Axis Trustee Services files petition after bank fails to implement Supreme Court’s order; ruling directs bank to restore Rs 8,415 crore of AT-1 bonds written down during 2020 reconstruction plan.
Yes Bank's Additional Tier-1 (AT-1) bondholders have approached the Supreme Court seeking enforcement of the court’s 15 October ruling.
Axis Trustee Services, representing the investors, has filed a contempt petition against Yes Bank and certain officials and directors, alleging non-compliance with the court's earlier order.
The bank, according to the plea, had failed to provide a “concrete roadmap” for restoring the Rs 8,415 crore of bonds written off during the 2020 reconstruction plan.
The trustee, in a communication to bondholders, said it approached the Supreme Court on 6 November after the bank failed to implement the court’s judgment.
Last month, the SC upheld a Bombay High Court ruling setting aside the bank’s write-off of its AT-1 bonds.
