September 27, 2021

‘Rana Kapoor ignored advice on DHFL deal’

Former Yes Bank managing director and chief executive officer Rana Kapoor not only took undue personal interest in risky investments in Dewan Housing Finance Limited (DHFL), but also ignored warnings from the treasury and risk management teams of the private bank, resulting in huge losses, according to the latest charge sheet by the Central Bureau of Investigation (CBI).

For example, when DHFL, run by Dheeraj and Kapil Wadhawan, was looking to raise funds from the market but unable to find an investor, Yes Bank’s investment and financial markets committee headed by Rana Kapoor approved on April 5, 2018, a proposal for investment of 1,000 crore in Unsecured Redeemable Non-Convertible Subordinate Debentures.

“Investigation revealed that Rana Kapoor had shown undue personal interest in aforesaid investment and took premeditated decision of investment without discussing the matter with concerned officials of Yes Bank, who were…

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