Yes Bank-Dish TV Dispute: SC stays police notice to freeze voting rights

Asia's Tech News Daily

Yes Bank-Dish TV Dispute: SC stays police notice to freeze voting rights
© Rakesh Patil Yes Bank-Dish TV Dispute: SC stays police notice to freeze voting rights

In a big relief to Yes Bank, the Supreme Court on November 30 stayed the Uttar Pradesh Police order, freezing the lender’s voting rights in the Dish TV annual general meeting.

A bench headed by Justice DY Chandrachud took serious exception to police action in a corporate matter and also stayed the investigation.

“We cannot permit police officers sitting in Gautam Buddha Nagar to freeze voting rights of a shareholder,” the bench said. “The police here did what even the National Company Law Tribunal did not do (freeze shares and voting rights).”

Senior Counsel Abhishek Manu Singhvi, representing Yes Bank, essentially questioned the validity of the police notice issued earlier this month, asking the bank to not act on the shares, that is to say not to sell the shares or even carry out voting rights that come attached with the ownership of the shares.

Terming the notice as an “extraordinary ingenious misuse of the criminal law”, Singhvi alleged that the notice of freeze on voting rights came at an opportune time only to prevent the bank, as the largest shareholder, from voting in the annual general meeting. “The FIR filed in the case had been languishing since August 2020,” he argued.

Yes Bank had disbursed loans of Rs 5,270 crore to Essel group and its sister concerns between 2016 and 2018. After the Yes Bank scam surfaced and the bank’s board was reconstituted, it acted on the Dish TV shares that were pledged with it and became owner of nearly 25 percent of the shares of the company. Yes Bank grabbed 25 percent ownership after the company’s promoter failed to pay the debt and the pledged shares were invoked as a response.

If Yes Bank votes during the Dish TV AGM, it may vote to change or refuse to reappoint directors. This, the bank contends, is a primary reason behind police action against the bank coming just ahead of the AGM.

Senior Counsel Kapil Sibal, representing Subhash Chandra, contested Yes Bank’s case and argued that there was never a genuine loan transaction between the bank and Dish TV and that the company was pressured into taking loan in order to “clean the books of Yes Bank”.

The court has agreed to hear the case at length on a future date and has issued notice on Yes Bank’s appeal and allowed the parties on the other side to file their response.

On Monday, Singhvi had sought an urgent hearing of the appeal. Chief Justice of India NV Ramana allowed to list the case for hearing on November 30 since the annual general meeting for which the voting rights were sought to be exercised by the bank ends on Tuesday.

Essel Group head Subhash Chandra had last year filed a police complaint against Yes Bank and its former-managing director Rana Kapoor with allegations of fraud in the merger deal between Dish TV and Videocon D2H. The complaint kicked off a police probe and as part of the investigation by the UP Police, the voting rights of the bank were frozen through a police notice sent on November 5.

Yes Bank had urged the Allahabad High Court to quash the criminal complaint against it and effectively let it exercise its voting rights during the annual general meeting of Dish TV, but the high court dismissed the plea, stating that the bank has other alternative remedies available under the law. On this dismissal, Yes bank had approached the Supreme Court in appeal.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

BMW Is Offering More GS Off-Road Training Courses In Australia

© RideApart.com BMW Is Offering More GS Off-Road Training Courses In Australia Develop your off-road skills with some of the most seasoned instructors out there. BMW Motorrad Australia has been ... Read more »

'God's will': Aishwaryaa Rajinikanth on her relationship with Dhanush

© Provided by Zee News New Delhi: Actor Dhanush broke many hearts after he announced his separation with wife Aishwaryaa Rajnikanth after 18 years of marriage on his social media ... Read more »

Australian Open: Sofia Kenin stunned

© Provided by Mid-Day American Madison Keys relied on her big serve on key points to outclass 2020 Australian Open champion Sofia Kenin 7-6 (2), 7-5 on John Cain Arena ... Read more »

Chatuchak Market: Breaking Even or Going Broke

Top image: Phobthum Yingpaiboonsuk/Rice Media Thailand Translation by: Will An eerie quiet descends on Chatuchak today. At this point, I’m more afraid of running into a zombie than a pickpocket. ... Read more »

COVID-19 hospitalizations hit staggering 10,000 patients as provinces set new records

Hospitalizations due to COVID-19 across Canada surpassed 10,000 patients for the first time Monday, an alarming sign of the impact the highly-transmissible Omicron variant has had on the country’s health-care ... Read more »

Fake courier man dupes Dahisar woman of Rs 42,500

© Provided by Mid-Day A Dahisar woman lost over Rs 40,000 after she called a technology company to seek the contact details of a few movers and packers. The woman ... Read more »

Watch: Odell Beckham Jr. shows off cannon arm with 40-yard bomb to Cam Akers

© Provided by Rams Wire The Los Angeles Rams are rolling against the Arizona Cardinals and despite being up 21-0 at the start of the second half, Sean McVay pulled ... Read more »

NFL World Reacts To Kyler Murray's Embarrassing Pick-6

© Provided by The Spun Cardinals quarterback Kyler Murray sitting on the ground after getting sacked. Very little went right for the Arizona Cardinals in the first half of Monday ... Read more »

Postponed Ranji Trophy likely to start in mid-February

© Provided by Mid-Day In a positive development for the country’s first-class cricketers, the Ranji Trophy that was postponed due to rising Covid-19 cases, is set to resume in mid-February. ... Read more »

Khairuddin gugur mesti bersebab, jelas segera, Nik Abduh beritahu pimpinan PAS

© Provided by Free Malaysia Today Penjelasan segera perlu diberikan kepada umum mengenai pemecatan Khairuddin Aman Razali daripada Jawatankuasa Kerja PAS Pusat, menurut Nik Mohamad Abduh Nik Abdul Aziz. (Gambar ... Read more »

Robert Lewandowski wins FIFA The Best Men's Player award, Alexia Putellas wins women's crown

Robert Lewandowski Bayern Munich’s Polish striker Robert Lewandowski won the FIFA Best Men’s Player award for 2021 with Barcelona’s Spanish midfielder Alexia Putellas winning the FIFA Best Women’s Player prize ... Read more »

HK police charge former aircrew over Covid rules

© Getty Images Hong Kong police say two former flight attendants have been arrested and charged for allegedly breaking the city’s coronavirus restrictions. Police said the two had “conducted unnecessary ... Read more »

Warriors co-owner Chamath Palihapitiya says he does not care about Uyghurs genocide

© Chuck Cook-USA TODAY Sports It appears the NBA has another controversy on its hands. The Golden State Warriors issued a statement on Monday to distance themselves from minority owner ... Read more »

Lakers linked to former Anthony Davis teammate Eric Gordon

© Brad Mills-USA TODAY Sports Eric Gordon (right0 was teammates with Anthony Davis in New Orleans for four seasons from 2012 to 2016. The Los Angeles Lakers may be going ... Read more »

Bears will interview Cowboys' Dan Quinn for head coach job this week

© Kevin Jairaj-USA TODAY Sports Jacksonville also requested to interview Cowboys defensive coordinator Dan Quinn for their vacant head coaching job, but Quinn denied the interview. Before joining Dallas, Quinn ... Read more »

Tata Safari Dark Edition launched at a starting price of Rs 19.06 lakh

Tata Safari Dark Edition price Tata Motors has launched the Dark Edition of its flagship SUV, the Tata Safari. The car remains mechanically unchanged, and mainly gets cosmetic changes turning ... Read more »

NBA roundup: Miles Bridges guides Hornets past Knicks

© Reuters/Wendell Cruz NBA: Charlotte Hornets at New York Knicks Miles Bridges scored a career-high 38 points as the visiting Charlotte Hornets drubbed the New York Knicks 97-87 on Monday ... Read more »

Steelers' WR JuJu Smith-Schuster expresses his desire to remain in Pittsburgh 'for life'

© Provided by CBS Sports JuJu Smith-Schuster turned down offers from the Chiefs and Ravens to sign a one-year deal to remain with the Steelers last offseason. Ironically, Smith-Schuster faced ... Read more »

49ers were bad enough against Dallas to lose, but just lucky enough to win

© Scott Strazzante/The Chronicle San Francisco 49ers tight end George Kittle scoops the ball off the turf during the fourth quarter of Sunday’s wild-card playoff game against the Dallas Cowboys. ... Read more »

North Monroe stabbing sends two to the hospital, suspect at large

Jan. 17—Two people were sent to the hospital after a stabbing late Sunday night on North Monroe Street. Police responded to reports of a stabbing at the intersection of North ... Read more »

Residents near Ottawa save driver after car sinks in frozen Rideau River

Residents near Ottawa used a kayak to save a woman whose car plunged into icy water after she drove on a frozen river, police said in a statement. © Ottawa ... Read more »

Russia-Ukraine tensions: Bipartisan US Senate delegation meets with Ukrainian President as Russian invasion threat looms

A group of seven US senators met on Monday with Ukrainian President Volodymyr Zelensky in the capital of Kyiv amid the looming threat of a potential Russian invasion of the ... Read more »

Ghana's frustrating Afcon 2021 threatens to add to generational angst

© Themba Hadebe A scuffle breaks out after between Gabon and Ghana players and team official during the African Cup of Nations 2022 group C soccer match between Gabon and ... Read more »

Anthony Martial 'rejects two Premier League offers' and more Man United transfer rumours

Anthony Martial has reportedly rejected two Premier League clubs in favour of staying at Manchester United this month. Tensions between the Frenchman and Ralf Rangnick came to a head on ... Read more »

Asian Stocks Up, Investors Continue Monitoring COVID-19 Recovery but See “Positive

© Reuters Asian Stocks Up, Investors Continue Monitoring COVID-19 Recovery but See “Positive By Gina Lee Investing.com – Asia Pacific stocks were mostly up on Tuesday morning, with investors continuing ... Read more »

Manchester United are the Premier League penalty kings - in pictures

© Alex Pantling NORWICH, ENGLAND – DECEMBER 11: Cristiano Ronaldo of Manchester United scores their side’s first goal from the penalty spot during the Premier League match between Norwich City ... Read more »

Fears of spiralling debt for consumers after Buy Now Pay Later surge

Shoppers face a new year debt crisis after the use of Buy Now Pay Later schemes surged by £1billion at Christmas. As a result, total festive spending using the method, ... Read more »

ICC Under-19 World Cup 2022: West Indies Thrash Scotland by Seven Wickets

© Provided by News18 ICC Under-19 World Cup 2022: West Indies Thrash Scotland by Seven Wickets Dunith Wellalage was again the star for Sri Lanka as he took a five-fer ... Read more »

Starbucks expands delivery services in China with Meituan tie-up

BEIJING (Reuters) -Starbucks said on Tuesday it has entered into a partnership with China’s Meituan that will allow its Chinese customers to order coffee delivery via the super-app’s platform. © ... Read more »

U.S. Senate panel to debate app store reform bill

WASHINGTON (Reuters) – A U.S. Senate panel is set on Thursday to debate a bill that aims to rein in app stores of companies that some lawmakers say exert too ... Read more »

Canadiens' Carey Price suffers setback, restarts injury rehab

Montreal Canadiens VP of hockey communications Chantal Machabee issued an update to reporters on Monday, saying that goalie Carey Price suffered a setback and is “essentially starting from scratch in ... Read more »

Punjab Elections 2022: Is Charanjit Channi Congress' CM face? Party tweets Sonu Sood's video to give a hint

© Provided by Jagran English Chandigarh | Jagran Politics Desk: In a massive setback to Navjot Singh Sidhu, the Congress on Monday veiledly declared that Charanjit Singh Channi will be ... Read more »

Rafa Benitez major embarrassment after 'comical' Liverpool intervention and forgotten dismissal

The 2004/05 season is one of the most memorable in Liverpool’s history. May 2005 saw Rafa Benitez guide the Reds to the Champions League with their historic victory over AC ... Read more »

Ilya Sorokin bails out Islanders in much-needed win over Flyers

It’s not particularly fair to declare Game 31 of 82 a must-win under any circumstances. But the Islanders will be breathing a sigh of relief after Monday. Between COVID-19 outbreaks ... Read more »

Barack Obama kisses his 'love, partner, best friend' Michelle Obama in her 58th birthday wish: Read post here

The former First Lady of the United States of America, Michelle Obama, turned 58 on January 17 and took to Twitter today (IST) to share a video of herself enjoying ... Read more »

Thaipusam 2022:Check out shubh muhurat, celebration, puja vidhi and significance of the day

© Provided by Jagran English New Delhi | Jagran Lifestyle Desk: Thaipusam, also known as Thai Poosam in Malayalam, is a Hindu festival celebrated in Tamil and Kerala. The day ... Read more »

NTO 2.0 – why is it a threat to the local cable operator as millions of jobs are at stake

It has been an uphill task for the cable and direct-to-home industry, post the implementation of the national tariff order 1, and just when things began to look a bit ... Read more »

Dak Prescott uncharacteristically nasty over Cowboys fans throwing trash at refs

© Provided by Cowboys Wire Things turned ugly at AT&T Stadium as the Cowboys’ first-round playoff game went final, but one team leader’s comments about it are leaving an aftertaste ... Read more »

Manila's weekly COVID-19 growth rate down by -7% —OCTA

© Danny Pata Outpatients line up outside the emergency section of San Lazaro Hospital in Sta. Cruz, Manila to seek medical help on Monday, January 10, 2022. Some of the ... Read more »

Budget 2022: Centre may stick to fiscal goals despite higher capex plan

© Provided by The Times of India NEW DELHI: The Centre is likely to continue with its fiscal consolidation plans in the 2022-23 Budget, despite lower than estimated receipts from ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic