High Court reserves order in Yes Bank-Dish TV case

A division bench of the Bombay High Court on Wednesday reserved its order in a petition after a single bench failed to restrain Yes Bank from voting at Dish TV India’s extraordinary general meeting (EGM).

World Crest Advisors, a promoter entity of Dish TV, had moved the division bench on Monday after a single judge bench of the high court had declined to provide an interim relief that sought to prevent Yes Bank from voting at Dish TV’s EGM. The satellite operator’s EGM is scheduled for June 24.

The single judge, in his order, had rejected an ad-interim petition seeking to restrain Catalyst Trusteeship (a security trustee for the shares that were pledged to Yes Bank) and Yes Bank from participating and voting at the EGM.

Yes Bank, which is the largest shareholder in Dish TV with a 25.63% stake, is embroiled in a legal tangle with the latter.

According to the EGM notice issued last month, Dish TV had sought shareholders’ approval for re-appointment of Jawahar Lal Goel as its managing director (from April 1, 2022 to March 31, 2025), re-appointment of Anil Kumar Dua as whole-time director (from March 26, 2022 to March 25, 2025) and Rajagopal Chakravarthi Venkateish as a non-executive independent director.

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