HC seeks RBI response on PIL to probe Yes Bank transfer of assets portfolio

The Delhi High Court Friday sought response of the Centre, RBI and SEBI on a PIL seeking to form a committee of experts to investigate the transfer of a stress asset portfolio of Rs 48,000 crore from Yes Bank to JC Flowers Asset Reconstruction Company.

In his PIL, former Rajya Sabha member Subramanian Swamy sought to direct the Union Ministry of Finance, Reserve Bank of India and Securities and Exchange Board of India (SEBI) to formulate comprehensive guidelines in accordance with recommendations of the committee to check any such future agreements/ transactions and to regulate the arrangements entered into between banks/ NBFS or other financial institutions and Assets Reconstructions Companies (ARC).

A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, which did not issue formal notice on the plea, asked the authorities to file their responses within four weeks and listed the matter for further hearing on July 14.

It also asked Yes Bank Ltd and J C Flowers