Yes Bank disclosed on May 29 that it had acquired 24.19% stake (44,53,48,990 equity shares) in Dish TV following invocation of pledged shares due to a debt default by the DTH service provider and other Essel Group<\/a> firms.
However, Dish TV, in a letter to Yes Bank on May 31, said it had not pledged any shares and that being a DTH licence holder, prior approval from the information and broadcasting ministry was required to effect a transfer of shares.
District judge for south district court Vinay Kumar Khanna granted the interim protection restraining transfer or sale of Dish TV shares and other securities, on a commercial civil suit filed by five firms -- Last Mile Online, Mumbai WTR, Elouise Green Mobility, Living Entertainment Enterprises and Evenness Business Excellence Services. “Defendants are restrained from proceeding further… ” the court said.
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