Property of Singh brothers will be auctioned, High court gives permission to Yes Bank


The High Court allowed Yes Bank to auction the assets of former Fortis Healthcare promoters Shivinder Singh and Malvinder Singh in the bank loan fraud case on the basis of which the loan was taken. The auction will be under the supervision of a commissioner appointed by the court. Justice Rekha Palli amended the order in February 2018 allowing Yes Bank to auction the property of the Singh brothers for debt recovery.

The court gave this order in view of the attitude of the Singh brothers after taking the loan. However, Japan's company Daiichi Sankyo opposed this, arguing that the court had ordered to maintain the status quo on selling the property. Yes, Bank had given two loans in 2015 to companies controlled by the Singh brothers. The first loan amount was 500 crores and the second was 565 crores. In July 2019, the bank declared it a non-performing asset (NPA) if the loan was not repaid.