As part of RBI bailout, SBI to pick up 49% in Yes Bank
- The Reserve Bank of India (RBI) on Friday announced a draft reconstruction scheme for the beleaguered Yes Bank, aimed at protecting depositors’ funds while bringing in the State Bank of India as an investor.
- According to the draft plan, the authorised capital for the reconstructed bank will be ₹5,000 crore, with 2,400 crore equity shares of ₹2 each, aggregating to ₹4,800 crore.
- The new board will have at least six members, an MD & CEO, a non-executive chairman and two non-executive directors, while the remaining two nominee directors would be appointed by the SBI.
Number of COVID-19 cases mounts to 31
- After another man from Delhi with a travel history to Thailand and Malaysia tested positive for COVID-19, the total number of such cases in India has climbed to 31, the Union Health Ministry said on Friday.
Supreme Court upholds 2018 order on land acquisition
- A Constitution Bench of the Supreme Court on Friday held that land acquisition proceedings under the 1894 Act will not be deemed to have lapsed under Section 24(2) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, if the authorities have tendered the compensation by deposit in the Treasury.
- A five judge Bench, led by Justice Arun Mishra, held that landowners, who had refused to accept compensation or who sought reference for higher compensation, cannot claim that the acquisition proceedings had lapsed under Section 24(2) of the 2013 Act.
- With this, the Constitution Bench has affirmed the February 2018 ruling on Section 24 by a three judge Bench, led by Justice Mishra himself, in the Indore Development Authority case. The Bench has overruled an earlier co-ordinate Bench ruling in the Pune Municipal Corporation case of 2014.