Yes Bank approaches Bombay High Court seeking results of DishTV AGM

Yes Bank has approached the Bombay High Court seeking directions to Dish TV India Limited to disclose the results of its Annual General Meeting (AGM) held on December 30, 2021..The application is part of the ongoing tussle between DishTV and Yes Bank which is the largest shareholder in DishTV.The dispute between the parties arose when Yes Bank approached the National Company Law Tribunal seeking an order to DishTV to call for an extra-ordinary general meeting (EGM) to reconstitute the company board..While this was pending, DishTV’s promoter, World Crest Advisors moved the High Court with a suit seeking an order to declare them the owner of the 440 million shares in DishTV currently held by Yes Bank.World Crest moved an interim application in the suit, seeking to restrain Yes Bank from participating in the AGM to be held on December 30, 2021.After the application was extensively heard on December 23, 2021, the High Court had refused to grant any ad-interim relief in favour of World Crest..World Crest made a statement before the High Court that the outcome of the AGM would be subject to the outcome of the interim application, and they will not challenge the present rejection order.In view of the statement, the High Court did not pass any reasoned order rejecting the ad-interim prayers..Pursuant to this order, the AGM was conducted and Yes Bank discovered from DishTV’s disclosure affidavit that the results of the AGM have been placed before the High Court in a sealed cover, in compliance with the order.This refusal to disclose the minutes of the meeting was challenged by Yes Bank in the present application..Their application stated that it was a wrongful for DishTV to refuse to disclose the outcome of the AGM.This was a “deliberate and malafide reading of the order of December 23, 2021”, their plea stated.“A complete misinterpretation of the order,” Senior Advocate Darius Khambata said on behalf of the bank, in the first hearing of the application today..Opposing the plea, Senior Advocate Aspi Chinoy for DishTV stated that if the results are disclosed, then they cannot be made ‘subject to the Court’s orders.Meanwhile, World Crest counsel Senior Advocate Navroz Seervai contended that such an application in his suit was misconceived, could not have been filed, and sought for time to respond to the application..Justice AK Menon granted a week’s time to both counsel to file their responses and posted the application for hearing on January 20, 2022.