Reliance Group Chairman Anil Ambani has today (March 16, 2020) been summoned by the Enforcement Directorate in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others.
Officials have stated that Ambani has been asked to depose at the Enforcement Directorate office in Mumbai as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank. It is understood that Ambani has sought exemption on health grounds from the agency and he may be issued a new date.
Ambani’s group companies are stated to have taken loans of about Rs. 12,800 crore from the bank that turned NPA. Finance Minister Nirmala Sitharaman had said on March 6, 2020 in a press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to. Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad, are being summoned for questioning in the case to take investigation forward. Ambani’s statement will be recorded under the Prevention of Money Laundering Act, 2002 (PMLA) upon deposition, they said. Kapoor (62), is at present in ED custody after he was arrested by the central probe agency earlier this month. The ED has accused Rana, his family members and others of laundering “proceeds of crime” worth Rs. 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.
Yes Bank prepares to raise funds through issuance of equity shares and other securities
Business
Mar 04, 2021
Snehal Khemka
(
Editor: Ekta Joshi
)
4 Shares
Keeping in check of the adverse financial repercussions of the Covid- 19 pandemic on businesses across the nation, Private Sector lender Yes Bank on Tuesday (March 2, 2021) said its shareholders have now approved a proposal for raising Rs 10,000 crore capital with the requisite majority with many as 98.78% of the votes being cast in favour of the resolution to authorise the bank to raise capital through issuance of equity shares or other securities. Furthermore, the bank plans on...
SEBI slaps Rs. 1 crore fine on Rana Kapoor for violating disclosure norms
Executive
Sep 28, 2020
Jishu
(
Editor: Ekta Joshi
)
9 Shares
Markets regulator SEBI on Friday imposed a penalty of Rs 1 crore on Rana Kapoor, former MD, and CEO of Yes Bank, for not making disclosures about Morgan Credit’s transaction.By not disclosing about the transaction to Yes Bank’s board of directors, Kapoor has created an opaque layer between him and stakeholders, Sebi said in an order.Morgan Credits, which was an unlisted promoter entity of Yes Bank, raised Rs 950 crore from Reliance Mutual Fund, now Nippon India Mutual Fund, through unlisted...
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