Supreme Court docket on Friday refused to entertain bail plea of Sure Financial institution founder Rana Kapoor in a money-laundering case towards him. The apex court docket famous that this case rocked your entire monetary system.
Final month, market regulator Sebi despatched a discover to Kapoor, asking him to pay ₹2.22 crore in a case of mis-selling the non-public sector lender’s AT1 bonds.
Within the occasion of non-payment of dues inside 15 days (that’s by 8 August), Sebi warned it’s going to recuperate the quantity by attaching and promoting his moveable and immovable property.
Kapoor has been in jail since March 2020 in reference to the DHFL cash laundering case. Kapoor was first arrested in 2020 in a case pertaining to irregularities value ₹900 crore in a loans sanctioned to Housing Improvement and Infrastructure Restricted (HDIL) promoters Rakesh Wadhawan and his son Sarang. Later he was charged in a number of different circumstances associated to cash laundering.
What’s a YES BANK rip-off case:
The case pertains to mis-selling of the financial institution’s AT1 (Extra Tier-1) bonds to retail traders by the financial institution’s officers. It was alleged that the financial institution and sure officers didn’t inform traders of the danger concerned whereas promoting the AT-1 bonds within the secondary market. The sale of AT1 bonds began in 2016 and continued until 2019.
In its order, Sebi acknowledged that Kapoor was overseeing your entire operation regarding the secondary sale of AT-1 bonds, taking common updates from the workforce and giving them additional directions to extend the gross sales, thus creating strain on the officers to ramp up the gross sales.
Sebi stated that Kapoor was answerable for acts of misrepresentation or suppression of fabric details, manipulation, and mis-spelling of AT-1 bonds of Sure Financial institution to particular person traders.
Additionally, Kapoor pressured officers of the non-public wealth administration workforce to plan a devious scheme to dump the AT-1 bonds on Sure Financial institution clients.case was pertaining to irregularities value ₹900 crore in a mortgage given to
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Up to date: 04 Aug 2023, 12:00 PM IST
Supply: Live Mint