The Supreme Court previously upheld a Bombay High Court verdict that invalidated the March 14, 2020 decision to write down the perpetual instruments. Judges observed that the government-sanctioned reconstruction plan lacked specific clauses enabling the administrator to wipe out the debt, while rebuking the Reserve Bank of India and bank leadership for improper handling. The contested write-off originally occurred after the bank was placed under a moratorium amid a sharp capital decline that saw its Common Equity Tier 1 ratio sink to 0.6 percent.
Key points
The apex court determined that the administrator lacked the statutory power to eliminate…: The apex court determined that the administrator lacked the statutory power to eliminate the perpetual bond obligations.
Judicial authorities ruled that institutional investors must not bear the financial burde…: Judicial authorities ruled that institutional investors must not bear the financial burden caused by regulatory and administrative lapses.
The lender is pursuing a final legal review to contest the reinstatement of the massive f…: The lender is pursuing a final legal review to contest the reinstatement of the massive financial liability.
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The bank has sought review of October 15 order of the top court which dismissed appeals challenging the Bombay High Court's January 20, 2023 judgement, which had quashed the write-off.
Additional Tier 1 (AT-1) are perpetual bonds issued by banks to increase their capital base and they are riskier than traditional bonds having higher interest rates. The RBI can ask a bank to cancel them if the bank is in trouble.
Yes Bank has filed a petition with the Supreme Court to review an order from October 15. This order upheld a Bombay High Court ruling that quashed the bank's decision to write off AT-1 bonds. These bonds, worth Rs 8,415 crore, were questioned during Yes Bank's financial difficulties. The high court ruled that the bank's administrator lacked authority for such a write-off.
The top court had said the triumvirate of the RBI, the Yes Bank administrator and the Yes Bank in conducting the entire affair of dealing with the bonds worth more than Rs 8,514 crore was questionable.
"Putting the investors to such uncalled-for risk could have well been…
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