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.