- In March 2020, the Reserve Bank of India (RBI) imposed a moratorium on Yes Bank and appointed State Bank of India (SBI) as the bank’s administrator.
- SBI subsequently acquired a 49% stake in Yes Bank, effectively taking over the private lender.
- Rana Kapoor, the former chairman and managing director of Yes Bank, was arrested in March 2020 on charges of fraud and money laundering.
- Kapoor’s lawyers have argued that the SBI ‘Takeover’ of Yes Bank was illegal and that it has prejudiced his bail hearing.
- In a recent hearing, Supreme Court Judge Sanjiv Khanna and Senior Advocate Harish Salve were at odds over the issue of the SBI ‘Takeover’.
- Khanna questioned the legality of the takeover, while Salve argued that it was necessary to protect the interests of Yes Bank’s depositors.
- The case is still ongoing and it is not yet clear whether Kapoor will be granted bail.
LIVE LAW https://www.livelaw.in/top-stories/supreme-court-justice-sanjiv-khanna-senior-advocate-harish-salve-rana-kapoor-bad-loans-kickback-yes-bank-financial-crisis-232770 (14th JULY 2023)
WRITTEN BY – ADITYA SINGH, COLLEGE NAME – SHRI RAMSWAROOP MEMORIAL UNIVERSITY, SEMESTER – 6th , an intern under LEGALVIDHIYA
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