On Saturday, Yes Bank announced that its 8.74 percent stake in Jhabua Power had been extinguished as a result of the company’s debt being resolved through the corporate insolvency procedure.
PTI
September 17, 2022 / 07:53 PM IST
Yes Bank has finalised a new board with the approval of the shareholders, effective July 15
Yes Bank on Saturday said its shareholding of 8.74 per cent in Jhabua Power has been extinguished following debt resolution of the company under the corporate insolvency process. Yes Bank had acquired 12,63,50,146 equity shares representing 8.74 per cent of share capital of Jhabua Power pursuant to invocation of pledge.
Under the corporate insolvency resolution process of Jhabua Power approved by the National Company Law Tribunal, Kolkata, as per the resolution plan, the existing equity share capital held by the existing lenders stands extinguished and settled with effect from transfer date without liabilities, claims or obligations whatsoever against the company, Yes Bank said in a regulatory filing on Saturday. “The resolution professional of Jhabua Power has informed that the successful resolution applicant have made the payment as per the approved resolution plan on September 5, 2022, and accordingly, the old equity has been extinguished,” the bank said.
In view of this, bank’s holding of 12,63,50,146 equity shares of Jhabua Power stands extinguished as on September 5, 2022, Yes Bank said. The private sector lender said the information about shares getting extinguished came to its knowledge on September 16, 2022.
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