{"id":226612,"date":"2020-03-06T08:00:40","date_gmt":"2020-03-06T02:30:40","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=226612"},"modified":"2020-03-06T00:09:10","modified_gmt":"2020-03-05T18:39:10","slug":"supersession-of-the-board-of-directors-appointment-of-administrator-yes-bank-limited","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/supersession-of-the-board-of-directors-appointment-of-administrator-yes-bank-limited\/","title":{"rendered":"Supersession of the Board of Directors &#8211; Appointment of Administrator &#8211; Yes Bank Limited"},"content":{"rendered":"<p style=\"text-align: justify;\">In exercise of the powers conferred under 36ACA of the Banking Regulation Act 1949, the Reserve Bank has, in consultation with Central Government, superseded the Board of Directors of Yes Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the Bank. This has been done to quickly restore depositors\u2019 confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation.<\/p>\n<p style=\"text-align: justify;\"><strong>Prashant Kumar, ex-DMD and CFO of State Bank of India has been appointed as the administrator under Section 36ACA (2) of the Act.<\/strong><\/p>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release <\/strong>dt<strong>. 05-03-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In exercise of the powers conferred under 36ACA of the Banking Regulation Act 1949, the Reserve Bank has, in consultation with Central <\/p>\n","protected":false},"author":8808,"featured_media":108541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[39883,39882,39881],"class_list":["post-226612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business_news","category-news","tag-appointment-of-administrator","tag-supersession-of-the-board-of-directors","tag-yes-bank-limited"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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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\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/Bombay-High-Court-1.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":231439,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/26\/del-hc-how-are-depositors-of-yes-bank-differently-circumstanced-from-depositors-of-pmc-bank-rbi-and-centre-to-file-affidavits-in-plea-seeking-securing-pmc-bank-depositors-interest\/","url_meta":{"origin":226612,"position":5},"title":"Del HC | &#8220;How are depositors of Yes Bank differently circumstanced from depositors of PMC Bank&#8221;: RBI and Centre to file affidavits in plea seeking to secure PMC Bank depositors&#8217; interest","author":"Bhumika Indulia","date":"June 26, 2020","format":false,"excerpt":"Delhi\u00a0High Court:\u00a0Rajiv Shakdher, J., directed the Union of India and RBI to submit affidavits stating what propelled RBI to take action in public interest to secure interest of depositors of Yes Bank and how are depositors of PMC Bank different circumstanced from depositors of Yes Bank. 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