YES Bank moves Supreme Court as HC rejects plea on Dish voting rights

The Allahabad High Court on Thursday dismissed a petition filed by YES Bank against the Uttar Pradesh police order that had restricted voting rights on shares of direct-to-home broadcaster Dish TV India. The bank, which holds 24.19 per cent stake in Dish TV India, moved the Supreme Court on Friday and the matter will be mentioned on Monday.

Dish TV shares were frozen by the UP police following a complaint by Essel group founder Subhash Chandra last year against the previous management led by Rana Kapoor over a merger deal brokered by the bank between Videocon D2H and Dish TV. The HC said there are alternate remedies available to the bank for de-freezing its shares and should apply these remedies first.