Entertainment · June 24, 2022

Dish TV: Bombay High Court dismisses Dish TV promoter’s lawsuit against YES Bank

The Bombay High Court on Thursday dismissed an appeal by World Crest Advisors, a project sponsoring company of , who challenged the single-chamber court’s ruling.

The divisional bench of Justice GS Patel and Justice MJ Jamdar, in their oral order, found that the company’s arguments were unfounded.

“World Crest, in our view of equitable consideration, did not make a case,” the court said in its oral order.

World Crest Advisors had contacted the department bank on Monday, challenging the Bombay High Court’s decision.

Last week, on Friday, the retail bank denied the promoter’s motion to seek an order barring YES Bank from attending or voting at the company’s June 24 Extraordinary General Meeting (EGM).

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In his decision, the single judge had rejected the application on the grounds that “temporary legal protection on the basis of the arguments put forward to him” did not exist.

The matter is being conducted between the promoter family

Chairman and Managing Director Jawahar Goel and YES Bank, a lender to the company, on corporate governance and fundraising plans.

YES Bank holds a 24.19% stake in Dish TV as it relies on pledged shares (via Catalyst Trustee) under some loan agreements with some Essel group companies owned by Subhash Chandra.

Dish TV’s promoters claim that they were neither borrowers nor guarantors of loans from YES Bank. Senior Counsel Darius Khambata and JP Sen join Cyril Amarchand Mangaldas’ Gathi Prakash to perform for YES Bank and Catalyst Trusteeship, while Senior Advocate Navroz Seervai joins law firm ANB Legal for World Crest.

BSE-listed Dish TV is represented by Senior Advocate Aspi Chinoy and Rugved More of L&L Partners.