The Allahabad High Court on Thursday dismissed a petition filed by YES Bank against the Uttar Pradesh police order limiting voting rights on shares of live television channel Dish TV India. The bank, which owns 24.19% of the capital of Dish TV India, appealed to the Supreme Court on Friday and the case will be raised on Monday.
Dish TV shares were frozen by UP police following a complaint filed last year by Essel Group founder Subhash Chandra against previous management led by Rana Kapoor over a deal merger negotiated by the bank between Videocon D2H and Dish TV. The HC said there are other remedies available to the bank to unfreeze its actions and that it should apply those remedies first.
Dish TV’s annual general meeting is scheduled for November 30 and if YES Bank does not get any relief from the Supreme Court on Monday, it will be easier for Dish TV’s current management to pass all resolutions, a source said. legal. YES Bank wants to remove the directors of Dish TV and appoint its own candidates to the board of directors and had asked the company to convene an EGM.
According to Dish TV’s statement to the stock exchanges this month, he had received a notice from the criminal branch, Gautam Budh Nagar, regarding an investigation by them. “The company has been informed that the Crime Branch has issued a notice under Section 102 of Cr. PC, 1973, to YES Bank, prohibiting YBL from trading and / or exercising rights in the shares of the company held by YBL until the investigation is completed or until further orders ”, a he declared. YES The bank did not respond to emails or texts, asking for comments.