Private sector lender YES Bank said on Wednesday that media reports saying that the bank had received in-principle approval from the Reserve Bank of India to hold a 20, per cent stake in an asset reconstruction company are speculative.
In a release to exchanges, YES Bank said that the media reports have no bona fide reference.
The Bank is not aware of the source, which resulted in the abovementioned news item and as a matter of policy, the Bank would not like to comment on such speculation, the lender said.
YES Bank clarified that it had indeed started the process of seeking a partner for an asset reconstruction company through a public expression of interest, but added that the process is still underway. At present, YES Bank has not taken any binding or effective decisions on the matter.
We shall keep the Exchange(s) informed of all the material development as required under Regulation 30 of Semi (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Bank’s Policy on “Determination of Material Events under Regulation 30 of Listing Regulations’,” YES Bank said.
On Tuesday, media reports quoting sources had said that the central bank had granted in-principle approval to YES Bank to acquire a 20 per cent stake in JC Flowers and Co’s asset reconstruction firm.
According to the reports, YES Bank would be categorized as a sponsor of the asset reconstruction company and would need to spend around Rs 300-400 crore in order to pick up the stake.
Any purchase of a stake worth more than 9.9 per cent in an asset reconstruction company by a bank requires approval from the RBI.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to "remain" committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
NEW DELHI: The chorus of voices asking for Virat Kohli to be possibly dropped from the Indian T20 team, with the T20 World Cup around the corner, has been slowly getting louder over the last few weeks. It is something that was unfathomable even a few months ago. The current Team India policy to rest players frequently as per their workload management ethos is also under the scanner.
Kolhi, India's modern day run machine, with 23,693 international runs across formats at a 53.72 career average, is the only batter with a 50-plus career average among the top run-getters in the world. Even the great Sahin Tendulkar, who tops the overall list of international runs with 34,357 runs, had a career average of 48.52. Kolhi also has already scored a whopping 70 international hundreds (43 in ODI & 27 in tests) and he did that by 2019. He is third only behind Ricky Ponding (71) and tendulkar (100) on the overall most international centuries list, before the ongoing lean run began at the turn of the new decade. For a long time, he averaged over 50 across all three formats - a feat which spoke volumes about just how prolific the former India captain has been over the years. Even now, Viral averages above 50 in ODI and T20Is.
But since great players are judged more harshly when they go through dry spells thanks to how high they set the bar themselves, Viral has found himself in the eye of a storm of criticism. Keeping one spot in the playing XI reserved, while talented youngsters are regularly doing well when given a chance, is something that cannot be justified for very long.
Amidst this prolonged dry spell, former World Cup winning India captain Kamil Dev joined the critics, who are calling for Kohl head, to express that Kohl is no longer indispensable in T20Is, adding that Kohl is currently looking like a shadow of his old self. This even prompted current India skipper Rohit Sharma to openly back Kohli, saying the star batter's quality can't be questioned.
His frequent rest from bilateral series, like the recently concluded T20I series against Ireland and the upcoming West Indies ODI, has also given ammunition to the critics, who are questioning the logic behind it. And the good form of players like Suryakumar adav, Deepak Hoods etc. has also put pressure on Kohl position in the starting XI of the T20 team, especially with a T20 World Cup coming up.
Kohl failure to add another hundred to his 70 centuries list since November 2019 has been one of the most keenly debated hot topics of the cricketing world in the last one year or so. But that's not the only negative point in this prolonged drought for Kohli. His overall career record has been dented quite heavily by what are below par performances, vid a vid the high standards he set for himself, since the beginning of 2020
You must be logged in to post a comment.