Clauses in Information Brochure based on statutory Master Circular is enforceable; Bombay High Court sets aside Administrator decision to write down AT-1 bonds once Yes Bank stood reconstituted
The clauses in the Information Memorandum are based on the Master Circular which is issued by the Reserve Bank under its statutory powers. Information Memorandum and its clauses refer to Master Circular. The said Information Brochure has a statutory flavour. In that event, the agreement would have a statutory base and such an agreement can certainly be enforceable.