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Don’t exercise DishTV stock rights: Cops to Yes Bank


MUMBAI: In a setback to Yes Bank’s move to oust DishTV’s management, the Gautam Buddh Nagar police in UP has issued a notice to the lender, asking it not to deal with the broadcaster’s shares or exercise any rights in respect of them. News of the police action was intimated to the stock exchanges by DishTV, which said that it had been notified of this action by the office of crime branch, Gautam Buddh Nagar. It is not clear whether Yes Bank can exercise its voting rights in light of this notice. Responding to a query from TOI, a Yes Bank spokesperson said, “As a matter of policy, we don’t revert on client-specific issues and actions being taken by the bank. However, the bank is not in receipt of any such notice from any authority at this point.” The notice comes at a time when Yes Bank, which holds a 25.6% stake in DishTV, is seeking to organise a shareholder meeting to oust the current management led by Jawahar Goel and four independent directors. This is the second high-profile case where police has intervened in connection with lenders. Earlier this month, former SBI chairman Pratip Chaudhuri was arrested by Jaisalmer police for the sale of a defaulter’s assets to an asset reconstruction company. In the notice, the crime branch informed the company that it has issued it under Section 102 of the criminal procedure code, 1973, to Yes Bank restricting it from dealing in and/or exercising any rights over 44.5 crore shares of the company till completion of the investigation or till further orders. It has asked the company to ensure compliance of the order. Section 102 pertains to the power of the police to seize property that may be alleged or suspected to have been stolen, or which may be found under suspicious circumstances.


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