YES Bank moves Supreme Court as HC rejects plea on Dish voting rights
The Allahabad High Court on Thursday dismissed a petition filed by YES Bank against the Uttar Pradesh police order that had restricted voting rights on shares of direct-to-home broadcaster Dish TV India. The bank, which holds 24.19 per cent stake in Dish TV India, moved the Supreme Court on Friday and the matter will be mentioned on Monday.
Dish TV shares were frozen by the UP police following a complaint by Essel group founder Subhash Chandra last year against the previous management led by Rana Kapoor over a merger deal brokered by the bank between Videocon D2H and Dish TV. The HC said there are alternate remedies available to the bank for de-freezing its shares and should apply these remedies first.
The annual general meeting of Dish TV is scheduled on November 30 and if YES Bank does not get any relief from the Supreme Court on Monday, it will be easier for the current management of Dish TV to get all resolutions passed, said a legal source. YES Bank wants to remove the directors of Dish TV and appoint its own nominees on the board and had asked the company to call an EGM.
According to Dish TV statement to the stock exchanges this month, it had received a notice issued by the Crime Branch, Gautam Budh Nagar, in respect of an investigation being conducted by them. “The company has been informed that the Crime Branch has issued a notice under Section 102 of the Cr. P.C, 1973, to YES Bank, restricting YBL from dealing in and/or exercising any rights over equity shares of the company held by YBL till completion of the investigation or till further orders,” it said. YES Bank did not answer emails or text messages, seeking comments.