Cheeky and unholy bond between the Essel group and the government: Congress
Congress alleged on Friday that there was a “cheeky connection between the Modi government at the Center and its friends in the business community” and alleged that the rules were twisted, laws ignored and misused to protect the interests of its people. “favorite businessmen”.
Addressing a press conference, Congressman Pawan Khera said: âIn this case, it was his blue-eyed businessman turned MP Subhash Chandra who said the ‘Yes Bank had instigated and pressured him to take out the loan ‘and that the default therefore did not belong to him. mistake. The actions invoked by Yes Bank were therefore stolen goods under Article 102 of the CRPC. Uttar Pradesh Police have written to NSDL and BSE to join the Dish TV shares held by Yes Bank. This unprecedented FIR was condemned by the Supreme Court.
He alleged that “On September 4, 2021, Yes Bank wrote to the board of directors of Dish TV asking them to call an extraordinary general meeting of shareholders to consider voting against most of the members of the current board of directors and to replace them with a very reputable board of directors dominated by independent directors. Dish TV’s board refused and Yes Bank approached the NCLT for redress. In the meantime, an AGM was called by Dish TV to meet legal requirements.
“To prevent key resolutions from being rejected by shareholders, including Yes Bank, BJP MP Subhash Chandra asked criminal branch inspector Gautam Buddha Nagar to register an FIR on his complaint.”
The congressional spokesperson said: âThe Essel group continued to milk Dish TV’s cash flow. Listeners raised questions about Rs 1,200 crore invested in a content platform called Watcho. Yes, the bank complained about this to regulators as well. The stock markets reacted to multiple auditor comments about poor governance and the stock lost Rs 20,000 crore. Many aggrieved minority shareholders also wrote complaints to SEBI , at the Ministry of Finance and Commercial Affairs.
âIn the interest of the taxpayers, the money injected by the SBI into Yes Bank, it becomes crucial for SEBI to invoke its powers and help to collect the contributions of the Bank. The bank wrote to SEBI and MoC to suspend the Dish TV board; to appoint a director to manage the affairs of the company; conduct a forensic investigation into the company’s accounts. “
Khera said Yes Bank Ltd was a private sector bank suffering huge losses at the start of 2020.
The SBI group and other financial institutions injected Rs 11,760 crore to revive the bank. Today, Yes Bank is classified as an associated bank of SBI and the board of directors includes representatives from SBI, RBI and other financial institutions, because significant public funds have been invested in Yes Bank to clean up its act.
âAt the time of placing Yes Bank under moratorium, it was mentioned that one of the main reasons for the problems facing the bank was the Essel group of Subhash Chandra, with a total of Rs 6,789 crore of unpaid contributions coming from this alone. group.
âYes Bank’s new board of directors ordered a forensic audit in 12 of the 22 borrowing entities of the Essel group. 8 of these 12 were reported as fraudulent accounts totaling Rs 3,197 crore.
âMany other banks also reported loans to the Essel Group as a fraudulent account. One of the securities given to Yes Bank was the shares of Dish TV – a company listed in BSE & NSE. Yes Bank began to rely on the pledge in June 2020 and completed it in August 2021. Today, Yes Bank owns 25.63 percent of Dish TV. With many other creditors having sold or invoked the shares, the promoter’s stake stands at 5 , 93 percent, âKhera said.
Congress said, âWhy has the government taken no action to help the SBI-affiliated Yes Bank recover the money from this BJP MP and RSS donor?