Dish TV rejects Yes Bank’s EGM call

ZEE Group-operated Dish TV has rejected the call from Yes Bank, its largest shareholder, for an Extraordinary General Meeting (EGM), contending that doing so would be tantamount to violating the existing laws. The satellite TV provider took this decision at a board meeting on Wednesday (October 13, 2021), after taking into account the legal opinions from experts.

According to Dish TV, Yes Bank needs to undertake certain steps under the relevant provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

“Owing to YBL (Yes Bank Limited) being a Banking Company and YBL’s shareholding in the Company being a consequence of invocation of pledges, there are certain embargos under the provisions of the Banking Regulation Act, 1949 read with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, because of which the said resolutions cannot be placed before the shareholders,” Dish TV said in an exchange filing on Wednesday.

Yes Bank, which has 25.63% shares in Dish TV, wanted to hold an EGM in order to expel Managing Director Jawahar Lal Goel along with other existing directors from the satellite TV company.

Yes Bank is seeking to appoint new independent directors – Haripriya Padmanabhan, Akash Suri, Sanjay Nambiar, Girish Paranjpe, Arvind Nachaya Mapangada, Vijay Bhatt, and Narayan Vasudeo Prabhutendulkar.

Earlier, media reports indicated the possibility of Yes Bank taking legal recourse if Dish TV fails to convene the EGM by October 13.