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dish tv requests nclt to reject yes bank’s application – dish tv requests nclt to reject yes bank’s application

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dish tv requests nclt to reject yes bank’s application – dish tv requests nclt to reject yes bank’s application

New Delhi, Nov 23 (PTI) Dish TV has sought dismissal of the plea filed by its largest shareholder Yes Bank in the National Company Law Tribunal (NCLT).

DTH service provider Dish TV has applied to the Mumbai bench of the NCLT to quash Yes Bank’s plea seeking to convene an extraordinary general meeting (EGM) of the company. For this, Dish TV has argued that Yes Bank does not have the required 10 per cent shareholding to call the EGM.

Yes Bank has sent a notice regarding the removal of Jawahar Goyal and four other directors from the post of Managing Director of Dish TV. It has applied for convening the EGM before the NCLT following the negative stand of the board of the Essel Group company in this regard.

Yes Bank holds 24.19 percent stake in Dish TV, but the Essel Group company has disputed this shareholding and said that Noida Police’s crime branch is investigating this. It claims that in such a situation, Yes Bank does not fulfill the requirement of 10 percent stake required to call the EGM.

Dish TV has told the Mumbai bench of NCLT that along with dismissing the application of Yes Bank, its cost should also be recovered from it. It has also apprised the stock exchanges about this development.

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