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Ratings firm <keyword id="6359483" type="COMPANY" weightage="20" keywordseo="Crisil">Crisil</keyword> has reaffirmed BBB rating on <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>'s over Rs 18,000 crore bonds on the back of continued support by the country's largest lender SBI. Crisil has assigned its 'CRISIL BBB/Stable' rating to the Tier II bonds (under Basel III) of Rs 13,941 crore and infrastructure bonds of Rs 3,780 crore of Yes Bank, the recently bailed out lender said in a regulatory filing on Saturday. The agency has also reaffirmed its 'CRISIL A2' rating on certificates of deposit of Yes Bank. BBB ratings are of moderate safety with regard to servicing of financial obligations. While debt securities with A2 rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low credit risk. "The ratings are underpinned by the expectation of continued extraordinary systemic support from key stakeholders and sizeable ownership by State Bank of India (SBI). "Crisil has taken note of <keyword id="9362711" type="COMPANY" weightage="20" keywordseo="the-yes-bank-ltd-reconstruction-scheme">the Yes Bank Ltd Reconstruction Scheme</keyword>, 2020, (the Scheme) that was notified by <keyword id="1576501" type="COMPANY" weightage="20" keywordseo="The-Government-of-India">the Government of India</keyword> on March 13, 2020," Crisil said on the rating rationale. The reconstruction scheme followed the imposition of a moratorium on Yes Bank by the government on March 5, 2020, including the RBI, in order to bolster the bank's liquidity. The moratorium was lifted on March 18, 2020, and the bank has since been providing full-fledged banking services to customers. Under the reconstruction scheme, Yes Bank has, among other measures, got equity infusion of Rs 10,000 crore by 8 entities, mainly banks led by SBI. "However, the ability of the bank to limit further deposit outflow, and to build a strong retail liabilities franchise and a stable and sound operating business model with strong compliance and governance framework over the medium term, needs to be demonstrated," said the Indian arm of <keyword id="9362712" type="LOCATION" weightage="20" keywordseo="the-sp-global">the S&amp;P Global</keyword>. Crisil also said the bank's asset quality is weak and the impact of the shift in business model to focus on granular retail segments will need to be seen over a longer period. "These will be key rating monitorables. The nationwide lockdown declared by government to contain the spread of Covid-19 pandemic has impacted disbursements and collections of financial institutions," the agency said. The lockdown and restrictions are now being lifted in phases. Any delay in return to normalcy will increase pressure on collections and hence asset quality, it added. Further, moratorium to Yes Bank customers may impact collections in near-term and any change in payment discipline of borrowers can affect delinquency levels post the moratorium, Crisil said. "Given this, gross non-performing assets (NPAs) could rise due to weakening in most sectors. This may increase the credit cost in fiscal 2021, thereby impacting the profitability of the bank, and will be a key monitorable," it said. KPM BAL

Crisil affirms Yes Bank ₹18,000 crore bonds rating at BBB

The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has asked state governments not to transfer their deposits out of private sector banks saying apprehensions about the safety of deposits in private lenders are highly misplaced. In a letter written to chief secretaries of all states, the central bank said moving deposits out of private sector banks could have implications for banking and financial sector stability. The letter came after reports suggested that some state governments have advised government bodies and other entities under their jurisdiction to transfer their funds held with private sector banks to public sector lenders. This follows the crisis at <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> where the RBI has superseded the bank's board and placed restrictions on withdrawals. "We strongly believe that such a move can have banking and financial sector stability implications," the RBI wrote. "We feel that apprehension on the safety of deposits in private sector banks is highly misplaced and will not be in the interest of stability of the financial system in general and the banking system in particular." It requested state governments to reconsider any decision they might have taken in this regard or are in the process of taking such decision. "The Reserve Bank has adequate powers to regulate and supervise the private sector banks and by using these powers, it has ensured that the depositors' money is entirely safe," the letter said. The RBI said the resolution of weak private sector banks in the past has been done in a manner that the depositors are not put to loss. "It is precisely with a view to retaining depositors' confidence in private sector banks and mitigating their hardship that, after the imposition of a moratorium on <keyword id="436044" type="DOMAIN" weightage="20" keywordseo="Yes-Bank-Ltd">Yes Bank Ltd</keyword>, the RBI has drawn up a draft scheme without any delay and we are making every effort to expedite the finalisation of the scheme," it added.

RBI assures state governments that their deposits are safe in private banks

A group of minority shareholders of <keyword id="51758" type="General" weightage="100" keywordseo="dish-tv" source="Orion">Dish TV</keyword> has sent a notice to call an Extraordinary General meeting (EGM) of the direct-to-home service provider, raising concerns over corporate governance issues, seeking reconstitution of the board and removal of two independent directors questioning their independence. The notice sent by 77 shareholders of Dish TV, representing 10.15 per cent shareholding, proposed to nominate K Badri Narayanan, <keyword id="17427302" type="General" weightage="50" keywordseo="satis-kumar-yanmandra" source="Orion">Satis Kumar Yanmandra</keyword>, Jeet Sen Gupta as independent directors on the board of the <keyword id="60807" type="General" weightage="80" keywordseo="essel" source="Orion">Essel</keyword> Group firm. Besides, it has also sought the removal of two independent directors -- <keyword id="1624320" type="General" weightage="50" keywordseo="shankar-aggarwal" source="Orion">Shankar Aggarwal</keyword> and Rashmi Aggarwal -- from the board of the company. "The existing independent directors have a long-term association with Dish TV and Essel group which cast doubt over their independence," the shareholders wrote in the notice. Dish TV is embroiled in a tussle between its largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawahar Lal Goel over board representation in the company. The company is unable to pass its annual statements from the last two years and the feud has led to the departure of its former promoter-backed chairman Jawahar Lal Goel. Informing about the development to the stock exchanges, Dish TV said it is examining the communication from the minority shareholders. "... will take necessary steps as per applicable law and procedures," said Dish TV in a regulatory filing. Besides, the minority shareholders have also raised several other issues questioning the investments made by the company such as in its OTT platform Watcho. "Dish TV made a significant investment of Rs 1,218 crore (which is 20 per cent of total netblock of the fixed assets, intangibles, investments and capital WIP of Rs 6,012 crore) in the FY20 (Intangible Assets), for Watcho, its flagship OTT platform," they said. The investments were qualified in FY2020 (the year of the investment itself) and in FY2021. "Upon lenders and investors questioning the investments, the company had made an impairment of Rs 203 crore in FY2022," it said. During FY20, the Essel group companies defaulted with multiple lenders, including bank loans to Essel group companies secured by the pledge of Dish TV Shares, they said. "It is our apprehension, that anticipating a loss of majority shareholding due, to the invocation of pledged Dish TV shares from bank and other lenders, the aforesaid funds may have been diverted by the promoters for other purposes," the letter said. On the removal of the two existing independent directors, the minority shareholders said, "They have long-term association with Dish TV and Essel group which cast doubt over their independence." Rashmi Aggarwal held directorship in other Essel group entities -- Dish Infra, <keyword id="2682539" type="General" weightage="50" keywordseo="zee-media" source="Orion">Zee Media</keyword>, and Essel Forex -- till Feb 2019, while <keyword id="17427303" type="General" weightage="50" keywordseo="shankar-agganval" source="Orion">Shankar Agganval</keyword> held directorship in Essel Infraprojects Ltd till November 2018. Essel Infraprojects is a defaulter entity with YES Bank and several other lenders and his association is a "red flag", the notice added. Besides, they have also raised other corporate governance issues and alleged that the board is not acting in line with good corporate governance standards. It does not have a "fair representation" of the incumbent significant shareholders of banks and financial institutions holding 45 per cent shareholding in the company. "The board is purportedly acting at the behest of certain minority shareholders holding merely 4 per cent of the shares in the company," they alleged. Moreover, they also raised concerns over the continuation of Jawahar Lal Goel as additional director after a proposal for his re-appointment as MD was rejected by the shareholders. "It was only after the intervention of the shareholders that he subsequently resigned as additional director," they said. In December last year, shareholders of Dish TV again rejected the proposal for the adoption of audited standalone and consolidated financial statements for FY21 and FY22 in the AGM. Earlier, the shareholders of the Direct-to-Home service provider had rejected the proposals to approve the balance sheet of the company for the last two fiscals in the 34th AGM conducted on September 26, 2022. In June 2022, shareholders in an extraordinary general meeting rejected the proposal for the reappointment of Goel as its managing director. In September, shareholders of Dish TV rejected four resolutions in the AGM, including the adoption of the company's financial statements for FY21 and FY22, and the appointment of independent director Rakesh Mohan. Dish TV shareholders, on December 30, 2021, also rejected all three proposals, including the adoption of financial statements and the reappointment of Ashok Mathai Kurien as director. Goel resigned from the board of the company on September 19. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/heres-how-indians-paid-for-non-cash-transaction-in-fy22/slidelist/100274422.cms">Here’s how Indians paid for non-cash transactions in FY22</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-transfer-your-whatsapp-chats-without-using-google-drive/articleshow/100270586.cms">How to transfer your WhatsApp Chats without using Google Drive</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a>

Dish TV minority shareholders seek EGM, removal of two independent Directors

New Delhi, Mar 9 () Shriram Transport Finance Company on Monday clarified that it does not hold any additional tier-I bonds of cash-strapped Yes Bank. Clarifying to a news item, Shriram Transport Finance in a regulatory filing said that the "company does not hold any additional tier I bonds of Yes Bank Ltd" The filing further noted that "the company had invested in Upper Tier II Bonds of Yes Bank Ltd of Rs 50 crores in the year 2010 and the same are outstanding as on date". One of the biggest losers in case the RBI's restructuring scheme for Yes Bank goes through will be the additional tier-I bond holders who have bets totalling to Rs 10,800 crore on the lender. The investors in such instruments typically include mutual fund houses and bank treasuries, experts said. "The instruments qualifying as additional tier-1 capital, issued by Yes Bank under Basel-III framework, shall stand written down permanently, in full, with effect from the appointed date," the draft of the 'Yes Bank Ltd. Reconstruction Scheme, 2020', said. The Reserve Bank of India had on Thursday imposed a moratorium on Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in Yes Bank under a government-approved bailout plan. SID DRR

Company does not hold any additional tier I bonds of Yes Bank: Shriram Transport

New Delhi, Mar 6 () Moody's Investors Service on Friday downgraded Yes Bank Ltd's rating following RBI imposing a 30-day moratorium that prevents the lender from making payment to its creditors. "The ratings remain under review, with the direction uncertain," Moody's said downgrading Yes Bank Ltd's long-term foreign currency issuer rating to Caa3 from B2. Moody's has also downgraded the bank's long-term foreign and local currency bank deposit ratings. The downgrade "is a result of an event of default triggered by the Reserve Bank of India's (RBI) 30-day moratorium, which prevents Yes Bank from making a full and timely payment to its senior creditors," the rating agency said in a statement. "Despite the event of default, the Caa3 rating takes into account Moody's expectation that although recovery rates for the banks' senior creditors may be high given the close involvement of the Indian authorities and stated intention to resolve the bank quickly, the ultimate timing and form of eventual resolution remains uncertain. "Actions by the authorities to date have not reduced the probability of default as evidenced by the moratorium announcement, and highlights the continued uncertainty around private sector bank resolutions in India and the recovery prospects for senior creditors," it said. Moody's said it expects a higher probability of low loss rate for depositors. "The assurance made by the RBI to protect depositors' interests provides greater certainty that the risk of losses to depositors is lower." Yes Bank's long-term ratings remain under review with the direction uncertain, reflecting Moody's expectation of a potential for different outcomes. A prompt resolution of Yes Bank, that minimises losses to depositors and creditors could result in a stabilisation or upgrade of the bank's ratings, it said adding a protracted resolution that extends the moratorium could result in lower recovery rates for the bank's creditors and could lead to a further downgrade of the bank's ratings. "The RBI action also confirms Moody's view that the bank's standalone viability, in the absence of extraordinary support from Indian authorities, is in question," the statement said. "Nevertheless, Moody's expects high recovery prospects for the principal and interest on the bank's deposits, as indicated by the final rating on those instruments." Moody's could upgrade the ratings or change the outlook to stable if authorities conclude a material capital raise, reconstruct the bank's assets and liabilities, or amalgamate the bank with another stronger bank, such that any action taken reduces the risks of losses to senior creditors and depositors. On the other hand, a further downgrade is is offing if authorities are unable to resolve the bank within the planned moratorium period or if the moratorium is extended, such that it further impairs the bank's ability to make timely payments to depositors and senior creditors. ANZMKJ

Moody's downgrades Yes Bank's ratings; ratings remain under review

New Delhi, Mar 10 () Shriram Transport Finance Company (STFC) on Tuesday said a penalty of Rs 5 crore has been imposed on the company through an Enforcement Directorate order in relation to an old case of issuing warrants. The company said it had received a show cause notice (SCN) from the Enforcement Directorate (ED) in relation to issue of warrants by erstwhile Shriram Holdings (Madras) Pvt Ltd (SHMPL), which was amalgamated with STFC in April 2012, to a person resident outside India in 2006. The company represented itself with relevant information and facts that it was of the bona fide view that it had not contravened any of the provisions of the Foreign Exchange Management Act (FEMA). "However, the company received an order dated March 4, 2020, from ED yesterday (March 9, 2020). The order imposes on the company a penalty of Rs 5 crore in connection with the matter citing contravention of provisions of Section 6(3)(b) of FEMA, 1999, read with Regulation 4 of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000," it said in a regulatory filing. In this regard, the ED has also levied the penalty of Rs 50 lakh each on three persons, the then directors of the erstwhile SHMPL, it added. STFC said the company continues to believe and hold the view that SHMPL had the relevant approval for foreign equity participation of up to 74 per cent by way of investment through subscription and/or subsequent acquisition of up to 74 per cent of the equity shares of SHMPL. SHMPL had issued warrants to the extent of Rs 243.60 crore in 2006 which were converted into equity shares within the stipulated limit. "The company's view was further strengthened based on the clarifications obtained from the Department of Economic Affairs. "The company is currently examining the order and examining all options to take the matter to closure, including the option to contest the same with the relevant authorities," it said further. On Monday, STFC had clarified that it does not hold any additional tier-I bonds of cash-strapped Yes Bank. Clarifying to a media report, Shriram Transport Finance in a regulatory filing said that the "company does not hold any additional tier I bonds of Yes Bank Ltd". "The company had invested in Upper Tier II Bonds of Yes Bank Ltd of Rs 50 crore in the year 2010 and the same are outstanding as on date," it said on Monday. One of the biggest losers in case the RBI's restructuring scheme for Yes Bank goes through will be the additional tier-I bond holders who have bets totalling to Rs 10,800 crore on the lender. The Reserve Bank of India on Thursday imposed a moratorium on Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the private sector lender's board with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. KPM ANZ HRS

ED slaps Rs 5 cr penalty on Shriram Transport Finance

Mumbai, Mar 6 () The RBI on Friday said the State Bank of India (SBI) has expressed willingness to invest in crisis-ridden Yes Bank. In a draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', the RBI also said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and number of equity shares to 2,400 crore having face value of Rs 2 each. "The investor bank shall agree to invest in the equity of the Reconstructed bank to the extent that post infusion it holds 49 per cent shareholding in the Reconstructed bank at a price not less than Rs 10 (Face value of Rs 2) and premium of Rs 8," said the draft on which comments from stakeholders have been invited till March 9. It further said SBI has "expressed its willingness" to make investment in Yes Bank and participate in its reconstruction scheme. The draft comes a day after the RBI imposed a moratorium on the bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The RBI has also superseded the board of the bank, which is now being headed by former deputy managing director and CFO of SBI Prashant Kumar. KPM NKD CS ABM

SBI has shown interest in investing in Yes Bank: RBI

New Delhi, Mar 19 () Yes Bank on Thursday said it has transferred a Rs 389-crore fixed deposit account of Shree Jagannath Temple Administration, Puri, to State Bank of India. The fixed deposit (FD) account of the temple has accrued a total interest of Rs 8.23 crore. "As per the term of condition of FD placed with us, Yes Bank Ltd has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that has accrued till March 19, 2020, has been remitted along with the principal amount of Rs 389 crore to SBI account of Jagannath Temple Corpus Fund," Yes Bank on Thursday said in a letter, accessed by . In the letter addressed to Chief Administrator Krishan Kumar of the famous temple shrine in eastern India, Yes Bank said it has two more FDs of Rs 156 crore which will be transferred by the end of this month. These FDs of Rs 156 crore are also under no-premat option which does not allow the bank to pay prematurely, the letter said. "As the extended guidelines of the regulator, we shall remit the principal amount of Rs 156 crore and interest up to date on the date of maturity that is March 30, 2020, to the designated account of Jagannath Temple Corpus Fund...to SBI Main Branch Puri," Yes Bank said in the letter undersigned by its Senior Vice-President Jaydev Das. Yes Bank resumed its full banking services from Wednesday evening and customers started visiting the branches from the morning of Thursday. KPM HRS

Yes Bank transfers Puri Jagannath Temple's Rs 389-cr FD account to SBI

New Delhi, Mar 17 () ICICI Bank on Tuesday said it has acquired 7.97 per cent stake in Yes Bank through its Rs 1,000 crore capital infusion in the troubled private sector lender. ICICI Bank Ltd has acquired 100 crore equity shares pursuant to the Yes Bank Ltd Reconstruction Scheme, 2020 notified by the government under the Banking Regulation Act, 1949, it said in a regulatory filing. "Accordingly, at March 17, 2020 the total equity shareholding of the bank stands at 7.97 per cent," it said. As per the reconstruction scheme, 75 per cent of the total investment by the bank would be locked in for three years, ICICI Bank said. SBI -- the largest investor as part of Yes Bank's rescue plan -- holds 48.21 per cent stake at an investment of Rs 6,050 crore. In total, it will have 49 per cent stake in Yes Bank at an investment of Rs 7,250 crore. The other banks and financial players part of the Yes Bank reconstruction scheme are -- mortgage lender HDFC Ltd with 7.97 per cent stake at an investment of Rs 1,000 crore; Axis Bank 4.78 per cent (Rs 600 crore); Kotak Mahindra Bank 3.98 per cent (Rs 500 crore); Federal Bank and Bandhan Bank 2.39 per cent each for equal investment of Rs 300 crore; and IDFC First Bank 1.99 per cent (Rs 250 crore). KPM ABM

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