World Crest relocates the Supreme Court Division to the EGM

The organizer of Dish TV Ltd. World Crest Advisors LLP moved the Supreme Court court in Bombay on Monday against an order of a judge who refused to grant him interim measures, two lawyers involved in the case told BQ Prime.

Last week, Judge AK Menon rejected World Crest’s request to suspend Yes Bank Ltd. from voting on decisions proposed by Dish TV at its extraordinary general meeting.

The electronic voting starts on Monday and ends on June 23. The general meeting is scheduled for June 24.

Yes Bank has already voted on the resolutions, its lawyers told court judges Gautam Patel and Madhav Jamdar during Monday’s hearing. Three decisions were proposed at this general meeting:

  • Reappointment of Jawahar Goel as Managing Director from 1 April 2022 to 31 March 2025

  • Reappointment of Anil Dua as Staff Director from 26 March 2022 to 25 March 2025

  • Appointment of Rajagopal Vencateish as a non-executive independent director.

World Crest claimed before the single bench that his request for precautionary measures was prompted by certain changed circumstances. Pointing to the Supreme Court answer in the case of PTC Financial in May, World Crest said Yes Bank had no voting rights. The bank is an illegal successor to the shares and Catalyst has illegally parted ways with the security, she said.

The world coat of arms is locked in a dispute with Yes Bank from last year. He wants a declaration that he owns 44,00,54,852 shares of Dish TV, which are currently held by Yes Bank in its debit account.

Yes Bank has acquired the shares of Dish TV after calling a pledge after non-fulfillment / violation of the terms of the loan by the company. The bank holds 25.63% of the company’s shares.

The bank claims that the World Crest petition is an attempt to stop her participation in the meeting. And that under the Pledge Act, as a Catalyst nomination, Yes Bank has the right to exercise voting rights.

The single bench refused to provide temporary relief to World Crest.

“The applicant has not submitted a primary case, nor does the balance of convenience favor the granting of relief,” the court said. It is unlikely that irreparable damage will be done to World Crest, the Supreme Court said in its order.

The issue will appear on the bench of the division on June 22.

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