19.03.2023,Bhubaneswar. Barish kumar samantaroy. Subramanian Swamy's plea states that “these tr

19.03.2023,Bhubaneswar.
Barish kumar samantaroy. Subramanian Swamy's plea states that “these transactions were made to benefit” only JC Flowers, “at the expense of” Yes Bank’s customers and shareholders and “are harmful to the economic well-being of the country and do not prioritise the recovery of public funds”. And DELHI HIGH COURT asks Centre, RBI to respond probe into Yes Bank's assets transfer.
The plea states that this transfer is connected to another transaction in which Yes Bank has acquired up to 19.9% stake in JC Flowers. The plea states that the petitioner is “worried, based on media reports, disclosures by Respondents No. 5 (JC Flowers), and certain legal provisions, that these transactions lack impartiality, attempt to bypass relevant laws, and are not in the best interest of the general public” who have accounts with Yes Bank “As per the information available in the public domain, the transactions involving the transfer of the distressed asset portfolio from Yes Bank to JC Flowers lack fairness, attempts to evade relevant laws, and do not serve the best interests of the general public who have accounts with Yes Bank,” the plea states.
The plea has been filed in the context of the transfer of a distressed asset portfolio worth Rs 48,000 crore from Yes Bank to JC Flowers last year.
The public interest litigation plea seeks a direction to the Centre, SEBI and RBI to formulate proper and comprehensive guidelines in accordance with the recommendations of the committee to check any such future transactions and to regulate the arrangements entered into between banks or other financial institutions and asset reconstruction companies.
“As per the information available in the public domain, the transactions involving the transfer of the distressed asset portfolio from Yes Bank to JC Flowers lack fairness, attempts to evade relevant laws, and do not serve the best interests of the general public who have accounts with Yes Bank,” the plea states.

The plea states that this transfer is connected to another transaction in which Yes Bank has acquired up to 19.9% stake in JC Flowers. The plea states that the petitioner is “worried, based on media reports, disclosures by Respondents No. 5 (JC Flowers), and certain legal provisions, that these transactions lack impartiality, attempt to bypass relevant laws, and are not in the best interest of the general public” who have accounts with Yes Bank.

JaiHind JaiBharat..