Mumbai: In a jiffy Yes Banksteps to eject dish tvManagement of, Gautam Buddh Nagar police UP has issued notice to the lender, asking it not to deal in the broadcaster’s shares or exercise any right in respect of them.
The police action was reported to the stock exchanges by Dish TV, which said that it was informed about the action by the office of Crime Branch, Gautam Buddh Nagar.
It is not clear whether Yes Bank can exercise its voting rights in the light of this notice. Responding to a query from TOI, a Yes Bank spokesperson said, “As a matter of policy, we do not fall back on customer-specific issues and actions being taken by the bank. However, the Bank has not received any such notice from any authority at this point of time. ”
The notice comes at a time when Yes Bank, which holds a 25.6% stake in Dish TV, is seeking to hold a shareholder meeting to oust the current management. Jawahar Goel and four independent directors. This is the second high-profile case where the police has intervened with respect to lenders.
Earlier this month, the former State Bank Of India President Pratip Chowdhary was arrested by Jaisalmer Police To sell the assets of a defaulter to an asset reconstruction company.
In the notice, the Crime Branch informed the Company that it has issued it to Yes Bank under section 102 of the Code of Criminal Procedure, 1973, to exercise and/or exercise any right in the 44.5 crore shares of the Company till its completion. prohibited from doing. until inquiry or further orders. It has asked the company to ensure compliance of the order.
Section 102 deals with the power of the police to confiscate property which may be alleged or suspected to be theft, or which may be found under suspicious circumstances.
The police action was reported to the stock exchanges by Dish TV, which said that it was informed about the action by the office of Crime Branch, Gautam Buddh Nagar.
It is not clear whether Yes Bank can exercise its voting rights in the light of this notice. Responding to a query from TOI, a Yes Bank spokesperson said, “As a matter of policy, we do not fall back on customer-specific issues and actions being taken by the bank. However, the Bank has not received any such notice from any authority at this point of time. ”
The notice comes at a time when Yes Bank, which holds a 25.6% stake in Dish TV, is seeking to hold a shareholder meeting to oust the current management. Jawahar Goel and four independent directors. This is the second high-profile case where the police has intervened with respect to lenders.
Earlier this month, the former State Bank Of India President Pratip Chowdhary was arrested by Jaisalmer Police To sell the assets of a defaulter to an asset reconstruction company.
In the notice, the Crime Branch informed the Company that it has issued it to Yes Bank under section 102 of the Code of Criminal Procedure, 1973, to exercise and/or exercise any right in the 44.5 crore shares of the Company till its completion. prohibited from doing. until inquiry or further orders. It has asked the company to ensure compliance of the order.
Section 102 deals with the power of the police to confiscate property which may be alleged or suspected to be theft, or which may be found under suspicious circumstances.
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