Hi, you can become a party by filing an impleadment application in that case.
Yes bank AT-1 bonds being written off
I have a good exposure in Yes Bank AT-1 Bonds which have been written off to zero by RBI. Big Fund houses have filed a case in Bombay High Court against this decision. I wish to become a party to this case. How can I do That?
Asked 4 years ago in Business Law
14 Answers
1. By virtue of holding the AT1 Bonds of YES Bank, you, by legal default, become one of the affected & interested parties.
2. By virtue of above point no. 1, you are entitled to move an "Intervene Application" before the HC, stating you are one of the affected & interested parties and that you have evidence in the matter and that you must be heard out to avoid losses to you. This application will be allowed by HC.
Hire local lawyer and file intervener application in Hugh Court. You are interested party and directly effected if not represented.
What ever decision is passed by Bombay high court would also be applicable to you
if you so desire you can also file writ in HC against said decision of RBI
1. In the pending writ proceeding you have the right to be added as party if you have got the same interest as that of the petitioner of the writ proceeding.
2. So You have the right of filing an intervening petition seeking the liberty of the court to allow you to be added as party petitioner.
3. You can file a fresh petition as well and apply for analogous hearing with the pending writ petition.
Axis Trustee Services, Indiabulls Housing Finance and L&T officers and supervisory staff have moved the Bombay High Court challenging the Yes Bank and Reserve Bank of India's decision to write off their investments in the AT1 bonds to the tune of Rs 8,500 crore.The worst hit are the retail AT1bond holders who claim that Yes Bank relationship managers broke fixed deposits and lured senior citizens to put money in these bonds. While these retail investors have teamed up to knock the doors of the RBI and the finance ministry they have so far returned empty handed.
You can approach an advocate dealing with this case in favor of the other petitioners to implead you as a necessary party to the case in their fight for this common cause
please file an intervention application in the pending petition
or you can file your own independent petition and get it tagged with the pending petition
You will have to simply file an application for impleadment in the case that you mentioned has been filed with the Bombay High Court.
The purpose of the application is to tell the court that you have an interest in the case as also a right of hearing and should be impleaded (made a party) as a petitioner.
Once the application is filed and allowed, you will be formally made a party.
I hope that answers your query. Follow-up questions are welcome.
You can file an application to impleade you in to the said case filed by Bombay HC.
You can file a writ against the RBI's decision question its validity / veracity.
It will be better, if more people join you in filing writ against RBI's decision.
You can file intervention application in the same
1. An application for being arrayed as a party can be filed by you in the pending writ petition.
2. Alternatively, a fresh writ petition can be filed by you.
You can contact to the Big Fund houses Fund Manager or Lawyer's to join with them as party against Yes Bank.
You can intervene in the writ petition provided you can show to the court that your interests are at stake and you can be added as a party in the writ petition. Primafacie if you can show that you will be affected greatly by the outcome of the writ and the judge ment to be followed then your intervention will be allowed.
You have to appear in the court to implead you as necessary party of the suit by making application under order 1 rule 10 of CPC.
