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Kapoor to pay 50 lakh in 6 weeks: SAT
Mint Mumbai
|September 13, 2023
In an interim order on Tuesday, the Securities Appellate Tribunal (SAT) has directed Rana Kapoor, former Yes Bank managing director, to deposit ₹50 lakh within six weeks in a case involving alleged mis-selling of additional tier-1 (AT-1) bonds.
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Kapoor had challenged the 7 September 2022 directive of the Securities and Exchange Board of India (Sebi) imposing a penalty of ₹2 crore following allegations of mis-selling Yes Bank’s AT-1 bonds to individual investors.
“We are of the opinion that prima facie the penalty of ₹2 crore appears to be harsh and disproportionate. If the said amount is deposited, the balance ( ₹1.5 crore) should not be recovered during the pendency of the appeal," a bench led by Justice Tarun Agarwala, said while granting the interim stay on the Sebi order.
The matter is listed for final hearing on 20 November.
This story is from the September 13, 2023 edition of Mint Mumbai.
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