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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.
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