sebi:ORDER/SS/SK/2019-20/7405-7406
Facts / Headnote
Adjudication proceedings concluded after settlement applications were rejected; the order determines that the transactions constitute 'encumbrance' requiring disclosure under Regulation 31 of the SAST Regulations.
Provisions invoked
- s. 15A
- s. 15
- s. 12
- s. 15I
- s. 15J
- s. 15F
- s. 28A
- s. 172
- s. 148
- s. 28
Regulations relied on
- SEBI (SAST) Regulations, 2011 — 28(3)
- SEBI (SAST) Regulations, 2011 — 31(1)
Parties
- Yes Capital Investments Private Limited (YCIPL)
- Morgan Credits Private Limited (MCPL)
Holding
The transactions entered into by YCIPL and MCPL in connection with issuance of unlisted ZCNCDs, including cover ratio and borrowing cap covenants, constitute 'encumbrance' on shares of YES Bank Ltd. within the meaning of Regulation 28(3) of the SAST Regulations, and therefore triggered disclosure obligations under Regulation 31(1) read with 31(3) which the Noticees failed to comply with.
Full text
______________________________________________________________________________________ Adjudication Order in respect of two entities in the matter of YES Bank Ltd. Page 2 of 31 (Ref No.: EAD-2/SS/SK/89/252-253 /2019-20)
______________________________________________________________________________________ Adjudication Order in respect of two entities in the matter of YES Bank Ltd. Page 3 of 31 (Ref No.: EAD-2/SS/SK/89/252-253 /2019-20)
______________________________________________________________________________________ Adjudication Order in respect of two entities in the matter of YES Bank Ltd. Page 4 of 31 (Ref No.: EAD-2/SS/SK/89/252-253 /2019-20)
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Source: SecMarx — sebi:ORDER/SS/SK/2019-20/7405-7406. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.