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Yes Bank Faces Another Blow; Probe Against Whistleblower Complaints

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Yes Bank, which has shown some resilience after it managed to shed nearly 50% of its losses and even gained the tag of the stock that gained the most among its peers globally, is now in fresh trouble. After the company's audit by JLN US & Co. came out with an indecisive conclusion, there is now raised a demand of a fresh audit into whistleblower complaints by BSR & Co., the company's statutory auditor.

Yes Bank Faces Another Blow; Probe Against Whistleblower Complaints

 

The whistleblower has alleged irregularities in the operations of the bank as well as a potential conflict of interests with respect to bank's promoter and misclassification of asset quality.

Also, in a prior instance an inquiry was undertaken and its report was reviewed by the bank's board in November last year. Then the company took the service of JLN for examining the matter. The auditor there opined that because of limited access to documents, the company was not able to prove some of the levelled allegations.

As per the latest shareholding pattern, Kapoor together with 2 family-run entities i.e. Morgan Credit Pvt. Ltd and Yes Capital (India) Pvt. Ltd. has a combined 4.72% stake with Yes Capital holding 0.8% as on 30 September. The other co-founder, Madhu Kapur, and her family owned firm Mags Finvest Pvt. Ltd, own an 8.33% stake in the bank.

Stock of Yes Bank was last quoting at Rs. 68.5, up Rs. 0.25, while it made an intra-day low and high of Rs. 67.15 and Rs. 70.80, respectively.

GoodReturns.in

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