Mumbai Dish TV India’s promoter arm World Crest Advisors LLP on Monday challenged the Bombay High Court’s single-judge decision before a division bench in its efforts to bar Yes Bank from voting in the extraordinary general meeting on 24th March. june.
On June 17, Justice AK Menon dismissed the plea of Dish promoters seeking ad-interim relief to restrain Catalyst Trusteeship Ltd and Yes Bank from participating in and/or exercising any rights, including voting rights, at the EGM. Gave.
A division bench of the Bombay High Court, comprising Justice GS Patel and Justice MJ Jamdar, has agreed to hear the matter on June 22.
The process of voting on the proposal to extend the tenure of Dish TV Chairman and Managing Director Jawahar Goyal on the company’s board for three more years is underway. The EGM began on June 20 and will continue till June 24.
Yes, Bank, the largest shareholder holding 24.78% stake, or the value of the shares 47.19 crore in the company, is expected to vote against the proposal. The Catalyst Trusteeship is a security trustee for the shares which were pledged to Yes Bank.
The developments are fresh in the dispute between Yes Ban and Goyal. Direct-to-home company’s lender Yes Bank had raised issues related to the company’s corporate governance practices and fundraising plans. The legal battle began in January when Dish moved the High Court to bar Yes Bank from voting at the EGM.
In its petition, World Crest had sought permission at the EGM to exercise its voting rights in respect of the pledged shares under dispute, and the originator trusteeship and Yes Bank and their servants and agents or nominees to interfere or interfere with the management of the company. Requested to stop participating. case
World Crest had also sought an order to recognize the ownership of 440 million equity shares of Dish TV, which is currently held in a demat account with Yes Bank.
On June 17, Yes Bank had argued that it was entitled to exercise its voting rights and that the “balance of convenience” does not favor World Crest.
The private sector lender had earlier sought an EGM of shareholders to reconstitute the board, besides Goyal, four other directors, citing corporate governance lapses.
The application was submitted in response to a notice issued by Dish TV on May 25, asking for re-appointment after Goyal’s tenure ended in March.