The Mumbai bench of the National Company Law Tribunal has adjourned the Yes Bank-Dish TV matter to December 22. The case came up for hearing before a division bench of members Suchitra Kanupurthi and Anuradha Bhatia on Tuesday.
Yes Bank, which is the largest shareholder of Dish TV, had approached the NCLT seeking direction to the board of the direct-to-home company to call for an extraordinary general meeting(EGM). The private sector lender holds about 25 per cent stake in Dish TV.
It had sought the EGM for the removal of its Managing Director Jawahar Goel and four other directors as well as 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.
The Dish TV board had met on October 13 and had unanimously agreed that the EGM could not be called. “The matter was adjourned by the NCLT till December 22 for completion of pleadings,” said a lawyer.
Dish TV had in a stock exchange filing on November 22 said it was served with an advance copy of a petition, proposed to be filed by Yes Bank before the NCLT, Mumbai Bench.
Prashant Kumar, Managing Director and CEO, Yes Bank, during the second quarter results press conference had said the lender is doing everything to secure the asset and will explore legal recourse to maximise the recovery.
Dish TV had previously also postponed its annual general meeting that was scheduled to be held on September 27. It is now scheduled to hold its annual general meeting on November 30.
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