{"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 – Appointment of Administrator – Yes Bank Limited"},"content":{"rendered":"

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under 36ACA of the Banking Regulation Act 1949, the Reserve Bank has, in consultation with Central Government, superseded the Board of Directors of Yes Bank Ltd.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

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

\n

Reserve Bank of India<\/strong><\/p>\n

[Press Release <\/strong>dt. 05-03-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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":"\nSupersession of the Board of Directors - Appointment of Administrator - Yes Bank Limited | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/supersession-of-the-board-of-directors-appointment-of-administrator-yes-bank-limited\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supersession of the Board of Directors - 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