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There is good news for Rana Kapoor, former MD and CEO of Yes Bank. Markets regulator Sebi has ordered lifting of ban on bank accounts, shares and mutual fund holdings of Rana Kapoor. Let us tell you that he is in jail since March 2020 in the DHFL money laundering case.
The company got 280 crores of work, the shares were looted on the news.
Relieved after SAT order
This concession from SEBI has been received after the order of SAT. On September 12, the SAT placed an interim stay on SEBI’s decision. Also, SAT ordered Rana Kapoor to pay Rs 50 lakh within 6 weeks. Which he completed in due time. Let us tell you that the next hearing of this matter is scheduled to be held on November 20.
What is the matter?
SEBI had issued a notice to Rana Kapoor in July. According to the notice, Rs 2.22 crore was asked to be paid for the wrong sale of AT-1 bonds. In the same notice, SEBI also warned Rana Kapoor to arrest him if payment is not made within 15 days. Let us tell you that the money demanded by SEBI includes both interest and recovery costs.
Sebi had earlier sent a notice of Rs 2 crore to Rana Kapoor in September 2022. But at that time he was not able to pay. After which, in September this year, SEBI froze the bank’s demented accounts and their mutual fund portfolios.