Home / News / India /  Hear Yes Bank case on 3 Nov, HC tells NCLT

The Bombay high court on Friday directed the Mumbai National Company Law Tribunal (NCLT) to hear the application filed by Yes Bank against Dish TV India on 3 November, in a case pertaining to the latter holding an extraordinary general meeting (EGM).

This comes after the private lender sought the court’s intervention to direct the Mumbai NCLT to pass orders in an expeditious and time-bound manner.

As the company’s largest shareholder with a 24.78% interest, Yes Bank had asked Dish to call an EGM, alleging problems with corporate governance.

On 3 September, the lender had sent a requisition notice to the company’s board to convene a special meeting of the shareholders to reconstitute the board and sought the removal of Jawahar Goel as the managing director and chief executive officer of the company and the induction of seven new directors on the board.

Goel stepped down from his position of chairmanship after majority of shareholders voted against him, according to an exchange filing last month.

However, Dish did not entertain several requests by the bank and the lender moved the tribunal in that regard in November last year.

The bank has for one year been unable to ensure that the EGM is held.

Last November, NCLT agreed to hear the matter but did not pass any final verdict.

ABOUT THE AUTHOR

Priyanka Gawande

Priyanka Gawande is a senior legal correspondent at Mint. She has worked as legal reporter for four years with both television and digital mediums. Based in Mumbai, she reports on disputes across sectors including banking, corporates and finance. This also includes insolvency and bankruptcy cases and intellectual property rights (IPR) litigation. Her focus also comprises tracking capital markets and disputes relating to securities law. Previously, Priyanka worked with Informist Media for 2.5 years covering major insolvency and bankruptcy cases and corporate developments. She started her career in journalism with Business Television India (BTVi) where she reported on primary markets, banking, finance and insurance companies.
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