Yes Bank vs Dish TV: Bombay HC asks NCLT to expedite hearing

The Bombay Excessive Courtroom on Friday directed the Nationwide Firm Legislation Tribunal (NCLT) to expeditiously hear an utility filed by Sure Financial institution, whereby it has sought the tribunal’s path to Dish TV to convene a rare common assembly.

In an oral order, the division bench of justices SV Gangapurwala and RN Laddha directed the tribunal to listen to the petitions filed by the personal sector lenders, as pleaded by Sure Financial institution. The court docket additionally granted liberty to the opposite lenders of Dish TV to file a separate swimsuit in case they had been looking for any aid.

Final month, Sure Financial institution moved to the court docket, looking for path from the NCLT to expeditiously hear and get rid of its utility to convene an EGM of Dish TV shareholders.

Sure Financial institution owns a 24.19% stake in Dish TV after it invoked pledged shares (by Catalyst Trustee) beneath some mortgage preparations with a couple of Subhash Chandra-owned Essel group firms.

Sure Financial institution, which was represented by senior advocates Venkatesh Dhond and Gathi Prakash of the legislation agency Cyril Amarchand Mangaldas (CAM), mentioned that it’s the largest shareholder of Dish TV and had requested NCLT beneath Part 98 of the Corporations Act to carry an EGM. This request has been pending for greater than a 12 months.

Senior advocates Navroz Seervai and Zal Andhyarujina appeared for Dish TV together with Rugved Extra of DSK Authorized and opposed the applying.

The NCLT Mumbai bench is ready to listen to the petition filed by Sure Financial institution together with different purposes filed within the case on November 3.

In Could 2020, Sure Financial institution invoked promoters’ pledged shares in Dish TV, taking management of a 24.19% stake within the firm.

Later, it raised company governance points on the firm and sought an EGM of the shareholders to dissolve all the board, oust Jawahar Goel from the place of the managing director and take away the promoter household.

Sure Financial institution mentioned the board was functioning in cahoots with the minority shareholders (the promoters), who mustn’t have illustration on the board.

By the way, Jawahar Goel stepped down on June 24 because the managing director of the DTH firm after the decision of his reappointment failed on the EGM.

In the meantime, Axis Finance Ltd, a subsidiary of the nation’s third largest personal sector lender Axis Financial institution, additionally sought related aid in a case towards different associates of Essel Group, Primat Infrapower & Multiventures and Cyquator Media Companies.

A subsidiary of Axis Financial institution had approached the court docket by counsel Karl Tamboly and Yash Dhruva of legislation agency MDP & Companions, the place the court docket had requested them to strategy by a contemporary petition.

Axis Finance has additionally approached the NCLT towards Primat Infrapower & Multiventures to confess the corporate beneath the Company Insolvency Decision Course of (CIRP) after the corporate did not repay its dues of over Rs 87 crore. The lender is looking for to get better about Rs 150 crore from Cyquator Media Companies.