Yes Bank has approached the Supreme Court against a Delhi High Court direction requiring a forensic audit into the sale of Fortis Healthcare Ltd. shares in the open market in 2018.
The Delhi High Court order covers the conduct of Yes Bank along with 16 other banks and financial institutions in connection with the transactions involving Fortis Healthcare and its former promoters.
Yes Bank has contended before the Supreme Court that it was not a party to the underlying arbitration proceedings from which the dispute arose. The bank has, however, indicated that it does not object to a forensic examination of the transactions involving Fortis Healthcare and its former promoters.
The bank has stated that it is prepared to provide relevant information concerning the transactions, subject to applicable legal requirements and limitations. The matter before the Supreme Court concerns the applicability of the Delhi High Court's audit direction to Yes Bank in view of its stated position regarding the original proceedings. CASansaar