Yes Bank Ltd has approached the Bombay High Court requesting it to direct Dish TV (India) Ltd. to disclose publicly the results of its Dec. 30 annual general meeting. It has also sought that the AGM results be given effect to by Dish TV.
High Court Order Does Not Bar Disclosure/Implementation Of AGM Result: Yes Bank
Yes Bank’s case is that the high court order does not in anyway prohibit the publication of the AGM results.
In its application to the court this week, it has laid down the background to the case and detailed how various Essel Group entities had made more than six attempts to block the bank from exercising its rights as a shareholder of Dish TV. And, that these efforts had been rebuffed by the Supreme Court, Delhi High Court, Bombay High Court and National Company Law Tribunal.
The bank has argued that in the Dec. 23 order, the Bombay High Court refused to postpone the Dish TV AGM or stay its outcome or restrain Yes Bank from voting on its shares. All the court granted was that the results of the AGM would 'abide by' the court’s ruling in the interim application.
By refusing to declare the AGM results, Dish TV is circumventing the orders of the high court, Yes Bank’s petition claims.
The outcome of the shareholder meeting and vote of a listed entity cannot be kept in secret and in abeyance from its shareholders and the stock exchanges, Yes Bank argues.
The bank has requested the court to direct the declaration of the results of the AGM as well as order the implementation of the results.
The date on which Yes Bank’s application will come up for hearing in the court is not known yet.
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