SC extends stay on Bombay HC order in AT1 bonds case
The Supreme Court on Friday put on hold the implementation of the Bombay high court order that quashed Yes Bank Ltd’s decision to write off additional tier-one bonds worth ₹8,400 crore. Admitting the petition, a bench headed by Chief Justice of India Dhananjaya Y. Chandrachud issued notice to the bondholders of Yes Bank Ltd after the private lender and Reserve Bank of India challenged the January ruling of the Bombay high court. During the proceedings on Friday, the court observed that small bondholders must not suffer and directed Yes Bank to give a break-up of different classes of bondholders based on their exposure to the bonds. “It appears that the administrator exceeded his powers and authority in writing off AT1 bonds after the bank was reconstructed on 13 March 2020,” the high court said.
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