Delhi Court bars Yes Bank from selling Dish TV stake
Private lender Yes Bank NSE 2.37 % has been barred from selling stake in Dish TV NSE -1.54 % India, which it had acquired by invoking pledged shares in May. South District court in New Delhi has granted the injunction against sale of Dish TV shares.
Yes Bank disclosed on May 29 that it had acquired 24.19% stake (44,53,48,990 equity shares) in Dish TV following invocation of pledged shares due to a debt default by the DTH service provider and other Essel Group firms.
However, Dish TV, in a letter to Yes Bank on May 31, said it had not pledged any shares and that being a DTH licence holder, prior approval from the information and broadcasting ministry was required to effect a transfer of shares.
District judge for south district court Vinay Kumar Khanna granted the interim protection restraining transfer or sale of Dish TV shares and other securities, on a commercial civil suit filed by five firms -- Last Mile Online, Mumbai WTR, Elouise Green Mobility, Living Entertainment Enterprises and Evenness Business Excellence Services. “Defendants are restrained from proceeding further… ” the court said.