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Yes Bank pursues a new owner, aiming for a 51% stake sale valued at $8-9 billion. Major shareholders like SBI and LIC seek exit opportunities. 

Yes Bank shares gain over 11% in trade: What triggered the surge?

Yes Bank pursues a new owner, aiming for a 51% stake sale valued at $8-9 billion. Major shareholders like SBI and LIC seek exit opportunities.&nbsp;

As per a report by Mint, Yes Bank, one of India's prominent private lenders, is on the lookout for a new owner, aiming to offload up to 51% of its stake, according to sources familiar with the matter. The bank has enlisted Citigroup's Indian division to spearhead the search for potential buyers.
Sources revealed to Mint that Yes Bank is eyeing a valuation in the range of $8-9 billion, representing a substantial increase from its current market capitalization of $7.2 billion. The bank has extended invitations to various Indian financial institutions, including its existing shareholders, to participate as potential promoters.
In addition to domestic entities, Yes Bank has reached out to banks and financial institutions in Japan, West Asia, and Europe to gauge interest in acquiring a majority stake. Discussions with prospective investors are reportedly in the early stages, with some Japanese banks already conducting due diligence.
However, any new promoter acquiring over 26% stake will necessitate special approval from the Reserve Bank of India (RBI) due to regulatory guidelines. These guidelines typically limit a promoter's holding in a private bank to 26%, although exceptions can be made under specific circumstances.
The stake sale initiative aims to provide an exit strategy for Yes Bank's major shareholders, including State Bank of India (SBI), Life Insurance Corp. Of India (LIC), HDFC Bank Ltd, and ICICI Bank Ltd. These institutions intervened to rescue Yes Bank in 2020 when the RBI took over the lender to prevent its collapse under previous management.
Since SBI holds the largest stake at 29%, it has assured the investment banker overseeing the deal that the incoming promoter will have the opportunity to acquire up to 51% ownership, ensuring clarity in the bank's management.
While Citigroup declined to comment on the matter, Yes Bank and SBI did not respond to emails seeking clarification.
Yes Bank has witnessed significant growth in its deposit base, which has surged from ₹1 trillion in March 2020 to at least ₹2.4 trillion currently, with a substantial portion comprising low-cost deposits. The bank's asset management stands at approximately ₹3.8 trillion, with a notable increase in retail, small, and medium enterprise loans, considered safer than large corporate advances.
The bank's improved financial performance under SBI's stewardship is evident from a 349% year-on-year surge in net profit to ₹231 crore in the quarter ending December 2023. This, coupled with a net interest margin of 2.4%, surpassing previous quarters, underscores Yes Bank's resurgence under new ownership.
The success of the stake sale hinges on the valuation, as investors perceive Yes Bank's performance to be stronger than reflected in its stock price. Moreover, the quality of the bank's loan portfolio will influence investor sentiment, particularly concerning corporate lending.
An ownership change could position Yes Bank as a more aggressive competitor in the private banking sector, potentially offering higher deposit rates and more favorable loan terms. This, in turn, may lead to heightened competition among peers and improved offerings for borrowers.
Overall, the impending ownership transition signifies a pivotal moment for Yes Bank, with potential implications for its future trajectory and the broader landscape of India's banking sector.

Analysts attribute this recent rally in Yes Bank shares to media reports hinting at a potential resolution between the Subhash Chandra-led Essel Group and JC Flower ARC

Yes Bank shares soar over 10%: Here's why

Analysts attribute this recent rally in Yes Bank shares to media reports hinting at a potential resolution between the Subhash Chandra-led Essel Group and JC Flower ARC

Yes Bank shares continued their upward trajectory from Friday, surging in Monday morning trading to reach an intraday high of ₹19 per share on the NSE.
At the time of filing this story, the stock was trading at ₹18.60 per share, maintaining its bullish trend, with a total gain of over 11 percent in the last two sessions.
Market analysts attribute this recent rally in Yes Bank shares to media reports suggesting a possible resolution between the Essel Group led by Subhash Chandra and JC Flower ARC.
According to a report by Hindu BusinessLine, JC Flower ARC has reportedly agreed to resolve the dispute by accepting a substantial 75 percent reduction on the Rs 6,500 crore loan. Consequently, Subhash Chandra is expected to pay Rs 1,500 crore instead of the originally contested Rs 6,500 crore.
However, it's important to note that there has been no official confirmation regarding this resolution. Analysts, therefore, cautioned fresh investors and asked them to wait for an official statement from the parties involved.
From a technical standpoint, Sumeet Bagadia, an analyst at Choice Broking, noted that Yes Bank shares are displaying a positive chart pattern. He anticipates that the stock may reach levels of Rs 22-24 in the near term if it closes above Rs 18.60 per share by the end of today's trading session. Bagadia advised investors to set a stop loss at Rs 16.50 per share and await near-term targets.

Yes Bank was taken over by the central bank on March 5, 2020, and sold to a consortium of banks after a dramatic rise in toxic assets, which jumped to over 26 per cent

Yes Bank shares fall as 3-yr RBI-mandated lock-in ends

Yes Bank shares dip 8% as 3-yr RBI-mandated lock-in ends

The troubled Yes Bank was taken over by the central bank on March 5, 2020, and sold to a consortium of banks after a dramatic rise in toxic assets, which jumped to over 26 per cent

Yes Bank shares saw a sharp fall on Monday, as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds ends.&nbsp; Exchange-traded funds are also likely to press the exit button. Analysts quoted by Moneycontrol say as much as 1.35 billion shares are with individual investors &mdash; including retail, HNIs and NRIs &mdash; under the lock-in and another 67 million with exchange-traded funds, and that all these are likely to exit, if not at one go, over the next few weeks.&nbsp;
The analysts already expected the distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for Rs 10 per share -- at a premium of Rs 8 on the face value as part of the RBI bailout, making an exit.
As of December 2022, SBI held 26.14 per cent or 6,050 million shares of Yes Bank; HDFC &amp; HDFC Bank and ICICI Bank held 1,000 million shares each; Axis Bank 600 million; Kotak Mahindra Bank 500 million; Federal Bank and Bandhan Bank 300 million each and IDFC First Bank held 250 million shares before it went belly up on March 5, 2020. These eight banks held originally almost 11 billion shares in the bank.
&nbsp;

The Congress and the BJP engaged in a war of words on Sunday over Yes Bank co-founder Rana Kapoor's allegation that he was "forced" to buy an M F Husain painting from party leader Priyanka Gandhi Vadra, with the Opposition party calling it "political vendetta" and the ruling party accusing the Gandhi family of being "extortionists".
Kapoor has told the Enforcement Directorate that he was "forced" to buy the M F Husain painting from Priyanka Gandhi and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York, according to the charge sheet filed by the federal anti-money laundering agency in a special court in Mumbai.
He told the Enforcement Directorate (ED) that he was told by the then petroleum minister Murli Deora that the refusal to buy the painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the 'Padma Bhushan' award.
Kapoor also told the agency that Ahmed Patel, a close confidante of Sonia Gandhi, had told him that by supporting the Gandhi family at an opportune time for medical treatment of Sonia Gandhi, "I (Kapoor) had performed a good deed for the family and it would be duly considered for the 'Padma Bhushan' award".
Asked about the allegations at a press conference, Congress spokesperson Abhishek Manu Singhvi said, "This is absolutely astonishing. I don't want to use a strong word, it is absolutely disgusting that a 2010 transaction, a person who is behind bars for years, whose 20-30 bail applications have been rejected, who is called a crook and a fraudster, makes allegations about dead people and the government is jumping with joy only because it suits their political angle." The government wants to keep the pot boiling for 2022, for a transaction in 2010, when neither Murli Deora is here to deny it nor Ahmed Patel is here to deny, Singhvi said.
"What is the objective of this, is it the result of your (government) pressure tactics and coercion on a person behind bars eager to get his freedom to record statements against political opponents and to keep a 12-year-old thing boiling just for convenience of politics," the Rajya Sabha MP said, hitting out at the government.
The BJP alleged that the Congress and the Gandhis are "extortionists" and were also selling the Padma Bhushan.
Referring to the Congress election symbol of 'hand', BJP spokesperson Gaurav Bhatia said, "The Congress hand is with corruption...while common people were suffering, the Congress and the Gandhi family were enjoying.
Addressing a press conference at the BJP headquarters here, Bhatia said that "...when the Congress was in power, members of the Gandhi family used to put pressure on party leaders to ensure the painting is bought".
"Priyanka Gandhi put pressure to ensure that the painting worth Rs 2 crore is bought by Kapoor," he said.
BJP's IT Cell head Amit Malviya said it is quite clear from Kapoor's confession to the ED that the "Gandhis and Congress are not just extortionist but were also selling the country's highest civilian honour to the highest bidder or durbaris, who did their bidding. It was an instrument to buy loyalty or silence".
Bhatia claimed that Kapoor did not want to give Rs 2 crore for the painting, but the ministers of the Congress government put pressure on him that if he does not buy the painting from Priyanka Gandhi, then the Gandhi family will wreak havoc on him.

WATCH| War of words between BJP and Congress over allegations by Yes Bank's Rana Kapoor

The Congress and the BJP engaged in a war of words on Sunday over Yes Bank co-founder Rana Kapoor's allegation that he was "forced" to buy an MF Husain painting from party leader Priyanka Gandhi Vadra

The Congress and the BJP engaged in a war of words on Sunday over Yes Bank co-founder Rana Kapoor's allegation that he was "forced" to buy an M F Husain painting from party leader Priyanka Gandhi Vadra, with the Opposition party calling it "political vendetta" and the ruling party accusing the Gandhi family of being "extortionists".
Bite Singhvi
Bite: Gaurav&nbsp;Bhatia:&nbsp;The Congress hand is with corruption...while common people were suffering, the Congress and the Gandhi family were enjoying.

Kapoor has told the Enforcement Directorate that he was "forced" to buy the M F Husain painting from Priyanka Gandhi and the sale proceeds were utilised for the medical treatment of Congress president Sonia Gandhi

The Congress and the BJP engaged in a war of words on Sunday over Yes Bank co-founder Rana Kapoor's allegation that he was "forced" to buy an M F Husain painting from party leader Priyanka Gandhi Vadra, with the Opposition party calling it "political vendetta" and the ruling party accusing the Gandhi family of being "extortionists".
Kapoor has told the Enforcement Directorate that he was "forced" to buy the M F Husain painting from Priyanka Gandhi and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York, according to the charge sheet filed by the federal anti-money laundering agency in a special court in Mumbai.
He told the Enforcement Directorate (ED) that he was told by the then petroleum minister Murli Deora that the refusal to buy the painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the 'Padma Bhushan' award.
Kapoor also told the agency that Ahmed Patel, a close confidante of Sonia Gandhi, had told him that by supporting the Gandhi family at an opportune time for medical treatment of Sonia Gandhi, "I (Kapoor) had performed a good deed for the family and it would be duly considered for the 'Padma Bhushan' award".
Also watch:&nbsp;<a href="https://www.editorji.com/business-news/priyanka-gandhi-forced-me-to-buy-mf-hussain-painting-claims-rana-kapoor-1650775274281">Priyanka Gandhi forced me to buy MF Hussain painting, claims Rana Kapoor</a>
Asked about the allegations at a press conference, Congress spokesperson Abhishek Manu Singhvi said, "This is absolutely astonishing. I don't want to use a strong word, it is absolutely disgusting that a 2010 transaction, a person who is behind bars for years, whose 20-30 bail applications have been rejected, who is called a crook and a fraudster, makes allegations about dead people and the government is jumping with joy only because it suits their political angle." The government wants to keep the pot boiling for 2022, for a transaction in 2010, when neither Murli Deora is here to deny it nor Ahmed Patel is here to deny, Singhvi said.
"What is the objective of this, is it the result of your (government) pressure tactics and coercion on a person behind bars eager to get his freedom to record statements against political opponents and to keep a 12-year-old thing boiling just for convenience of politics," the Rajya Sabha MP said, hitting out at the government.
The BJP alleged that the Congress and the Gandhis are "extortionists" and were also selling the Padma Bhushan.
Referring to the Congress election symbol of 'hand', BJP spokesperson Gaurav Bhatia said, "The Congress hand is with corruption...while common people were suffering, the Congress and the Gandhi family were enjoying.
Addressing a press conference at the BJP headquarters here, Bhatia said that "...when the Congress was in power, members of the Gandhi family used to put pressure on party leaders to ensure the painting is bought".
"Priyanka Gandhi put pressure to ensure that the painting worth Rs 2 crore is bought by Kapoor," he said.
BJP's IT Cell head Amit Malviya said it is quite clear from Kapoor's confession to the ED that the "Gandhis and Congress are not just extortionist but were also selling the country's highest civilian honour to the highest bidder or durbaris, who did their bidding. It was an instrument to buy loyalty or silence".
Bhatia claimed that Kapoor did not want to give Rs 2 crore for the painting, but the ministers of the Congress government put pressure on him that if he does not buy the painting from Priyanka Gandhi, then the Gandhi family will wreak havoc on him.

Yes Bank co-founder Rana Kapoor has told the Enforcement Directorate that he was "forced" to buy an MF Husain painting from Congress' Priyanka Gandhi Vadra and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York, as per the chargesheet filed by the federal anti-money laundering agency in a special court here.
Kapoor also told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the M F Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the 'Padma Bhushan' award.
The statements of Rana Kapoor are part of the second supplementary chargesheet (overall third) filed in the special court here recently against the Yes Bank co-founder, his family, Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan, and others in a money laundering case.
Stating that he had paid a cheque of Rs 2 crore, Kapoor claimed that "Milind Deora (son of the late Murli Deora and former Congress MP) later conveyed to him confidentially that the sale proceeds were utilised by the Gandhi family for the medical treatment of Sonia Gandhi in New York".
Kapoor also told the ED that Ahmed Patel, a close confidante of Sonia Gandhi, had told him that by supporting the Gandhi family at an opportune time for medical treatment of Sonia Gandhi, I (Kapoor) had performed a good deed for the family and it would be duly considered for the 'Padma Bhushan' award.
Murli Deora had tried to convince Rana Kapoor that the refusal to purchase the painting will also not permit him ever to build a relationship with the Gandhi family. It will also prevent him from getting the 'Padma Bhushan award, as per the chargesheet.
The late Deora had told Kapoor at dinner that the failure to purchase the painting could have "adverse repercussions" on him and Yes Bank, Kapoor has claimed in his statement to the ED.
The banker is currently in judicial custody following his arrest in the case in March 2020.
"First of all I wish to state that it was a forced sale for which I was never ready", the chargesheet said about the painting Kapoor allegedly purchased from Priyanka Gandhi Vadra.
Milind Deora had made several visits to his (Rana Kapoor's) house and office to persuade him for purchasing an MF Husain painting from Priyanka Gandhi Vadra.
"He had even made me several calls and messages also in this regard from multiple mobile numbers. In fact, I was very much reluctant to go for this deal and I had tried also to avoid this deal several times by ignoring his calls/messages and personal meetings," Kapoor told the ED, as per the chargesheet.
"Despite my best efforts to avoid this deal they were exceptionally persistent to finalise the deal rapidly," Kapoor claimed.
He further stated that later, in the year 2010, Murli Deora forced him to meet him for a vegetarian dinner (Marwari dinner) at his Lodhi Estate Bungalow in New Delhi.
He was Petroleum Minister at that time and had been allotted this bungalow in that capacity, Kapoor said, as per the chargesheet.
"During the meeting, the late Murli Deora told me in no uncertain terms that any further delay in purchasing the above-said painting could have adverse repercussions on me and my Yes Bank and it could jeopardise my relationship with the Deora family," Kapoor said.
"Simultaneously, he had tried to convince me that it will also not permit me ever to build me a relationship with the Gandhi family," the banker added.
Further, in the statement, Kapoor claimed, "He (Murli Deora) had also told me that any deviation on my part for the lack of closure of the deal will definitely prevent me from getting awarded the 'Padma Bhushan' for which, according to him, I was highly deserving at that time".
"Under this threat and against my family's wishes, since we are not high-value Art Collectors, I could not afford to invite any form of enmity with the two powerful families involved and thus I had to hesitatingly proceed given the looming and overhanging threat involved," Kapoor told ED, as per the chargesheet.
Kapoor told the ED that formalities for closing the deal were held at Priyanka Gandhi Vadra's office.
"Milind Deora had actively coordinated this final closing meeting. I wish to state that for this deal, I had made a payment of Rs 2 crore through a cheque of my personal account in HSBC Bank," he added.
Kapoor said a few weeks after the deal, Milind Deora conveyed to him confidentially that the sale proceeds were utilized by the Gandhi family for the medical treatment of Sonia Gandhi in New York.
"After a few months, while I (Kapoor) was visiting the residence of (late) Ahmed Patel, a close confidante of Sonia Gandhi, I was informed independently by him that by supporting the Gandhi family at an opportune time for medical treatment of Sonia Gandhi I had performed a good deed for the family and it would be duly considered for the 'Padma Bhushan' to me," the chargesheet said.
The Enforcement Directorate (ED) has alleged that Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan had siphoned off funds worth Rs 5,050 crore through suspicious transactions.
The ED had started its investigation after recording ECIR on March 3, 2020, and after the probe began, Rana Kapoor aggressively tried to dispose of his overseas properties to save them from being attachment by the ED under PMLA, the charge sheet said.
The POC involved in this case is Rs 5,050 crore. While Rana Kapoor is the founder of the said company namely DUVPL, his three daughters are 100 per cent shareholders therein.
Rana Kapoor is currently in judicial custody following his arrest in the case in March 2020. The Wadhwans too are in jail custody after their arrest in another case.

Priyanka Gandhi forced me to buy Hussain painting, claims Rana Kapoor

Stating that he had paid a cheque of Rs 2 crore, Kapoor claimed that "Milind Deora (son of the late Murli Deora and former Congress MP) later conveyed to him confidentially that the sale proceeds were utilised by the Gandhi family for the medical treatment of Sonia Gandhi in New York".

Priyanka Gandhi, Rana Kapoor and MF Hussain painting: Shocking claims 

A big reveal from Rana&nbsp;Kapoor&nbsp;in the&nbsp;chargesheet filed by ED, Yes bank co-founder told the&nbsp;federal anti-money laundering agency that he was&nbsp;"forced" to buy an MF&nbsp;Husain painting from Congress' Priyanka Gandhi Vadra and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York.&nbsp; Stating that he had paid a cheque of Rs 2 crore, Kapoor claimed that "Milind Deora (son of the late Murli Deora and former Congress MP) later conveyed to him confidentially where the sale proceeds would be utilised .&nbsp; The banker, currently in judicial custody following his arrest in the case in March 2020 also told the ED that Ahmed Patel, a close confidante of Sonia Gandhi, had told him that by supporting the Gandhi family at an opportune time for medical treatment of Sonia Gandhi, I (Kapoor) had performed a good deed for the family and it would be duly considered for the 'Padma Bhushan' award.

Kapoor&nbsp;alleges that he was told not buying the painting would lead to him not getting a Padma&nbsp;award

In a big reveal, Yes Bank co-founder Rana Kapoor has told the Enforcement Directorate that he was "forced" to buy an MF&nbsp;Hussain painting from Congress' Priyanka Gandhi Vadra and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York, as per the chargesheet filed by the federal anti-money laundering agency in a special court here.
Kapoor also told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the M F Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the 'Padma Bhushan' award.
The statements of Rana Kapoor are part of the second supplementary chargesheet (overall third) filed in the special court here recently against the Yes Bank co-founder, his family, Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan, and others in a money laundering case.
Stating that he had paid a cheque of Rs 2 crore, Kapoor claimed that "Milind Deora (son of the late Murli Deora and former Congress MP) later conveyed to him confidentially that the sale proceeds were utilised by the Gandhi family for the medical treatment of Sonia Gandhi in New York".
Kapoor also told the ED that Ahmed Patel, a close confidante of Sonia Gandhi, had told him that by supporting the Gandhi family at an opportune time for medical treatment of Sonia Gandhi, I (Kapoor) had performed a good deed for the family and it would be duly considered for the 'Padma Bhushan' award.
Murli Deora had tried to convince Rana Kapoor that the refusal to purchase the painting will also not permit him ever to build a relationship with the Gandhi family. It will also prevent him from getting the 'Padma Bhushan award, as per the chargesheet.
The late Deora had told Kapoor at dinner that the failure to purchase the painting could have "adverse repercussions" on him and Yes Bank, Kapoor has claimed in his statement to the ED.
The banker is currently in judicial custody following his arrest in the case in March 2020.
"First of all I wish to state that it was a forced sale for which I was never ready", the chargesheet said about the painting Kapoor allegedly purchased from Priyanka Gandhi Vadra.
Milind Deora had made several visits to his (Rana Kapoor's) house and office to persuade him for purchasing an MF Husain painting from Priyanka Gandhi Vadra.
"He had even made me several calls and messages also in this regard from multiple mobile numbers. In fact, I was very much reluctant to go for this deal and I had tried also to avoid this deal several times by ignoring his calls/messages and personal meetings," Kapoor told the ED, as per the chargesheet.
"Despite my best efforts to avoid this deal they were exceptionally persistent to finalise the deal rapidly," Kapoor claimed.
He further stated that later, in the year 2010, Murli Deora forced him to meet him for a vegetarian dinner (Marwari dinner) at his Lodhi Estate Bungalow in New Delhi.
He was Petroleum Minister at that time and had been allotted this bungalow in that capacity, Kapoor said, as per the chargesheet.
"During the meeting, the late Murli Deora told me in no uncertain terms that any further delay in purchasing the above-said painting could have adverse repercussions on me and my Yes Bank and it could jeopardise my relationship with the Deora family," Kapoor said.
"Simultaneously, he had tried to convince me that it will also not permit me ever to build me a relationship with the Gandhi family," the banker added.
Further, in the statement, Kapoor claimed, "He (Murli Deora) had also told me that any deviation on my part for the lack of closure of the deal will definitely prevent me from getting awarded the 'Padma Bhushan' for which, according to him, I was highly deserving at that time".
"Under this threat and against my family's wishes, since we are not high-value Art Collectors, I could not afford to invite any form of enmity with the two powerful families involved and thus I had to hesitatingly proceed given the looming and overhanging threat involved," Kapoor told ED, as per the chargesheet.
Kapoor told the ED that formalities for closing the deal were held at Priyanka Gandhi Vadra's office.
"Milind Deora had actively coordinated this final closing meeting. I wish to state that for this deal, I had made a payment of Rs 2 crore through a cheque of my personal account in HSBC Bank," he added.
Kapoor said a few weeks after the deal, Milind Deora conveyed to him confidentially that the sale proceeds were utilized by the Gandhi family for the medical treatment of Sonia Gandhi in New York.
"After a few months, while I (Kapoor) was visiting the residence of (late) Ahmed Patel, a close confidante of Sonia Gandhi, I was informed independently by him that by supporting the Gandhi family at an opportune time for medical treatment of Sonia Gandhi I had performed a good deed for the family and it would be duly considered for the 'Padma Bhushan' to me," the chargesheet said.
The Enforcement Directorate (ED) has alleged that Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan had siphoned off funds worth Rs 5,050 crore through suspicious transactions.
The ED had started its investigation after recording ECIR on March 3, 2020, and after the probe began, Rana Kapoor aggressively tried to dispose of his overseas properties to save them from being attachment by the ED under PMLA, the charge sheet said.
The POC involved in this case is Rs 5,050 crore. While Rana Kapoor is the founder of the said company namely DUVPL, his three daughters are 100 per cent shareholders therein.
Rana Kapoor is currently in judicial custody following his arrest in the case in March 2020. The Wadhwans too are in jail custody after their arrest in another case.

The CBI&nbsp;has registered a fresh case against industrialist Gautam Thapar&nbsp;for causing an alleged loss of Rs. 466.51 crore&nbsp;to Yes Bank.
CBI carried out searches at 14 locations in Delhi-NCR and three other cities after&nbsp;registering an FIR against Oyster Buildwell Private Ltd and Avantha group promoter Gautam Thapar.Oyster Buildwell Pvt Ltd (OBPL) is part of Avantha group with over 97 percent stake held by Avantha Realty. The complaint by Yes Bank which is now part of the FIR alleges misappropriation and diversion of funds.

CBI flies case against Gautam Thapar in Rs 466 cr Yes Bank case

The CBI&nbsp;has registered a fresh case against industrialist Gautam Thapar&nbsp;for causing an alleged loss of Rs. 466.51 crore&nbsp;to Yes Bank.

The CBI&nbsp;has registered a fresh case against industrialist Gautam Thapar&nbsp;for causing an alleged loss of Rs. 466.51 crore&nbsp;to Yes Bank.
CBI carried out searches at 14 locations in Delhi-NCR and three other cities after&nbsp;registering an FIR against Oyster Buildwell Private Ltd and Avantha group promoter Gautam Thapar. Oyster Buildwell Pvt Ltd (OBPL) is part of Avantha group with over 97 percent stake held by Avantha Realty. The complaint by Yes Bank which is now part of the FIR alleges misappropriation and diversion of funds.

yes bank

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