SAT declines to grant any immediate relief to Yes Bank's Rana Kapoor

The Securities Appellate Tribunal (SAT) on Monday declined to grant any immediate relief to YES Bank’s former managing director (MD) & chief executive officer (CEO) Rana Kapoor on a recovery notice issued by the Securities and Exchange Board of India (Sebi).

The former MD & CEO of YES Bank had filed an appeal in the tribunal against the recovery notice of Rs 2.22 crore, including Rs 2 crore of penalty imposed and interest and recovery costs, by the markets regulator on July 25.

The penalty is to be paid within 15 days. Failure of payment on behalf of Kapoor could lead to attachment of his bank accounts and properties.

Refusing to grant a stay on the notice, the tribunal pointed out that there was no urgency and asked the original matter to be heard as scheduled previously.

Sebi had imposed the penalty in September 2022 for his alleged involvement in misrepresentation, suppression of material facts, manipulation and mis-selling of AT1 (Additional Tier-1) bonds of YES Bank to the investors.

Kapoor is presently in jail in connection with the DHFL money-laundering matter.