital. During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, make payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.

Centre should allow Puri Jagannath Temple to withdraw from Yes Bank: BJD's Prasanna Acharya

The CBI carried out searches at seven locations on Monday in connection with the Yes Bank scam pertaining to the Rs 600 crore alleged bribe to the family of its co-founder Rana Kapoor by DHFL, officials said.

Teams of CBI officers are carrying out operations at the residence and official premises of the accused in Mumbai, they said.

<a href="https://www.wionews.com/india-news/yes-bank-founder-rana-kapoor-sent-in-ed-custody-till-march-11-285078">Also read: Yes Bank founder Rana Kapoor sent in ED custody till March 11</a>

The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with Kapil Wadhawan, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said.

<a href="https://www.wionews.com/india-news/yes-bank-founder-rana-kapoor-sent-in-ed-custody-till-march-11-285078">Also read: Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

According to the CBI FIR, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL).

In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said.

The CBI carried out searches at seven locations on Monday in connection with the Yes Bank scam pertaining to the Rs 600 crore alleged bribe to the family of its co-founder Rana Kapoor by DHFL, officials said.

The CBI carried out searches at seven locations on Monday in connection with the Yes Bank scam pertaining to the Rs 600 crore alleged bribe to the family of its co-founder Rana Kapoor by DHFL, officials said. Teams of CBI officers are carrying out operations at the residence and official premises of the accused in Mumbai, they said. Also read: Yes Bank founder Rana Kapoor sent in ED custody till March 11 The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with Kapil Wadhawan, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said. Also read: Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges According to the CBI FIR, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL). In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said.

Yes Bank scam: CBI carries out searches at 7 locations

Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks.

The RBI further said that concerns about the safety of deposits in banks are based on a flawed analysis.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/yes-bank-founder-rana-kapoor-sent-in-ed-custody-till-march-11-285078">Yes Bank founder Rana Kapoor sent in ED custody till March 11</a>

"Concern has been raised in certain sections of media about the safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk-Weighted Assets (CRAR) and not on market cap," the central bank said in a tweet.

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Concern has been raised in certain sections of media about safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk Weighted Assets (CRAR) and not on market cap. (1/2)
— ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1236617795812470787?ref_src=twsrc%5Etfw">March 8, 2020</a></blockquote>
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"RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of the safety of their deposits in any bank," its second tweet said.

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RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of safety of their deposits in any bank. (2/2)
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Earlier, echoing similar sentiments, Chief Economic Adviser Krishnamurthy Subramanian said Indian banks are well capitalised and there is no reason to worry, adding that it is a wrong method to assess a lender's health based on the ratio of deposit to m-cap (market capitalisation).

"What I want to emphatically state that the m-cap ratio is a totally incorrect metric for assessing the safety of the banks. No banking sector expert or banking regulator uses this measure," Subramanian said.

Watch:&nbsp;&nbsp;

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A day after imposing a 30-day moratorium on Yes Bank and capping withdrawal limit at Rs 50,000, the RBI on Friday evening had issued a draft reconstruction scheme for the private sector lender.

As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks.

Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks. The RBI further said that concerns about the safety of deposits in banks are based on a flawed analysis. Also read: Yes Bank founder Rana Kapoor sent in ED custody till March 11 "Concern has been raised in certain sections of media about the safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk-Weighted Assets (CRAR) and not on market cap," the central bank said in a tweet. Concern has been raised in certain sections of media about safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk Weighted Assets (CRAR) and not on market cap. (1/2) — ReserveBankOfIndia (@RBI) March 8, 2020 × "RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of the safety of their deposits in any bank," its second tweet said. RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of safety of their deposits in any bank. (2/2) — ReserveBankOfIndia (@RBI) March 8, 2020 × Earlier, echoing similar sentiments, Chief Economic Adviser Krishnamurthy Subramanian said Indian banks are well capitalised and there is no reason to worry, adding that it is a wrong method to assess a lender's health based on the ratio of deposit to m-cap (market capitalisation). "What I want to emphatically state that the m-cap ratio is a totally incorrect metric for assessing the safety of the banks. No banking sector expert or banking regulator uses this measure," Subramanian said. Watch: × A day after imposing a 30-day moratorium on Yes Bank and capping withdrawal limit at Rs 50,000, the RBI on Friday evening had issued a draft reconstruction scheme for the private sector lender. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

RBI reiterates depositors' money safe in banks; concerns based on 'flawed' analysis

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday.

Kapoor, 62, former MD and CEO of the private bank, was arrested by the Enforcement Directorate (ED) under provisions of the Prevention of Money Laundering Act (PMLA) here around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said.

He was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

The ED producer Kapoor before a holiday court which remanded him in the probe agency's custody till March 11.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-arrests-yes-bank-founder-rana-kapoor-under-money-laundering-charges-285034">Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

The ED told the court that the role of some companies run by Kapoor's family members needs to be established and they need to confront all these people with the accused.

The defence lawyer, however, said Kapoor has been selectively targeted by the ED and he is cooperating with the probe agency.

"We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court.

The central probe agency is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL), official sources said.

Also see:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-questions-yes-bank-founder-rana-kapoor-in-money-laundering-case-284929">Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case</a>

The Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than Rs 3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds.

The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the Rs 600 crore funds were part of alleged kickbacks received as quid pro quo in the firm controlled by the Kapoor family.

Rana Kapoor told the court that the DoIT company is in name of his two daughters- Radha Kapoor and Roshni Kapoor.

Yes Bank had given around Rs 3,700 crore loan to triple-A-rated DHFL company, and later about Rs 600 crore was borrowed by DoIT Company from DHFL, he said.

Watch:&nbsp;

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The DoIT company is still repaying the loan and it is not an NPA (non-performing asset), Rana Kapoor said.

"From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with the ED," he told in the court.

However, the ED told the court that it wants to conduct a thorough investigation and "many people are under the scanner".

The court then remanded Rana Kapoor in ED's custody till March 11.

Before his arrest, he was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night.

The ED, meanwhile, is also recording the statement of Rana Kapoor's wife and daughters.

The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday.

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday. Kapoor, 62, former MD and CEO of the private bank, was arrested by the Enforcement Directorate (ED) under provisions of the Prevention of Money Laundering Act (PMLA) here around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said. He was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. The ED producer Kapoor before a holiday court which remanded him in the probe agency's custody till March 11. Also read: Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges The ED told the court that the role of some companies run by Kapoor's family members needs to be established and they need to confront all these people with the accused. The defence lawyer, however, said Kapoor has been selectively targeted by the ED and he is cooperating with the probe agency. "We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court. The central probe agency is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL), official sources said. Also see: Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case The Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than Rs 3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds. The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the Rs 600 crore funds were part of alleged kickbacks received as quid pro quo in the firm controlled by the Kapoor family. Rana Kapoor told the court that the DoIT company is in name of his two daughters- Radha Kapoor and Roshni Kapoor. Yes Bank had given around Rs 3,700 crore loan to triple-A-rated DHFL company, and later about Rs 600 crore was borrowed by DoIT Company from DHFL, he said. Watch: × The DoIT company is still repaying the loan and it is not an NPA (non-performing asset), Rana Kapoor said. "From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with the ED," he told in the court. However, the ED told the court that it wants to conduct a thorough investigation and "many people are under the scanner". The court then remanded Rana Kapoor in ED's custody till March 11. Before his arrest, he was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night. The ED, meanwhile, is also recording the statement of Rana Kapoor's wife and daughters. The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

Yes Bank founder Rana Kapoor sent in ED custody till March 11

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said.

The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.

Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-questions-yes-bank-founder-rana-kapoor-in-money-laundering-case-284929">Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case</a>

The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody.

Also see:&nbsp;<a href="https://www.wionews.com/india-news/state-bank-of-india-says-a-49-stake-in-yes-bank-will-cost-331-million-284907">State Bank of India says a 49% stake in Yes Bank will cost $331 million</a>

The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here.

He was brought to the ED office on Saturday noon for a fresh round of questioning.

On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence.

Also read:<a href="https://www.wionews.com/india-news/potential-investor-will-have-to-pick-up-49-stake-in-yes-bank-sbi-shown-willingness-rbi-284817">&nbsp;Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI</a>

According to officials, Kapoor's wife Bindu and daughters Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced.

The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said.

A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said.

Watch:&nbsp;

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The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.

Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added.

The CBI has recently taken over the investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).

The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. Also read: Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. Also see: State Bank of India says a 49% stake in Yes Bank will cost $331 million The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. Also read: Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI According to officials, Kapoor's wife Bindu and daughters Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. Watch: × The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over the investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges

ED Arrested Yes Bank's Founder Rana Kapoor in Money Laundering Case Amid deteriorating health of India's one of the top private bank, the Enforcement Directororate (ED) probe's Yes Bank's founder Rana Kapoor's Mumbai residence. He was later chagred in the money laundering case. And now in the latest coming in over the case, the ED now arrested Rana Kapoor in the same charges.

ED Arrested Yes Bank's Founder Rana Kapoor in Money Laundering Case

The bank has come under serious liquidity crisis, majorly because of two things happening simultaneously. Firstly, several borrowers of the bank defaulted their payment, and secondly, the public started taking out money from their accounts.

The bank has come under serious liquidity crisis, majorly because of two things happening simultaneously. Firstly, several borrowers of the bank defaulted their payment, and secondly, the public started taking out money from their accounts. Since March 2019, more than Rs. 1 lakh crore has been withdrawn by its depositors which includes Rs. 77,000 crores of Fixed Deposits. On the other hand, loans worth Rs. 17,134 crores have gone bad i.e. the borrowers have defaulted on their payments. Thus, the bank is not in a comfortable position to pay back depositors’ money and thus feeling the heat. However, it is not yet a big crisis but a proactive step to control one. Is the bank running into losses? No, it’s not! But that the depositor’s money is blocked due to loans given by the bank and some of them becoming bad. As per it’s 2018-19 annual report, Yes Bank had public deposits of around Rs. 2.26 lakh crores while the bank has given out loans worth Rs. 2.36 lakh crores. Also read | Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI Currently, the deposits have come down further to around Rs. 2.09 lakh crores, thus making it less than the cumulative loan granted by the bank. This means that, if all the money is recovered, it will have more than what it needs to pay back. Moreover, the bank’s net profit grew steadily from Rs. 1618 crores in 2014 to Rs. 4225 crores in 2018 but plunged to Rs. 1720 in 2019. It is expected to have gone down further but is still positive. How did this happen? Problems which lead to this crisis: Bad Loans/NPAs: The bank has been understating its non-performing assets (NPAs) and RBI has questioned it more than once in the past for the same. In FY’19 alone, it reported a divergence of Rs 3,277 crore in bad loans and Rs 978 crore in NPA provisions. Currently out of the Rs. 2.25 lakh crores loan, more than Rs. 17,000 crores have gone bad i.e. their recovery is very difficult. Poor Management: The corporate governance of the bank and management practices have deteriorated in the past. Several directors have resigned in the past, some blaming its MD & CEO, Senior Group President Governance & Controls and others. On top of it, people started withdrawing money from the bank and it also failed to raise additional money to save it from the crisis. What is the bank’s spread? It is India’s fourth-largest private sector bank in the country with a pan-India presence across all the states and Union Territories in India. Yes Bank has a footprint of 1122 branches and more than 1300 ATMs. It started in functioning in 2004 as a small bank and slowly grew into a full-fledged bank. Its customer base is not very clear but could run around several lakhs or even a few crores. What now? For a depositor of the bank, there is no need to worry as the bank still has more assets than liabilities. Moreover, even if the bank goes bust, as per the amended scheme, your deposits up to Rs. 5,00,000 is insured and the government will pay your money back if the bank is incapable to do so. Also, the State Bank of India is expected to invest Rs 2,450 Crore and take over the management of the bank. This will help Yes Bank recover from the trust deficit which is a major reason for the crisis. Having said so, those who need any amount in excess of Rs. 50,000 from their Yes Bank account could face the constraint since till 3rd April 2020, it would not be possible. However, once the situation is accessed, RBI could issue some relaxation.

Explainer: What is the Yes Bank crisis? 

The Enforcement Directorate on Saturday widened the investigation into raids against Rana Kapoor at his residence and his three daughters.

ED probe widens amid Yes Bank crisis, raids Rana Kapoor & three daughters' residence

The Enforcement Directorate on Saturday continued questioning <a href="https://www.wionews.com/india-news/state-bank-of-india-says-a-49-stake-in-yes-bank-will-cost-331-million-284907">Yes Bank</a> founder Rana Kapoor in connection with a money laundering probe against him and others, officials said.

They said Kapoor was brought to the agency's office in the Ballard Estate area Saturday afternoon.

The <a href="https://www.wionews.com/india-news/state-bank-of-india-says-a-49-stake-in-yes-bank-will-cost-331-million-284907">ED</a> had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too.

The questioning of Kapoor is continuing, they said.

The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs), they said.

Action against Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED.

The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.

Other alleged irregularities are also under the agency's scanner, including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added.

The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).

The ED action came after the Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said.

The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said. They said Kapoor was brought to the agency's office in the Ballard Estate area Saturday afternoon. The ED had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too. The questioning of Kapoor is continuing, they said. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs), they said. Action against Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner, including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case

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