Dish TV board cites rules, rejects YES Bank's demands to hold EGM

The lender, which holds 25.93% stake stake in Dish TV, had sought the removal of the firm’s directors Jawahar Lal Goel and four others, and appointment of its own nominees

The board of Dish TV Ltd (DTL) rejected on Wednesday, YES Bank’s demand to hold an extraordinary general meeting (EGM) to consider resolutions, citing regulatory limitations and absence of prior approvals from the government and lenders. Private lender YES Bank, which holds 25.93 per cent stake stake in DTL, had sought the removal of DTL directors Jawahar Lal Goel and others, and appointment of the bank’s own nominees.

The bank had sought their removal for alleged hasty and arbitrary decisions to proceed with the rights issue despite objections raised by the lender. DTL in filing with BSE said the board considered the factual background, the legal advice and the opinions received from various legal experts.

YES Bank is a banking company and its stake in DTL arises from the invocation of pledges shares. Hence, there are embargos under regulations and laws (Banking Regulation Act, 1949 and Sebi’s Substantial Acquisition of Shares and Takeovers regulations) which prevents it from placing resolutions before the shareholders. YES Bank also needs to get prior approval from the government (Ministry of Information and Broadcasting) in respect of national security clearance, and company’s Lenders before placing such proposals before shareholders….Read More

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