Bombay high court dismisses Dish TV promoter’s plea against YES Bank

The Bombay High Court on Thursday dismissed the appeal filed by the World Crest Advisors, a promoter entity of Dish TV India, that had challenged the single bench ruling of the court.
The division bench of Justice GS Patel and Justice MJ Jamdar, observed in its oral order that the arguments made by the company fall short on the equitable ground.

“In our view on equitable consideration, World Crest has made out no case,” said the court in its oral order.

World Crest Advisors had approached the division bench on Monday, challenging the single bench ruling of the Bombay High Court.

Last week on Friday, the single bench had rejected the promoter’s plea seeking an order to restrain YES Bank from attending or voting at the company’s extraordinary general meeting (EGM) on June 24.

In his order, the single bench judge had rejected the petition stating that there was no case made out for “ad-interim relief on the basis of the arguments” advanced before him.

The matter is between the promoter family, led by Dish TV chairman and managing director Jawahar Goel and YES Bank, a lender to the company, over corporate governance and fundraising plans.

YES Bank holds a 24.19% stake in Dish TV by virtue of invoking pledged shares (through Catalyst Trustee) under some loan arrangements with a few Subhash Chandra-owned Essel group companies.

Dish TV promoters maintain that they were neither borrowers nor guarantors for any loans of YES Bank. Senior counsels Darius Khambata and JP Sen along with Gathi Prakash of Cyril Amarchand Mangaldas are appearing for YES Bank and Catalyst Trusteeship, while senior advocate Navroz Seervai appearing for World Crest along with law firm ANB Legal.

BSE-listed Dish TV is being represented by Senior Advocate Aspi Chinoy and Rugved More of L&L Partners.