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MUMBAI : World Crest Advisors LLP, the promoter entity of Dish TV India, on Monday challenged the ruling by a single-judge of the Bombay High Court before a division bench, in its efforts to restrain YES Bank from voting in the extraordinary general meeting on 24 June.

On 17 June, Justice AK Menon rejected the Dish promoters’ plea seeking an ad-interim relief to prevent Catalyst Trusteeship Ltd and Yes Bank from participating in and/or exercising any right, including voting rights, at the EGM.

The division bench of the Bombay High Court, comprising Justices GS Patel and MJ Jamdar, has agreed to hear the matter on 22 June.

The voting process on Dish TV’s proposal to extend chairman and managing director Jawahar Goel’s tenure on the company’s board for another three years, is underway. The EGM started on 20 June and will continue till 24 June.

Yes, Bank, the largest shareholder with a 24.78% stake, or shares worth 47.19 crore, in the company, is expected to vote against the proposal. Catalyst Trusteeship is a security trustee for the shares that were pledged to Yes Bank.

The development is the latest in the dispute between Yes Ban-and Goel. YES Bank, a lender to the direct-to-home company, had raised issues related to the company’s corporate governance practices and fundraising plans. The legal tussle started in January when Dish moved the high court to restrain Yes Bank from voting at the EGM.

In its petition, World Crest had sought permission to exercise its voting rights in respect of shares pledged under the dispute at the EGM, and restrain Catalyst Trusteeship and Yes Bank and their servants and agents or nominees from interfering or participating in the management of the company’s affairs.

World Crest had also sought an order recognising its ownership of Dish TV’s 440 million equity shares currently held by Yes Bank in a demat account.

On 17 June, Yes Bank had argued that it was entitled to exercise its voting rights and the “balance of convenience" does not favour World Crest.

The private sector lender had earlier demanded an EGM of shareholders to oust Goel, along with four other directors besides reconstitution of the board, citing corporate governance lapses.

The application was submitted in response to a notice by Dish TV issued on 25 May, asking for reappointment of Goel, after his term ended in March.

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