Axis Trustee Services has gone to the Supreme Court, asking Yes Bank to follow through on restoring ₹8,415 crore worth of AT-1 bonds, basically a big chunk of money that was written off back in 2020.
The trustee says Yes Bank has not shared a clear plan for the restoration or reactivation of the bonds, so they are pushing for action.
Yes Bank denies wrongdoing, investors await
Axis Trustee sent a notice demanding that Yes Bank restore the bonds within three days and implement the Supreme Court judgment, but Yes Bank replied saying they would comply with the law while denying any wrongdoing.
Now it is up to the court to sort things out.
The delay is leaving many investors, especially retirees and former fixed deposit holders, in limbo as they wait for the restoration of the bonds, which could really impact their financial security.