Bombay High court turns down Dish TV plea in ownership row with Yes Bank

Bombay High Court rejects plea by DishTV promoter seeking interim relief against Yes Bank in dispute over shares. Justice AK Menon rejected the plea seeking an order restraining Yes Bank, a shareholder of DishTV, from exercising its right over shares held by the bank. World Crest Advisors LLP, a promoter group entity of Dish TV, has sought the Bombay High Court's intervention to declare it the owner of more than 440 million shares (about 24.19% stake) of the direct-to-home (DTH) company that its lender Yes Bank holds currently. Dish TV promoter moves court for ownership of shares held by Yes Bank. The development comes at a time when Yes Bank, the largest shareholder in the DTH company, has already approached the National Company Law Tribunal (NCLT) seeking a direction to the Dish TV board to call an extraordinary general meeting (EGM)

World Crest Advisors LLP, a promoter group entity of Dish TV, has sought the Bombay High Court's intervention to declare it the owner of more than 440 million shares (about 24.19% stake) of the direct-to-home (DTH) company that its lender Yes Bank holds currently. The development comes at a time when Yes Bank, the largest shareholder in the DTH company, has already approached the National Company Law Tribunal (NCLT) seeking a direction to the Dish TV board to call an extraordinary general meeting (EGM) of the shareholders for a board reconstitution. On Sunday, the company said in a stock exchange filing that the promoter group entity has approached the court against Catalyst Trusteeship and Yes Bank, with the prayer that it is the owner of the shares of the company which are currently held by Yes Bank in its demat account. The petition also seeks the court's intervention to recognise World Crest Advisors as its shareholder for these 440 million equity shares, instead of Yes Bank or any person/entity claiming through the lender. As per the Bombay High Court website, World Crest Advisors approached the court on December 16.