HC nixes Dish TV promoter plea against Yes Bank
Premium- World Crest sought permission to exercise voting rights in respect of the suit shares, or pledged shares under dispute, at the EGM.
Bombay High Court on Friday rejected a petition by World Crest Advisors LLP, a Dish TV promoter group firm, asking the court to prevent Yes Bank from voting at the company’s extraordinary general meeting (EGM) on 24 June with regard to 440 million shares of the company.
A bench led by Justice A.K. Menon denied the request for an ad-interim injunction to prevent Catalyst Trusteeship Ltd and Yes Bank from taking part in or exercising any rights, including voting rights, in the EGM.
In its petition, World Crest sought permission to exercise voting rights in respect of the suit shares, or pledged shares under dispute, at the EGM. It also sought to restrain Catalyst Trusteeship and Yes Bank and their agents or nominees from interfering or seeking participation in the management of the affairs of the company. World Crest also sought declaration that it is the owner of 440 million equity shares of Dish TV that are currently held by Yes Bank in its demat account.
“Catalyst Trusteeship is in violation of the Security Trustee Agreement and World Crest is fully entitled to redeem the shares pledged," World Crest Advisors said.
The court said that there was “serious dispute" as to whether Yes Bank is a nominee or transferee of the shares.
“There is no nomination but there is an illegal transfer as the twin pledge deeds provide for Catalyst to act as proxy for the applicant. There is no documentation establishing such nomination," submitted senior counsel N.H. Seervai appearing on behalf of World Crest.
Yes bank was not a pledgee, it said. “It is not even a party to the pledge deeds," the counsel contended.
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On Friday, Yes Bank said it is entitled to exercise voting rights and that they have been exercising voting rights in the past.