Tag: up police

Supreme Court stays notice by UP police on Yes Bank in Dish TV case

Banking & Finance

[ad_1]

Read More/Less


The Supreme Court on Tuesday has stayed a notice by the Uttar Pradesh policy on Yes Bank from exercising its voting rights in the Dish TV annual general meeting.

This is a big relief to the private sector lender who can now participate in the AGM of Dish TV, which is being held today.

The bank had filed a petition with the Supreme Court against the decision of the Allahabad High Court, which had dismissed its plea on de-freezing of voting rights.

Yes Bank is the largest shareholder of Dish TV with about 25 per cent stake. It had earlier called for an EGM for removal of Dish TV’s Managing Director Jawahar Goel and four other directors and also the appointment of new directors on the grounds that the current board had approved a rights issue merely to dilute the bank’s shareholding and was not following good corporate governance norms.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Notices sent to Dish TV, YES Bank; UP Police freezes bank’s stake in DTH firm, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The crime branch of the Gautam Buddha Nagar in Uttar Pradesh has sent notices to Dish TV and private sector lender Yes Bank under Section 102 of the CrPC and taken custody of the shares held by the bank in the direct-to-home (DTH) firm.

The local police have also formed a special investigation team under the direction of the commissioner of police, Gautam Buddha Nagar, to investigate an FIR lodged on September 12, 2020, on a complaint by Subhash Chandra, chairman of the Essel Group.

The notice was issued on November 5, by Girish Prasad Raj, the in-charge inspecting officer of enquiry. As per the notice, a copy of which was accessed by ET, the police have taken custody of the 44,53,48,990 shares of Dish TV (amounting to over 24.19% stake), which are currently with YES Bank.

After the notice, Yes Bank has been restrained from any transaction of these shares or exercising any rights as a shareholder till further orders or until completion of the investigation.

Replying to an ET query, a YES Bank spokesperson said, “As a matter of policy, we don’t revert on client-specific issues and actions being taken by the bank. However the bank is not in receipt of any such notice from any authority at this point in time.”



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,