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Moratorium on YES Bank to be lifted on March 18; 3-years lock-in put in place for shareholders

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Mumbai: The moratorium on YES Bank will be lifted at 6 pm on March 18, the third working day after the YES Bank reconstruction scheme comes into force, the government notified late on Friday. Yes Bank was placed under a moratorium earlier this month by the Reserve Bank of India (RBI), who imposed a Rs 50,000-limit on withdrawals from the bank till April 3. The scheme also prescribed a lock-in period for investors who hold 100 shares or more in the private lender to the extent of 75 per cent of their holdings for all existing shareholders and those allotted to the investors under the reconstruction scheme. The government also said an investor, other than State Bank of India, may exercise voting rights to the extent of its shareholding or maximum nine per cent of the total voting rights of all the shareholders of the reconstructed bank. The authorised capital of the reconstructed bank will stand altered to Rs 6,200 crore and number of equity shares to 3,000 crore. The office of the administrator of the reconstructed bank, which was appointed by the RBI, will stand vacated immediately after seven calendar days from the date of cessation of moratorium. A board will be reconstituted comprising of Prashant Kumar, former chief financial officer and deputy managing director of State Bank of India as chief executive officer and managing director, Sunil Mehta, former non-executive chairman of Punjab National Bank as non-executive chairman, Mahesh Krishnamurthy as non-executive director and Atul Bheda as non-executive director. SBI will also nominate two officers as Directors while RBI may appoint one or more persons as additional directors. Any investor who is permitted to have voting right of fifteen per cent shall have the right to nominate one director on the board.




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