India's Yes Bank has 'strong' legal grounds to appeal against a court order quashing the write-off of its additional Tier-1 (AT1) bonds, Chief Executive Officer Prashant Kumar said on Saturday.
A watchman steps out of a Yes Bank branch in Mumbai, India, September 21, 2018. REUTERS/Francis Mascarenhas/Fileshas "strong" legal grounds to appeal against a court order quashing the write-off of its additional Tier-1 bonds, Chief Executive Officer Prashant Kumar said on Saturday.
The court did not go into the merits of the bonds and ruled that there were procedural lapses in the decision to write them down. Kumar said on Saturday the bank had requested six weeks from the tribunal to appeal in the higher court. It means there will not be any immediate impact of the order on the banks' books, he said.
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