Delhi Court bars Yes Bank from selling Dish TV stake

Mumbai: Private lender Yes Bank has been barred from selling stake in Dish TV India, which it had acquired by invoking pledged shares in May. South District court in New Delhi has granted the injunction against sale of Dish TV shares.

Yes Bank disclosed on May 29 that it had acquired 24.19% stake (44,53,48,990 equity shares) in Dish TV following invocation of pledged shares due to a debt default by the DTH service provider and other Essel Group firms.

However, Dish TV, in a letter to Yes Bank on May 31, said it had not pledged any shares and that being a DTH licence holder, prior approval from the information and broadcasting ministry was required to effect a transfer of shares.

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