Twitter
Advertisement

Yes Bank founder Rana Kapoor's custody extended till March 20

This comes days after Kapoor was arrested by the Enforcement Directorate (ED) in connection with several allegations of financial misconduct against him.

Latest News
article-main
(File Photo)
FacebookTwitterWhatsappLinkedin

Mumbai's special court on Monday ordered for the second time the extension of judicial custody of Yes Bank founder Rana Kapoor, this time till March 20. This comes days after Kapoor was arrested by the Enforcement Directorate (ED) in connection with several allegations of financial misconduct against him.

Earlier on March 11, the court had ordered Rana Kapoor's custody till March 16. Even before, a PMLA court had remanded the Yes Bank founder to the custody of the investigating agency till March 11 after he was arrested by ED on March 8.

The ED, as well as the CBI, have registered separate cases against Rana Kapoor, his wife, their three daughters - Rakhee Kapoor Tandon, Roshni Kapoor, and Radha Kapoor - and Dewan Housing Finance Ltd (DHFL) promoter Kapil Wadhwan for hatching a criminal conspiracy from April to June 2018 between for extending financial assistance to DHFL by Yes Bank Ltd.

On Friday night, the ED searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area and had grilled him there too.

His role is also being probed in connection with the disbursal of a loan to a corporate entity and the subsequently alleged kickbacks that were reportedly received in his wife's accounts.

It is alleged that the Kapoors were paid kickbacks of Rs 600 crore for extending financial assistance to DHFL by Yes Bank Ltd.

The central government, in a notification issued on Saturday, informed of the formation of a new board of directors for the crisis-hit Yes Bank According to the notification, the current administrator of the troubled lender, Prashant Kumar, has been appointed as the new Managing Director (MD) and CEO of the bank.

The Union Ministry of Finance on Friday notified the 'Yes Bank Ltd Reconstruction Scheme, 2020' for the salvation of the crisis-hit lender. The central government stated that the moratorium imposed on Yes Bank by the Reserve Bank of India (RBI) will be lifted within a period of three working days, and a new board, having at least two directors of the State Bank of India (SBI), will take over within seven days of the issuance of the notification.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement