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Supreme Court upheld the Bombay High Court's quashing of Yes Bank's write-off of AT1 bonds worth 8,415 crore rupees, reviving bondholder rights
By ScoutQuest · · 1 min read
- AT1 bond write-down amount
- 8,415 crore rupees
Heard on business television between 07:51:23 - 07:54:23 IST.
- Supreme Court upheld Bombay High Court's 2023 judgment quashing Yes Bank's 8,415 crore rupee AT1 bond write-down.
- Court observed that RBI and the administrator's handling of the bonds in the 2020 reconstruction was questionable.
- Court held that the write-down provision was consciously removed between the draft and final reconstruction scheme, meaning it never validly existed.
- Court rejected the argument that write-down could occur after the scheme was notified, ruling the write-down had to precede reconstruction.
- Bondholders' rights to coupon payments also continue to exist as per the original document, meaning Yes Bank may face a larger payout including interest.
- Morgan Stanley maintains an underweight rating and is watching for a possible review petition.
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