Bombay HC dismisses Dish TV promoter’s plea to restrain Yes Bank to vote in EGM

Adivision bench of the Bombay High Court on Thursday dismissed the petition filed by Dish TV’s promoter group firm, seeking to restrain Yes Bank from voting at the DTH operator’s extraordinary general meeting. Promoter group entity World Crest Advisors LLP had earlier challenged the June 17 order passed by the single bench of the High Court — which did not give the ad-interim relief to it pending hearing and final disposal of the suit — to restrain Yes Bank from voting at the EGM of Dish TV scheduled to be held on June 24, 2022. ”The Division Bench of the Court, through an order pronounced today, has dismissed the Appeal so filed by the Plaintiff (World Crest Advisors LLP). The order of the Hon’ble High Court in the matter is yet to be published,” informed Dish TV in a regulatory filing.

Earlier, on May 19, Dish TV had informed the exchanges that the board of the company has approved the convening of EGM of the equity shareholders on Friday, June 24, 2022, through video conferencing and other audio-visual means.

In the EGM notice, Dish TV had said EGM would consider the re-appointment of Jawahar Lal Goel as the Managing Director of the company for the period from April 1, 2022, to March 31, 2025.

It would also take up the proposal to reappoint Anil Kumar Dua as a whole-time director of the company.

In addition to that, the EGM would consider the appointment of its former chief executive officer RC Venkateish as a non-executive independent director.

The private sector lender and the promoter family led by Dish TV chairman and managing director Jawahar Goel are locked in a legal battle over board representation on the Essel group firm DTH arm.

Last year, Yes Bank had moved a proposal for EGM and had sought to remove four directors from the board of Dish TV besides Jawahar Goel.

However, the request to call EGM was rejected by the board of the company. Earlier, shareholders of Dish TV had rejected all three proposals, including the adoption of financial statements and reappointment of Ashok Mathai Kurien as director, at its AGM held on December 30, 2021. (https://expo.aspe.org/)

Yes Bank had sought reconstitution of Dish TV board by removing Managing Director Jawahar Goel and four other directors, which was contested by Subhash Chandra family-led promoters, and the matter went into litigation.

The bone of contention between Yes Bank and Dish TV is Rs 1,000 crore right issues by the group firm. PTI