Dish TV levels fresh allegations against YES Bank, writes to SEBI over violation of Takeover Regulations bid

Dish TV has alleged by proposing to remove the existing board of directors, YES Bank triggers an open offer, which could thus lead to YES Bank acquiring control over the company.

New Delhi: Direct-to-Home service provider Dish TV has levelled fresh allegations against YES Bank, stating that the latter is trying to oust the board of directors of Dish TV which is an apparent bid to violate the Takeover Regulations.

Dish TV has alleged by proposing to remove the existing board of directors, YES Bank triggers an open offer, which could thus lead to YES Bank acquiring control over the company.

“The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations. If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution(s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company,” Dish TV said in its letter to SEBI.