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HC asks NCLT to hear Yes Bank plea against Dish TV on Nov 3

Yes Bank, the largest shareholder in Dish TV with a 25.63% stake, had moved the NCLT’s Mumbai bench asking the bankruptcy tribunal to issue directions to Dish TV to hold an extraordinary general meeting (EGM).

HC asks NCLT to hear Yes Bank plea against Dish TV on Nov 3
The lender, which had also sought convening of an EGM, alleged that Dish TV’s board had approved a Rs 1,000-crore rights issue despite its objections.

The Bombay High Court on Friday directed the National Company Law Tribunal (NCLT) to hear an application filed by Yes Bank against satellite service provider Dish TV India on November 3.

Yes Bank, the largest shareholder in Dish TV with a 25.63% stake, had moved the NCLT’s Mumbai bench asking the bankruptcy tribunal to issue directions to Dish TV to hold an extraordinary general meeting (EGM).

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The private lender had been embroiled in a legal tangle with the direct-to-home operator. The lender had earlier sought for removal of Dish TV’s five directors — including Jawahar Lal Goel and Bhagwan Das Narang — accusing them of corporate governance issues and reconstitution of its board.

The lender, which had also sought convening of an EGM, alleged that Dish TV’s board had approved a Rs 1,000-crore rights issue despite its objections.

In September, Dish TV’s chairman Jawahar Lal Goel resigned as a director, weeks after he had expressed his unwillingness to seek reappointment.

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First published on: 08-10-2022 at 03:00 IST