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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! If your eyes are hurting after looking at yesterday's solar eclipse, <a target="_blank" href="https://www.businessinsider.com/eyes-hurt-after-solar-eclipse-solar-retinopathy-2017-8">here's what could be wrong with them</a>. (Yes, "sunburned eyes" is a thing.)In today's big story, we're looking at <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-jpmorgan-ai-extraordinary-consequences-transformative-internet-electricity-2024-4">Jamie Dimon's annual letter to shareholders</a> and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/jamie-dimon-shareholder-letter-manifesto-us-exceptionalism-policy-trade-ukraine-2024-4">why this edition is so different</a>.What's on deck:<ul><li>Markets: More lending is taking place outside banks, and <a target="_blank" href="https://markets.businessinsider.com/news/funds/private-credit-risk-leverage-debt-interest-rates-imf-financial-stability-2024-4">it's got the IMF worried</a>.</li><li>Tech: These are the European <a target="_blank" href="https://www.businessinsider.com/these-are-the-32-most-exciting-fintech-startups-europe-2024-2024-2">fintech startups to watch this year</a>.</li><li>Business: Aspiring (human) influencers will soon <a target="_blank" href="https://www.businessinsider.com/gen-z-influencer-marketing-career-goal-ai-social-media-instagram-2024-4">have to compete with AI influencers</a>.</li></ul>But first, Jamie's got something to say.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Dimon sounds off</h2><div type="image" title="A photo illustration of Jamie Dimon in the foreground, with the Earth behind him." height="900" width="1200" msid="109167879" hostid="261" sizebytes="114636"></div>When Jamie Dimon talks, people tend to listen. And this time around, he had a lot to say.Dimon's annual letter to shareholders grabs the business world's attention in ways most executives can only imagine. (BlackRock's Larry Fink falls into this camp as well.)The letter goes beyond a recap of JPMorgan's current state, often opining on the biggest issues facing the US and global economies.Unsurprisingly, <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-jpmorgan-ai-extraordinary-consequences-transformative-internet-electricity-2024-4">artificial intelligence was the topic du jour</a> this time around. Dimon described the tech as just as innovative and impactful as the printing press, steam engine, electricity, and the internet, writes Business Insider's Jyoti Mann.But the letter also came with a <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-jpmorgan-letter-war-inflation-recession-rates-economy-ai-2024-4">fair bit of skepticism about the state of the world</a>, BI's Theron Mohamed writes. Dimon highlighted geopolitical tensions as a reason not to be so optimistic about the future.It wasn't all doom and gloom. A good chunk of Dimon's letter covered <a target="_blank" rel="noopener" href="https://www.businessinsider.com/jamie-dimon-shareholder-letter-manifesto-us-exceptionalism-policy-trade-ukraine-2024-4">economic policy changes he'd make in the US</a>, writes BI's Juliana Kaplan. Some of his ideas included the importance of the US involvement in global conflicts and "repairing the frayed American dream."<div type="image" title="Jamie Dimon" height="1000" width="2000" msid="109167880" hostid="261" sizebytes="206188"></div>Dimon's letter reads a lot more like someone vying to move into 1600 Pennsylvania Ave than the CEO of a bank.Dimon's <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-career">entire career has been in business</a>, but he's <a target="_blank" href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-considers-politics-bill-ackman-president-election-2023-6">hinted at getting into politics</a> when he departs JPMorgan.In 2016, he even said he'd <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-i-would-love-to-be-president-of-the-united-states-2016-9">"love" to be president</a> but acknowledged it'd be a long shot due to his lack of political experience.That didn't stop him from outlining some of his plans if he were to take office.Last fall, he explained <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-president-tax-the-rich-loophole-billionaires-bill-ackman-2023-11">what he'd do during his first 100 days in office</a>. It included building a bi-partisan cabinet, removing the carried-interest loophole, and focusing on growing the economy.But Dimon's centrist approach — "<a target="_blank" href="https://www.businessinsider.com/jamie-dimon-best-quotes-2019-3#my-heart-is-democratic-but-my-brain-is-kind-of-republican-12">My heart is Democratic but my brain is kind of Republican</a>" — likely makes him a long-shot candidate for office.Even as we head toward a presidential rematch <a target="_blank" href="https://www.businessinsider.com/trump-biden-clinch-party-nominations-race-few-people-want-president-2024-3">most Americans didn't want</a>, catering to both sides of the aisle has proven difficult. Multiple politicians declined serving as the presidential candidate for the <a target="_blank" href="https://www.businessinsider.com/no-labels-candidates-status-unity-ticket-2024-2024-3">centrist group No Labels</a>, ultimately forcing it to end its bid to run a ticket this November.The polarization of politics was something Dimon touched on in his letter, urging people to resist being "weaponized.""We can start by trying to understand other people's and other voters' points of views, even around deeply emotional topics. We can stop insulting whole classes of voters."<h2>3 things in markets</h2><div type="image" title="A gold bear figurine (left) and a gold bull figurine (right)." height="1000" width="2000" msid="109167882" hostid="261" sizebytes="159934"></div><ol><li>A lot of lending is taking place without much transparency. What could possibly go wrong? The International Monetary Fund posted a blog <a target="_blank" href="https://markets.businessinsider.com/news/funds/private-credit-risk-leverage-debt-interest-rates-imf-financial-stability-2024-4">warning about the rise of private credit lending</a> done outside the walls of a regulated banking institution. The sector, which topped $2.1 trillion last year, is largely unsupervised, making it "hard to understand how systemic risks may be building."</li><li>There's still a case for a recession. Economist David Rosenberg cited <a target="_blank" href="https://www.businessinsider.com/recession-outlook-hard-landing-economy-unemployment-job-market-david-rosenberg-2024-4">the famous recession indicator the Sahm Rule</a>, which flashes when the three-month moving average of the US unemployment rate climbs 50 basis points from a 12-month low. While not triggered yet, it and other under-the-radar recession warnings are signaling trouble, he added.</li><li>Asia-based hedge funds are eyeing up the Middle East. Firms need plenty of talent — but there are question marks hanging over both Hong Kong and Singapore. Many hedge funds are considering <a target="_blank" href="https://www.businessinsider.com/asia-multi-strat-hedge-funds-booming-tapping-middle-east-talent-2024-4">expanding westward into new hot spots like Dubai and Abu Dhabi</a>.</li></ol><h2>3 things in tech</h2><div type="image" title="Google and Microsoft logo" height="650" width="1300" msid="109167883" hostid="261" sizebytes="40018"></div><ol><li>An all-out AI talent war may soon be underway. Microsoft is opening an AI division in London — which happens to be home to Google's DeepMind. Google is already <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-talent-war-with-google-artificial-intelligence-2024-4">trying to stop bleeding talent</a>, and may now have to work even harder.</li><li>Keep an eye on these European fintech startups. For <a target="_blank" href="https://www.businessinsider.com/these-are-the-32-most-exciting-fintech-startups-europe-2024-2024-2">our annual list of the hottest European fintechs</a>, Business Insider asked venture capitalists to name which startups they're most excited about. The result is a list of 32 promising fintechs, spanning payments, insurance, and more.</li><li>Elon Musk is turning X back into Twitter. With Tesla floundering, Musk appears to be <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-turning-x-back-into-twitter-2024-4">fortifying his other businesses</a>. "I think the whole thing about making X something dramatically different and reinventing the wheel hasn't really happened, so we're seeing a return to the basics," Gabor Cselle, a former project manager on Twitter's trends team, told BI.</li></ol><h2>3 things in business</h2><div type="image" title="An illustration of the back of a person who's facing a ring light." height="1000" width="2000" msid="109167884" hostid="261" sizebytes="498606"></div><ol><li>AI is ruining the Gen Z dream of becoming an influencer. A recent poll found that more than half of Gen Zers want to be full-time influencers. In addition to the already-saturated market of human influencers, <a target="_blank" href="https://www.businessinsider.com/gen-z-influencer-marketing-career-goal-ai-social-media-instagram-2024-4">they'll soon have to compete with artificial-intelligence influencers</a> — and who can really compete with that?</li><li>Saving for retirement has never felt scarier — or more confusing. Until about the 1980s, American workers typically got pensions in retirement. Now, however, they've shifted to plans like 401(k)s or IRAs, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/retirement-social-security-gen-z-millennials-uncertainty-fears-pensions-2024-4">which have a bunch of downsides</a>.</li><li>Warner Bros. Discovery can start selling itself. Restrictions that prevented the combined company from buying or selling anything without a huge tax penalty expired on Monday. But very little media M&amp;A is happening right now, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/warner-bros-discovery-sale-buyer-reverse-morris-trust-2024-4">for a couple of reasons</a>.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://businessinsider.com/trump-is-suing-his-hush-money-judge-2024-4/">Trump is suing his hush-money judge</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/solar-eclipse-photos-totality-us-2024-4">The best photos of the 2024 solar eclipse</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/apple-oled-ipad-pro-screen-report-2024-4">It's been ages since Apple released a new iPad. A fancy new screen is expected for next month</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/investors-want-to-separate-finance-ceos-from-their-chair-seats-2024-4">The big challenge for Wall Street CEOs this spring: keeping both of their jobs</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/microsoft-ai-ceo-mustafa-suleyman-london-hub-2024-4">Read Mustafa Suleyman's first blog as CEO of Microsoft AI</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/nutritionist-cut-down-ultra-processed-food-lunch-before-after-2024-4">A nutritionist who cut down on ultra-processed foods shares what he used to eat for lunch and what he eats now</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/how-companies-are-teaching-workers-ai-skills-2024-4">How companies are selling their workers on learning AI</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/taiwan-semiconductor-tsmc-biden-microchips-chips-act-election-china-arizona-2024-4">Microchip giant TSMC strikes $11.6 billion deal with Biden to boost production in Arizona</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ukraine-will-lose-war-russia-congress-funding-not-approved-zelenskyy-2024-4">Zelenskyy straight-up said Ukraine is going to lose if Congress doesn't send more aid</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/no-jail-for-marvel-actor-jonathan-majors-2024-4">No jail for Marvel actor Jonathan Majors after judge agrees to DA-recommended domestic violence program</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/billionaire-backed-harvard-prof-says-science-should-take-ufos-seriously-2024-4">A Harvard professor is risking his reputation to search for aliens. Tech tycoons are bankrolling his quest</a>.</li></ul><h2>What's happening today</h2><ul><li>The parents of the Oxford High School shooter will be sentenced.</li><li>Boeing is announcing its Q1 deliveries.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

Jamie Dimon had a lot to say in his annual letter to shareholders

<keyword id="12044174" type="General" weightage="20" keywordseo="Shares-of-Dish-TV" source="Orion">Shares of Dish TV</keyword> India surged on Tuesday even after <keyword id="45660" type="General" weightage="20" keywordseo="YES-Bank" source="Orion">Yes Bank</keyword>, a significant shareholder in the company, has sought the removal of the company's directors including the Managing Director over alleged corporate misgovernance. The bank which holds 25.63 per cent stake in the company lender had sent a special notice dated September 3, 2021, to <keyword id="51758" type="General" weightage="20" keywordseo="Dish-TV" source="Orion">Dish TV</keyword>, demanding the removal of directors under <keyword id="12044175" type="General" weightage="20" keywordseo="Section-169" source="Orion">Section 169</keyword> of the <keyword id="6390099" type="General" weightage="20" keywordseo="Companies-Act" source="Orion">Companies Act</keyword>, 2013. Around 12 noon, shares of Dish TV India on the BSE stood at Rs 15.31, higher by Rs 1.53 or 11.10 per cent from its previous close. In a regulatory filing on Monday, the company said that it is further examining the special notices for such approvals as may be required including the steps to be taken to get the candidature of proposed new directors cleared from the Ministry of Information &amp; Broadcasting, as its prior approval is a mandatory requirement. It sought the removal of Rashmi Aggarwal, Shankar Aggarwal, Ashok Mathai Kurien and Bhagwan Das Narang as directors on the board. Further, it has also sought the ousting of Jawahar Lal Goel as the Managing Director of the company. Post his removal from the board, "Jawahar Lal Goel shall cease to be the Chairperson of the Company," Yes Bank said. The bank said that the present board of directors of the company has approved a rights issue process, pending objections raised with the Board by the Bank time and again, solely to dilute the shareholding of the Bank and to prejudice the interests of the bank which is the single largest shareholder of the company as of date. "The board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the company being various banks and financial institutions holding about 45 per cent shareholding in the company," it said. The board is purportedly acting at the behest of certain minority shareholders holding merely 6 per cent of the shares in the company, Yes Bank said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zoho-corp-invests-5-million-in-medical-devices-startup-voxelgrids/articleshow/86000656.cms">Zoho Corp invests $5 million in medical devices startup Voxelgrids</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/mx-takatak-instagram-josh-moj-and-snapchat-are-most-downloaded-social-and-entertainment-apps-in-india-as-per-app-annie/articleshow/86003516.cms">India accounts for the highest number of social app downloads globally: App Annie</a>

Dish TV shares surge despite shareholder YES Bank seek to oust board members

Mumbai, Jun 12 () Private sector lender Yes Bank on Friday said it has received approval of leading bourses BSE and National Stock Exchange for re-classification of the promoter shareholding. Part of shareholding classified as "promoter shareholding" now stands at zero. The bank first informed the bourses during the day, saying Sebi has admitted its application for the de-classification of its founding promoters Rana Kapoor and Madhu Kapur families and firms linked to them. The two families' collective holding has dropped to only 1.42 per cent of the shareholding after the reorganisation of the shareholding following the over Rs 10,000 crore bailout of the struggling lender in March led by SBI in a scheme led by the central government. In the letter, Sebi said that the Reserve Bank had advised the bank to reclassification of the promoters through a communication dated May 20. "...reclassification is a procedural formality and a consequence of the scheme approved and notified by the central government," the letter from Sebi granting the exemption said. Later in the evening, the bank informed that both the leading bourses - BSE and NSE - have approved the reclassification of the promoter group. On May 30, Yes Bank had informed that it will reclassify its shareholding as the Madhu Kapur group had consented to be categorised as public stake holders. Following ouster of Rana Kapoor, who is in police custody on alleged charges of corruptions and financial mismanagement among others, Yes Bank is now led by State Bank of India alongside several private sector lenders after the initiation of the reconstruction scheme. Troubles at Yes Bank started after the death of Ashok Kapur who was killed in the 2008 terror attack at the Taj hotel in Mumbai. As a co-founder Rana Kapoor sought to control the bank hence entangling the lender into legal hurdles besides inviting strain into family relations. AA MR MR

Yes Bank gets bourses approval for re-classification of promoter shareholding

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, May 30 () YES Bank on Saturday said there will be reclassification of shareholding as the Madhu Kapur group has consented to be categorised as public stake holders. This is to inform that the Bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur; Shagun Kapur Gogia; Gaurav Ashok Kapur; and Mags Finvest Private Limited (collectively referred to as Madhu Kapur Group) consenting to reclassify their shareholding in the Bank as 'non-promoter shareholders' (i.e. public shareholders), YES Bank said in a regulatory filing. "The Bank would take further necessary action to give effect to this," it added. YES Bank was co-founded by Rana Kapoor along with Madhu Kapur's late husband Ashok Kapur as a new age private sector bank in 2004. The Kapoor's and Kapur's are related family wise as Rana and Ashok's wives are sisters. Following ouster of Rana Kapoor, who is in police custody on alleged charges of corruptions and financial mismanagement among others, YES Bank is now led by State Bank of India alongside several private sector lenders. As on March 31, 2020, Madhu Kapur held 1.12 per cent in YES Bank, while Mags Finvest had 0.30 per cent, according to data on the BSE. KPM BAL BAL

YES Bank to reclassify shareholding as Madhu Kapur camp agrees to be non-promoter grp

New Delhi, Mar 14 () Yes Bank on Saturday said as per the government's reconstruction scheme for the bank, the incoming shareholding of shareholders with 100 and more shares would be automatically locked in for three years. "In terms of the said clause, 75 per cent of the shareholding of the shareholders holding 100 or more shares will be automatically under the lock-in," it said in a regulatory filing. "Accordingly, all shareholders holding 100 or more Equity Shareholders are advised to exercise utmost caution while dealing in the script of the Bank and be guided by the Scheme," it added. The crisis-hit bank asked the shareholders to take on their "records and disseminate to all concerned with an advice not to trade in locked-in shares". The Centre had on Saturday notified the YES Bank Limited Reconstruction Scheme, 2020, a day after approving it in a cabinet decision. The scheme has come into force on Friday. There shall be a lock-in period of three years from the commencement of this scheme to the extent of 75 per cent in respect of shares held by existing shareholders on the date of such commencement; and shares allotted to the investors under this Scheme, it added. The said lock-in period shall not apply to any shareholder holding less than one hundred shares, it added. The SBI, which will have a stake of 49 per cent in the bank through Rs 7,250-crore equity infusion, have a lock in period of three years only for the 26 per cent of this holding. The private sectors financial entities will have to stay locked in for three years. As per the rescue plan for cash-strapped Yes Bank, ICICI Bank will invest Rs 1,000 crore, mortgage lender HDFC Rs 1,000 crore, Axis Bank Rs 600 crore, Kotak Mahindra Bank Rs 500 crore, Bandhan Bank and Federal Bank Rs 300 crore each. The government had on Saturday also appointed Yes Bank administrator Prashant Kumar as the MD and CEO. The moratorium, which was placed on March 5 restricting withdrawal to Rs 50,000 per account, will also be lifted by 6 pm on Wednesday. KPMHMB

Yes Bank shareholders to have automatic 3-yr lock-in, shares not tradable under this period

IDFC First Bank on Sunday said it will make an equity investment of Rs 250 crore in beleaguered Yes Bank to acquire 25 crore equity shares. "...duly authorized committee of the Board of Directors of IDFC FIRST Bank Ltd had at its meeting held on March 14, 2020 accorded approval for an equity investment of upto Rs 250 crores comprising upto 25 crore equity shares at a price of Rs 10 each and face value of Rs 2 each, under the proposed Scheme of Reconstruction of Yes Bank Ltd under the Banking Regulation Act, 1949, subject to regulatory and government approval(s), if any," the bank said in a BSE filing. Earlier on Saturday, Federal Bank had committed to investing Rs 300 crore in Yes Bank for subscription of its 30 crore shares. The Centre on Saturday notified the YES Bank Limited Reconstruction Scheme, 2020, a day after the Union Cabinet approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Finance Minister Nirmala Sitharaman said on Friday. As per the reconstruction scheme, moratorium on the troubled lender will be lifted on March 18. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden bank and take 49 per cent equity. As per the rescue plan, ICICI Bank will invest Rs 1,000 crore, mortgage lender HDFC Rs 1,000 crore, Axis Bank Rs 600 crore, Kotak Mahindra Bank Rs 500 crore, Bandhan Bank and Federal Bank Rs 300 crore each. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. KKS RVK

Yes Bank gets Rs 250 crore from IDFC First Bank

<ul><li><keyword id="1553175" type="General" weightage="20" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>’s shareholders saw their wealth go up by 10% today.</li><li>In September alone, the telco’s share price surged by over 43%.</li><li>The reason behind the latest uptick could be the fact that banks want the government to provide relief to Vodafone Ideas.</li></ul>The share price of Vodafone Idea spiked by over 10% on Tuesday after reports suggested that banks have asked the government to offer relief to the struggling telecom provider. According to a <a href="https://www.reuters.com/world/india/banks-call-government-ease-pressure-indias-vodafone-idea-2021-09-13/">Reuters</a> report, the state-run State Bank of India led the banks, calling on the Indian government to give additional time to Vodafone Idea to clear the adjusted gross revenue (AGR) and spectrum dues, amounting to over ₹58,000 crore. Shares of Vodafone Idea were hovering around ₹8.75 per share, up by more than 10% over the previous closing price. <div type="image" title="Vodafone Idea 01_09_21 to 14_09_21." msid="86196133" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price in September so far&amp;lt;/p&amp;gt;"></div> In September alone, Vodafone Idea’s shares have jumped by more than 43% - this is over just 9 trading days. <cmsannotation type="cmsannotation" annotationid="What are the banks saying?" comment="subhead" text="What are the banks saying?">What are the banks saying?</cmsannotation> According to the report, banks want the government to ease pressure on Vodafone Idea, and offer timely relief to the struggling telco. “All eyes are on New Delhi right now as banks are getting increasingly nervous,” the report said, quoting an unnamed banking official. Here’s how much Vodafone Idea and Airtel owe the government in the form of AGR dues: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total AGR demand (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">AGR dues paid (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Balance AGR dues (in crore) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹58,254 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,854 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹50,339 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹43,980 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹18,004 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹25,976 </td></tr></tbody></table> Source: AGR dues case in the Supreme Court Vodafone Idea also pays approximately ₹5,000 crore per year towards licence fee and spectrum usage charges. Additionally, according to a report by <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/cabinet-refuses-proposal-for-telecom-relief-measures-claims-reuters-report/articleshow/86032076.cms">The Economic Times</a>, the telco will have to pay ₹14,000 crore annually towards spectrum payments, taking its annual liability to ₹19,000 crore. Vodafone Idea’s debt currently stands at ₹1.9 lakh crore, according to the company’s June quarter report. While banks and financial institutions which have lent money to the telco don’t face any immediate threat of default, things may not remain the same for long. Banks’ exposure to Vodafone Idea: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of loan book </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,240 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.40% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,500 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.65% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.44% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.43% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,700 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.23% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,300 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.09% </td></tr></tbody></table> Source: Nomura SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-stocks-fall-amid-reports-that-government-hasnt-discussed-proposal-for-a-telecom-relief-package/articleshow/86033281.cms">Vodafone Idea falls after reports that government hasn’t discussed proposal for a telecom relief package</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-rise-on-hope-that-modi-government-will-use-these-rescue-options/articleshow/85890407.cms">Market hopes Vodafone Idea will be saved and these are the rescue options</a> <a href="https://www.businessinsider.in/business/telecom/news/what-if-vodafone-idea-dies/articleshow/85127937.cms">What if Vodafone Idea dies?</a>

Yes Bank, SBI and others want Vodafone Idea to be saved, here’s why

SBI Chairman Rajnish Kumar on Saturday said the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank. Bank officials are doing due diligence of the draft scheme, he added. "We have received draft scheme of reconstruction for Yes Bank. Our investment and legal team is doing due diligence," Kumar told reporters here. He also said many potential investors have approached SBI after seeing the draft scheme. Kumar further said the interest of shareholders will not be compromised. On Friday, the RBI announced a draft scheme of reconstruction for cash-starved Yes Bank. In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI 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. The draft came a day after the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The RBI also superseded the board of the private sector lender, which is now being headed by former deputy managing director and CFO of SBI Prashant Kumar. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

SBI says its evaluating draft reconstruction scheme for Yes Bank

(Eds: Adding details) New Delhi, Mar 13 () <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> on Friday said it will invest Rs 1,000 crore in <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> as part of the RBI's reconstruction plan for the crisis-hit lender. The decision was taken at ICICI Bank's board meeting held on Thursday. "The Board... accorded approval for an equity investment of up to Rs 10 billion in equity shares of Yes Bank Limited, comprising up to 1 billion equity shares at a price of Rs 10 per share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949, subject to regulatory and government approval," ICICI Bank said in a regulatory filing. This investment will result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder, it added. The RBI superseded Yes Bank's board on March 5 and put the lender under a moratorium, restricting withdrawals to Rs 50,000 per account till April 3. Finance Minister Nirmala Sitharaman on Friday said the moratorium will be lifted in three days. On the cost of acquisition of shares in Yes Bank, ICICI Bank said it is for cash consideration of Rs 10 billion wherein it will acquire 1 billion equity shares of face value of Rs 2 at a premium of Rs 8 per share. ICICI Bank also clarified that this is not a related party transaction. Total assets of Yes Bank Ltd stood at Rs 3,46,576 crore as end of September 2019. The bank posted a net loss of Rs 486 crore for the first half ended September of the current fiscal year on a total income of Rs 17,421 crore. Yes Bank will on Saturday (March 14) announce its third quarter results, which was delayed amid the bank's capital raising plans. As per the RBI approved reconstruction plan for Yes Bank, the country's largest lender SBI will pick-up 49 per cent stake in the cash-strapped private sector lender by infusing Rs 7,250 crore. Also, SBI will have to maintain at least 26 per cent shareholding for three years. Briefing reporters after the cabinet meeting here, Sitharaman said the reconstruction scheme keeps at its core the protection of depositors' interest, providing stability to Yes Bank and keeping a stable financial environment and banking system. Stock of ICICI Bank closed at Rs 447.45 on BSE, up 5.28 per cent from the previous close. KPM ABM

ICICI Bank to infuse Rs 1,000 cr in Yes Bank as part of bailout plan

New Delhi, Mar 14 () Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for subscription of its 30 crore shares. "The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per Equity share," a regulatory filing said. According statement this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of lndia and subject to regulatory approvals and other conditions as set out in the Letter. The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take 49 per cent equity. Private lender ICICI Bank also announced investing Rs 1,000 crore for an equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18. KKS MRMR

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Yes Bank, SBI and others want Vodafone Idea to be saved, here’s why

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