The tone and tenor of the language used by the Reserve Bank of India (RBI) in a counter affidavit filed in Madras High Court on June 26 in connection with the Yes Bank Additional Tier 1 (AT1) bonds dispute is unprecedented.The RBI affidavit was a response to a petition filed by 63 Moons Technologies Ltd, one of the many aggrieved AT1 bond investors that have challenged the bond write down (there is already a case filed by Axis Trustee in Bombay High Court and individual cases across the country).There are not too many instances when Mint Road loses cool in courtrooms. The RBI typically takes a mild stand, engages with legal disputes in a dispassionate way and restrict its arguments to the rulebook.Close But here, that wasn’t the case. related news Yes Bank shares tumble 10% on reports of SEBI probe post FPO announcement Are short-sellers trapped in Yes Bank? RBI’s outburstThe following are some of the comments in the RBI’s counter affidavit:The Petitioners cannot on one hand enjoy the benefit of a high interest rate/coupon rate by investing in such high-risk instrument and thereafter, in times of such failure, shift the onus of loss upon RBI”.“Prior to the advent… Read full this story
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