InvestorQ : What is this ongoing battle between Yes Bank and Dish TV?
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What is this ongoing battle between Yes Bank and Dish TV?

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3 months ago
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It is an ongoing battle between the board of Dish TV led by Jawar Goel (younger brother of Subhash Chandra of Zee) and the largest shareholder of Dish TV i.e. Yes Bank. Now how did Yes Bank become the largest shareholder of Dish TV. Yes Bank had extended a loan of Rs.3,000 crore to Dish TV, which had soured and the company had defaulted 3 years back in the midst of the funds crisis. That is when it was converted into a 25.63% stake in Dish TV.

Now Yes Bank has decided to take the battle head on-by calling for an EGM of shareholders to Jawahar *** Goel from the post of managing director of Dish TV. At the core of this dispute is the Rs.1,000 crore rights issue announced by Dish TV, which Yes Bank claims was done without consulting the largest shareholder.

Yes Bank wants the rights issue to be called off due to its dilutive effect. However, the board of Dish TV have already told Yes Bank that any change in the board composition will need approval of I&B Ministry. Jawahar Goel family owns just about 6% in Dish TV, which is the source of the angst.

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