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Dish TV asks Yes Bank to get MIB go-ahead on its share acquisition

Its statement that no regulatory clearance is needed is inaccurate.

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MUMBAI: Last Friday, YES Bank informed the stock exchanges that it had acquired 24.19 per cent stake in direct-to-home (DTH) operator Dish TV India Ltd. The latter said on Monday that the disclosure filed by the bank regarding the acquisition contains certain incorrect facts.

Moreover, it has highlighted another important aspect as per DTH License guidelines which clearly prohibit any change in equity structures of licensee company without prior approval from the ministry of information & broadcasting (MIB). Hence, it has stated that the acquisition of shares by Yes Bank without the ministry’s consent is against the DTH guidelines and has requested Yes Bank to obtain the green signal from the MIB prior to effecting their transfer.

"We would like to mention that your statement, ‘shares acquired on invocation of pledge subsequent to default/breach of terms of loan to Dish TV India Limited’ is an incorrect statement," Dish TV said in a filing to the BSE.

It also clarified that as on the date of the communication, the DTH platform was not in default of any payment obligations to Yes Bank under the financing facility availed from the lender.

“Further, you are also well aware that ‘no shares have been pledged by the promoters of Dish TV or any other entity for the loans availed by Dish TV from Yes Bank Ltd. Therefore, there cannot be any question of invocation of any pledged shares in relation to the loans availed by Dish TV from Yes Bank,”’ the DTH company's official added in the note filed with the BSE yesterday.

The bank had earlier in a note to the exchange informed that it  had acquired 44,53,48,990 equity shares having a nominal value of Re 1 per share.  “Shares have been acquired pursuant to invocation of pledge of the shares subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Essel Business Excellence Services Ltd, Essel Corporate Resources Private Ltd, Living Entertainment Enterprises Private Ltd, Last Mile Online Ltd, Pan India Network Infravest Ltd, RPW Projects Private Ltd, Mumbai WTR Private Ltd,” Yes Bank had said.

Dish TV has also requested Yes Bank to issue corrigendum to its earlier statement and inform the stock exchanges of the same.

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