Dish TV tells Yes Bank to obtain I&B Ministry permission before share acquisition

Direct to Home (DTH) operator Dish TV India Limited on Monday in a BSE filing stated that the Yes Bank disclosure had certain incorrect facts in specific relation to the objects and effects of acquisition.

Dish TV corrects Yes Bank, says it has not pledged any shares for loans from Yes Bank

Dish TV said that the statement “Shares acquired on invocation of pledge subsequent to default/breach of terms of loan to Dish TV India Limited” is an incorrect statement. Dish TV stated that at the outset it had received no communication from Yes Bank Limited on the default of any payment obligations under the financing facility availed from Yes Bank Limited.

It further stated that no shares had been pledged by the promoters of Dish TV or any entity for the loans availed by Dish TV from Yes Bank Limited. It said that there was no question of invocation of any pledged shares in relation to the loans availed by Dish TV from Yes Bank.

Dish TV has requested an immediate corrigendum with the stock exchange from Yes Bank side to amend its above statement. It further stated that Yes Bank’s stand that there was no regulatory approval needed for the acquisition was incorrect as Dish TV was a licensed DTH operator governed by the DTH guidelines which prohibit any change in the equity structure of the company without prior approval of Ministry of Information and Broadcasting.

Dish TV has stated that the acquisition of equity shares of Dish TV without prior approval of I&B Ministry will not be in compliance with the DTH guidelines and has requested Yes Bank to obtain permission from the Ministry of Information and Broadcasting prior to effecting the transfer of shares.

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