Notices sent to Dish TV, YES Bank; UP Police freezes bank’s stake in DTH firm

Notices sent to Dish TV, YES Bank; UP Police freezes bank’s stake in DTH firm-Business Journal
The crime branch of the Gautam Buddha Nagar in Uttar Pradesh has sent notices to Dish TV and private sector lender Yes Bank under Section 102 of the CrPC and taken custody of the shares held by the bank in the direct-to-home (DTH) firm.The local police have also formed a special investigation team under the direction of the commissioner of police, Gautam Buddha Nagar, to investigate an FIR lodged on September 12, 2020, on a complaint by Subhash Chandra, chairman of the Essel Group.

The notice was issued on November 5, by Girish Prasad Raj, the in-charge inspecting officer of inquiry. As per the notice, a copy of which was accessed by ET, the police have taken custody of the 44,53,48,990 shares of Dish TV (amounting to over 24.19% stake), which are currently with YES Bank.

After the notice, Yes Bank has been restrained from any transaction of these shares or exercising any rights as a shareholder till further orders or until completion of the investigation.

Replying to an ET query, a YES Bank spokesperson said, “As a matter of policy, we don’t revert on client-specific issues and actions being taken by the bank. However, the bank is not in receipt of any such notice from any authority at this point in time.”

Source: Business Journal

Leave a Reply

Your email address will not be published.

Back To Top