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The development is the latest in the dispute between Dish TV chairman and managing director Jawahar Goel and Yes Bank, a lender to the direct-to-home broadcaster, over corporate governance and fundraising plans.
holds 24.19% stake in the company.
Justice AK Menon rejected the petition as ad-interim relief seeking to restrain Catalyst Trusteeship and Yes Bank from participating in and/or exercising any right, including voting rights, at the EGM. Catalyst Trusteeship is the security trustee for the shares that were pledged to Yes Bank.
“In my view no case is made out for ad-interim relief on the basis of the arguments advanced before me,” he said in the order. “The review petition continues to be pending. Contentious issues have been raised as to the legal capacity of the bank, since the applicant has contended that the bank is not a nominee but an alleged transferee. The applicant has not made out a prima facie case nor is the balance of convenience favouring grant of relief. No irreparable harm is likely to be caused to the plaintiff/applicant. There is no occasion to once again consider grant of relief.”
The plaintiff had also sought permission to exercise their voting rights with respect to pledged shares.
World Crest Advisors is now likely to challenge the order in front of a division bench, said sources in Dish TV.
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