The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday gave the green signal to private sector lender Yes Bank to vote in the forthcoming annual general meeting (AGM) of Dish TV.
The NCLT was hearing an application moved by few shareholders of Dish TV who had sought to restrain Yes Bank to cast its vote on a proposal in the AGM that pertained to the re-appointment of Ashok Mathai Kurien as a director.
Yes Bank is the single largest shareholder in the DTH company with a stake of 25.6 per cent.
On October 13, the board of Dish TV had rejected the requisition notice made by the bank to hold an extraordinary general meeting to reconstitute its board, saying that it requires certain prior approvals.
Earlier, in the requisition notice of September 21, 2021, Yes Bank Ltd had sought to remove its managing director Jawahar Goel along with four other directors Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Kurien.
Yes Bank, had also suggested seven people which included two non-executive directors and five independent directors to be nominated on the board of the company.
The lender had also sent a notice to Dish TV, for reconstitution of its board in the AGM of the company, which was first scheduled to be held on September 27, 2021 and later postponed to November 30.
Earlier this month, the company said that it will hold the shareholders meet on December 30.
Recently, World Crest Advisors LLP, a promoter group entity, had filed a petition against Catalyst Trusteeship Ltd and Yes Bank at the Bombay High Court saying that it is the owner of the 44 crore shares held by the bank. This was however, rejected by the Bombay High Court.
Shares of Dish Tv on Friday ended with gains of almost five per cent at Rs 18.25 in the BSE. Telegraph India