SC orders stay on criminal proceedings against Yes Bank

SC orders stay on criminal proceedings against Yes Bank

Dish TV has informed its shareholders on postponement of the 33rd AGM scheduled for 30 Nov.

Yes Bank, Dish TV India

Mumbai: The Supreme Court on Tuesday ordered a stay on the criminal proceedings against Yes Bank initiated by Essel group founder Subhash Chandra. The court has granted three weeks to file the counter affidavit.

Furthermore, Dish TV India has informed its shareholders on the postponement of its 33rd annual general meeting that was scheduled for 30 November. The company has received approval for an extension for time for holding the AGM by the Registrar of Companies. While Dish TV India has not announced the next date for the AGM, the period cannot exceed more than one month from the current scheduled date of the AGM.

On 6 November, Dish TV India had disclosed that it received a notice from the crime branch in Gautam Buddh Nagar restricting Yes Bank from dealing in/and or exercising any rights over equity shares of Dish TV India held by Yes Bank until completion of an investigation being conducted by them. There were no details of the nature of the investigation disclosed. Yes Bank moved to the Allahabad high court to quash the case which later escalated to the Supreme Court.

Earlier, Yes Bank, which has a 25.63 per cent shareholding in Dish TV India, had sought the removal of directors of the company including managing director Jawaher Lal Goel and independent directors Dr. Rashmi Aggarwal, Bhagwan Das Narang, Shankar Agarwal, and Ashok Mathai Kurien by calling for an extraordinary general meeting (EGM) of shareholders.

The bank proposed the appointment of a new board including Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjape, Narayan Vasudeo Prabhutendulkar, and Arvind Nachaya Mapangada.

Dish TV India board rejected the EGM notice by Yes Bank stating that a resolution to reconstitute the board can only be placed post receipt of approval from the ministry of information and broadcasting and other requisite approvals for appointment of new directors, within statutory guidelines.

Yes Bank had moved to National Company Law Tribunal, Mumbai with a petition to call for an EGM of shareholders of Dish TV India and pass its resolution.