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NCLT to hear Dish TV-Yes Bank matter on December 22

The tussle between Dish TV and its largest shareholder YES Bank began in February, when Dish TV approved a rights issue of Rs 1,000 crore.

November 23, 2021 / 11:32 AM IST
 
 
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The National Company Law Tribunal (NCLT) has kept the Dish TV-Yes Bank matter for further hearing on December 22.

The court presided by Justice Suchitra Kanuparthi granted two-weeks' time to YES Bank and Dish TV's largest shareholders to file reply.

Can Yes Bank shares return to its 52-week high?

Judge Kanuparthi further said that Dish TV could file a rejoinder, if any ,within one week.

"List the matter for further hearing on December 22," she said.

Close

YES Bank, which holds a 25.63 percent stake in Dish TV, sought NCLT's direction to Dish TV's board to call for an extra ordinary general meeting (EGM).

Upon filing of the application by YES Bank, the matter was heard by NCLT, Mumbai Bench on October 27. During the hearing, counsel appearing for Dish TV, Navroz Seervai referred to the Bombay High Court order in the Zee Entertainment-Invesco matter saying that the order clarified that in such matters NCLT has no jurisdiction to entertain this kind of plea.

On the other hand, YES Bank sought NCLT's intervention to direct Dish TV to call for an EGM or provide shareholder details to YES Bank so that they can call the meeting on their own.

Dish TV Rs 1,000 crore rights issue critical for business survival

The tussle between Dish TV and its largest shareholder YES Bank began in February, when Dish TV approved a rights issue of Rs 1,000 crore.

On May 28, Dish TV made a press announcement regarding its intention to proceed with the Rs 1,000 crore rights issue despite YES Bank asking the company to desist from proceeding without consulting significant shareholders.

On September 3, YES Bank objected to the approval and sought the reconstitution of the board. It stated: “The board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the company being various banks and financial institutions holding about 45 percent shareholding in the company.”

YES Bank sent a notice to Dish TV on September 23 to call for an EGM seeking changes in Board.
However, Dish TV said in an exchange filing on October 13 that the EGM could not be called.
Maryam Farooqui
first published: Nov 23, 2021 11:32 am

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