“The (DishTV) 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 holding about 45% shareholding in the Company,” Yes Bank wrote in a letter dated September 3 to DishTV’s Board of Directors, according to a disclosure filed with the Bombay Stock Exchange. Yes Bank accused the satellite dish company of approving a rights issue worth Rs, 1,000 crore, despite objections raised by the bank to “dilute the shareholding of the Bank and to prejudice the interests of inter alia the Bank which is the single largest shareholder of the Company as of date”, the letter explained. Yes Bank charged that the Board was working on behalf of minority shareholders who do not hold more than 6 percent in DishTV as it went ahead with the rights issue announcement in May this year without any consultation with significant shareholders. DishTV’s board is guilty of acting in haste and taking arbitrary decisions while disregarding other options for fundraising, the bank said in the letter. “The Board has completely sidelined multiple requests of the Bank to reconstitute the Board, inter alia, by appointment of the nominee directors. In this regard, the Bank had issued a letter dated June 19, 2021 to the Board emphasising the need for reconstitution of the Board and not to proceed with the rights issue process till such time as the Board is reconstituted.” read Yes Bank's…
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