HC refuses to give relief to dish promoters

Separately, a fresh case was filed against Yes Bank by a group of Dish TV shareholders before a companies court in Mumbai, alleging that the bank was “acting unlawfully”. Will hear the petition filed by the Mumbai Bench of the National Company Law Tribunal. According to an executive familiar with the development, Trilok Chand Jindal, “authorized representative of the shareholders of Dish TV”, on Friday.

“The company has been given a copy of a petition dated December 22,” Dish TV said in a disclosure to the exchanges.

Anticipating fresh lawsuits, Yes Bank last week filed a caveat that allows the bank to present its arguments in the tribunal if it presides over any of the complaints brought before it, Mint reported on December 16. reported in his version. A senior Yes Bank official had then said that fresh suits were being filed to prevent the bank from exercising its voting rights at the shareholders’ meeting.

Dish TV cannot postpone its annual meeting to the next year as the current rules governing public companies only allow a maximum time till the end of the calendar year to convene a meeting.

The dispute between the promoters of Dish TV and Yes Bank began when the bank, in a September 5 letter, sought reconstitution of the board of Dish TV, including the removal of Chairman and Managing Director Jawahar Goyal and the addition of seven directors.

Goyal is the younger brother of Essel Group founder Subhash Chandra and holds a 5.93% stake in Dish TV, while Yes Bank holds a 25.63% stake.

The ongoing battle between Dish TV and Yes Bank has prompted proxy advisory firm Institutional Investor Advisory Services India Limited (IIAS) to criticize the Dish TV management.

What started as an assertion of its rights as a bank, first as a lender and then as a shareholder, has now metastasized, IIAS said in a note to customers on Thursday. The promoters of TV have adopted a single-minded strategy. Stop Yes Bank, they have probably done their hand and risk causing irreparable damage to a microcosm of the lending ecosystem. We have spent time attracting capital through ease of doing business policies, of which confidence in our markets is an important component. This trust is now being eroded, which is why the matter is now only with the promoters of Dish TV and Yes Bank is not in the middle. MCA, SEBI and RBI all need to step in.”

An email sent to Yes Bank seeking comment did not elicit any response.

A Dish TV spokesperson said, “Dish TV is not involved in any such litigation.”