Debt Financing

Yes Bank removes fraud tag on Avantha Holdings after forensic audit

Economic Times  

Yes Bank has removed the fraud tag on the account of Avantha Holdings, a family investment company of Delhi-based businessman Gautam Thapar, after it carried out a forensic audit of the company. The bank had red-flagged the account to the RBI after the Thapar group company defaulted on a loan that it had obtained from the bank when Rana Kapoor was helming its affairs. Yes Bank had provided an unsecured loan of INR 500 crore to Avantha Holdings. To secure its exposure, it provided additional loans to the company between 2017 and 2019 and took shares of CG Power as collateral to secure the entire loan amount.

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