Dish TV hits 52-week high, up 30% in 3 days as YES Bank seeks to sack board

Shares of Dish TV India were locked in the 20 per cent upper circuit of Rs 17.95 on the BSE in Thursday's session amid heavy volumes. In the past three trading days, the stock of the broadcasting and cable TV operator has zoomed 30 per cent after YES Bank sent a notice to the company to remove the top management, including the managing director Jawahar Lal Goel.

The stock of Dish TV surpassed its previous high of Rs 17.69 touched on May 26, 2021. Till 02:02 pm, a combined 98.62 million equity shares, representing 5.7 per cent of the total equity, of Dish TV had changed hands on the NSE and BSE. There were a combined pending buy orders for 10.88 million shares, the exchanges data shows.

YES Bank is the largest shareholder of Dish TV India and holds 471.91 million equity shares, representing 25.63 per cent of the paid-up equity share capital of the company.

Dish TV in an exchange filing on Monday, September 9, 2021, said YES Bank vide its e-mail dated September 4, 2021, has sent special notices dated September 3, 2021, to the company.

Dish TV said the company is further examining the above said Special Notices for such approvals as may be required including the steps to be taken to get the candidature of proposed new Directors cleared from necessary Authority i.e. Ministry of Information & Broadcasting, as prior approval from the Authority is a mandatory requirement, it added.

YES Bank in a letter said that the Board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the company, being various banks and financial institutions who hold about 45 per cent stake in the firm The Board is purportedly acting at the behest of certain minority shareholders holding merely 6 per cent of the shares in the company, the lender added. CLICK HERE FOR FULL DETAILS