//07 Mar 2020
One of the biggest losers in case the RBI’s restructuring scheme for Yes Bank goes through will be the additional tier-I bond holders, who have bets totalling Rs 10,800 crore on the lender.
The investors in such instruments typically include mutual fund houses and bank treasuries, experts said.
“This is the first time in the history of Indian banks that tier-I bonds are being written down... the investors have to take a hit on both principal and the balance interest payments,” said Acuite Ratings president Suman Chowdhury. //
https://www.telegraphindia.com/business/yes-bank-tier-i-bonds-writeoff-by-rbi-hits-mutuals/cid/1751642
//10 March 2020
“Rana Kapoor, Director of Yes Bank Limited obtained undue pecuniary advantage from DHFL in the matter of investment in the debentures of DHFL by Yes Bank, through companies held by his wife and daughters,” the CBI FIR states. “It is also apprehended that Rana Kapoor has similarly (abused) his official position in several other transactions and obtained illegal kickbacks directly or indirectly through entities controlled by him or his family members.”//
https://indianexpress.com/article/india/yes-bank-crisis-cbi-searches-rana-kapoors-house-firm-linked-to-family-6307462/
COVID-19: Adding Fuel
//27 Apr 2020
"I want to clarify that the winding up of the funds does not mean a write–off and investors will receive their money over a period of time depending on how we are able to liquidate maturities and the coupons we receive, etc.," Sapre said.
He added that the schemes could not generate cash-to-fund redemptions after the lockdown was extended as it drastically reduced the risk appetite of the market.
Sapre said that given the size of its Indian business, it was not possible for the fund house to provide liquidity support.//
https://www.moneycontrol.com/news/business/winding-up-of-funds-does-not-mean-write-off-of-investor-money-says-franklin-templeton-indias-sanjay-sapre-5192171.html
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