Supreme Court stays notice by UP police on Yes Bank in Dish TV case

The Supreme Court on Tuesday has stayed a notice by the Uttar Pradesh policy on Yes Bank from exercising its voting rights in the Dish TV annual general meeting.

This is a big relief to the private sector lender who can now participate in the AGM of Dish TV, which is being held today.

The bank had filed a petition with the Supreme Court against the decision of the Allahabad High Court, which had dismissed its plea on de-freezing of voting rights.

Yes Bank is the largest shareholder of Dish TV with about 25 per cent stake. It had earlier called for an EGM for removal of Dish TV’s Managing Director Jawahar Goel and four other directors and also 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 Hindu BusinessLine