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Dish TV vs Yes Bank: SEBI can take action, Bombay HC clarifies

A single judge bench of Justice AK Menon of the Bombay High Court indicated today that certain pending petitions in Dish TV’s AGM case will have no bearing on compliance with Securities and Exchange Board of India’s regulations, lawyers involved in the matter told BloombergQuint. The issue came up after Yes Bank Ltd. pointed to SEBI’s letters to Dish TV India Ltd.

SEBI has directed Dish TV to disclose the results of its annual general meeting held on Dec. 30. In response, Dish TV has told the regulator that the matter is pending before the high court on the specific issue of declaration of results.

The pendency of this issue should not influence SEBI’s actions under its regulations, the high court clarified. The court’s written order is yet to be made public.

To recap, Dish TV’s promoter entity World Crest Advisors LLP filed a suit in the Bombay High Court against Yes Bank and Catalyst Trusteeship Ltd. — a securities trustee — claiming it is the owner of over 44 crore equity shares of Dish TV which are presently held by Yes Bank in its demat account. While contesting the ownership of these shares, World Crest, in an interim application, also sought to restrain Yes Bank from voting at the Dish TV AGM.

A single judge bench of Justice Colabawalla, on Dec. 23, allowed Yes Bank to vote in the AGM. But it also said the results of the AGM will abide by the outcome in World Crest’s suit claiming Yes Bank’s shares in Dish TV. On Thursday, World Crest told the high court bench of Justice Menon that it intends to file a review petition against the Dec. 23 order.

Appearing for World Crest, Senior Advocate HM Seervai alleged that certain facts were suppressed by Yes Bank before Justice Colabawalla’s bench. Consequently, it’s likely to file a review petition soon, Seervai told Justice Menon’s bench. Bloomberg Quint

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