SAT stays SEBI order against former Yes Bank Managing Director Rana Kapoor – Dainik Savera Times
[ad_1]
New Delhi: The Securities Appellate Tribunal (SAT) has put an interim stay on an order of market regulator SEBI, imposing a penalty of Rs 2 crore against former Yes Bank managing director (MD) Rana Kapoor in the case of mis-selling AT1 bonds of the private sector lender. A fine of Rs. Kapoor has been in jail since March 2020 in the DHFL money laundering case.
Kapoor got this interim relief after the Securities and Exchange Board of India (SEBI) sent a demand notice to Kapoor in July. The notice warned of arrest and confiscation of his property if he did not pay a fine of Rs 2 crore along with interest. NCLAT said in its order on Tuesday, “We believe that prima facie the imposition of fine appears harsh and disproportionate.”
We accordingly direct the appellant (Rana Kapoor) to deposit an amount of Rs 50 lakh within six weeks from today. If the said amount is deposited, the balance amount during the pendency of the appeal, the order said. will not be recovered.
SAT also said that it has put an interim stay on SEBI’s order imposing a fine of Rs 25 crore on Yes Bank in the same case. And similarly, the appellant is also entitled to similar relief. The regulator had imposed a fine of Rs 2 crore on Kapoor in this case in September, 2022.
[ad_2]
Source link
