Dish TV levels fresh allegations against YES Bank, writes to SEBI over violation of Takeover Regulations bid

New Delhi: Direct-to-Home service provider Dish TV has levelled fresh allegations against YES Bank, stating that the latter is trying to oust the board of directors of Dish TV which is an apparent bid to violate the Takeover Regulations.

Dish TV has alleged by proposing to remove the existing board of directors, YES Bank triggers an open offer, which could thus lead to YES Bank acquiring control over the company.

“The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations. If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution(s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company,” Dish TV said in its letter to SEBI.

Yes Bank Ltd holds 25.63 per cent equity of Dish TV, and is the single largest shareholder of the company.

Dish TV has also sought SEBI's intervention thwart Yes Bank from its bid to reconstitute the company's board and withdraw the extraordinary general meeting (EGM).

“The company further requests your good offices to issue necessary directions in the matter to YES Bank to immediately withdraw the EGM notice sent to the company and to cease and desist from taking any further actions in respect of the EGM notice and not continue the violations of the Takeover Regulations,” Dish TV said.

It may be mentioned here that earlier Yes Bank had sent notice to Dish TV, for reconstitution of the board in the AGM of the company, which was scheduled to be held on September 27, 2021.

In the EGM notice, Yes Bank has sought to remove Rasllmi Aggarwal, Bhagwan Das Narang, Shankar Agganval and Ashok Mathai Kurien from the board of Dish TV besides Managing Director Jawahar Goel.

Yes Bank, which is opposing Rs 1,000 crore right issues by the Subhash Chandra led Essel group firm, has also sent name of seven people - two Non-Executive Directors and five Independent Directors - to be nominated on the board of the company.