2 min read.Updated: 31 Dec 2021, 07:09 AM ISTVarun Sood
Dish TV will submit the voting results in a sealed envelope to the Bombay high court
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The nearly-four-month fight between Dish TV India Ltd and its largest shareholder Yes Bank Ltd could stretch longer as Dish TV decided not to disclose the voting results of the three resolutions tabled before shareholders and, instead, submit the outcome of the voting results in a sealed envelope to the Bombay high court.
Dish TV will submit the outcome of the three resolutions to the Bombay high court in line with what the company claims was the court’s earlier order, it told the exchanges after its annual general meeting (AGM) on Thursday.
“By way of an order dated 23 December 2021 in the Suit, the Hon’ble High Court of Bombay was pleased to direct that the voting results/outcome of the AGM scheduled to be held on 30 December 2021 shall abide by the final decision in the Interim Application," Dish TV said in a filing to the exchanges.
“In order to comply…the Company had requested the Scrutinizer to place all the information relating to the e-voting, along with his Report, in a sealed cover and hand the same over to the Company Secretary & Compliance Officer of the Company, who shall in turn place the same before the Hon’ble Bombay High Court for further directions," Dish TV told the exchanges.
Yes Bank and some other minority shareholders in Dish TV plan to challenge this decision before a court as early as next week, according to an executive of Yes Bank.
“This is an unprecedented move," said the executive, on the condition of anonymity. “The earlier Bombay high court order did not offer any relief to a promoter entity of Dish TV when they questioned the legal ownership of the Bank-owned shares. The court did not say not to disclose the voting results. We are discussing this move with our lawyers and should file a petition next week, asking for the court to make the management declare the results," the executive said.
An email sent to Yes Bank remained unanswered.
On 23 December, the Bombay high court did not give any relief to World Crest Advisors, a promoter entity of Dish TV, which had questioned the ownership of 25.63% shares by Yes Bank in the satellite television provider.
“After the above Interim Application was argued for quite some time and I was not inclined to grant any ad-interim reliefs, Mr.Seervai, (counsel for World Crest Advisors) ... stated that if this court would observe that the result/outcome of the annual general meeting will be subject to the outcome of the above interim application, the plaintiff will not challenge the rejection of ad interim reliefs," said a 23 December order by Justice B.P. Colabawalla.
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