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Zee promoters approach SAT against Sebi order barring them from key posts
JC Flowers ARC makes claim on Subhash Chandra’s no-compete fees Zee board to review Sebi order on Subhash Chandra and CEO Punit Goenka Zee Entertainment zooms 14% in 4 days on hopes of settlement with lenders SAT reserves Sebi order against Arshad Warsi in pump-and-dump case Reconsider Satyam order: Securities Appellate Tribunal to Sebi Indo-German JV launches its first satellite on SpaceX…
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Bombay HC turns down Dish TV plea in ownership row with YES Bank
The Bombay High Court (HC) on Friday rejected an interim application filed by a promoter group entity of Dish TV seeking to restrain YES Bank, a shareholder of the company, from exercising its right over shares held by the bank.
The matter pertains to the dispute between Dish TV, part of the Essel group, and YES Bank over ownership issues in the company. YES Bank has over 440 million shares (or around 25 per cent) in the direct-to-home company and has been seeking a change in management for some time now.
A single-judge Bench led by Justice AK Menon turned down the plea for urgent relief filed by World Crest Advisors LLP, the Dish TV promoter group entity, against YES Bank, paving the way for the latter to exercise its voting rights at the upcoming extraordinary general meeting (EGM) of the company.
Dr Subhash Chandra: জীবনে সাফল্য়ের মন্ত্র কী? Mount Litera School International-এর পড়ুয়াদের বললেন চেয়ারম্যান সুভাষ চন্দ্র
Dr Subhash Chandra: জীবনে সাফল্য়ের মন্ত্র কী? Mount Litera School International-এর পড়ুয়াদের বললেন চেয়ারম্যান সুভাষ চন্দ্র
পরবর্তী খবর Petrol-Diesel Price Reduced: আরও সস্তা পেট্রল-ডিজেল, কেন্দ্রের পর কেরল সরকারের বড় পদক্ষেপ Source link
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Yes Bank must decide if it is Dish TV investor or a lender: Subhash Chandra
Breaking his silence over the Essel group’s dispute with YES Bank, group patriarch Subhash Chandra said the bank should decide its role as a shareholder of Dish TV India or a lender so that the group can accordingly take steps to settle the pending issues with it.
Chandra said his family’s settlement offer was in YES Bank’s court, but it had not taken any steps yet to take the matter forward.
“We are willing to give control of Dish TV to YES Bank if the bank is interested in running its day-to-day operations as a shareholder. But if it’s a lender, then we are ready to negotiate to settle the account,” he told Business Standard in an interview.
After YES Bank seized the Chandra family’s pledged shares after a default, the family’s stake in Dish fell to 6 per cent.
The bank now owns a 25.63 per cent stake, worth Rs 713 crore as of Tuesday, in the satellite TV broadcaster.
The bank claims that it extended loans of Rs 5,270 crore to 10 different Essel group entities between 2015 and 2018. Chandra, however, says the promoter entities of Essel owe Rs 4,200 crore to the bank, and that the lender has bunched several loans to other group companies, taking the total amount to Rs 5,270 crore.
“We have already paid back 91 per cent of our lenders, and we are ready to settle with YES Bank by paying back more than what the bank’s stake in Dish TV is worth,” Chandra said. “Our offer will be far better than other accounts where the bank has settled with a larger haircut.” Haircut is the amount banks forego to settle a default account.
In December, the shareholders of Dish TV voted to remove the promoter-nominated director on the company’s board. They also voted against the annual accounts of the company for the year ended March 2021.
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Yes Bank must decide if it is Dish TV investor or a lender: Subhash Chandra
Breaking his silence over the Essel group’s dispute with Yes Bank, group patriarch Subhash Chandra said the bank should decide its role as shareholder of satellite TV broadcaster Dish TV India, or a lender, so that the group can accordingly take steps to settle the pending issues with the bank.
In an interview, the founder of Zee group said the family's settlement offer is in Yes Bank’s court and the lender has not taken any steps yet to take the matter forward. “We are willing to give up control of Dish TV to Yes Bank, if the bank is interested in running the day to day operations of Dish TV as a shareholder. But if it’s a lender, then we are ready to negotiate to settle the account,” Chandra, 71, said.
After Yes Bank seized Chandra family's pledged shares following a default, the family’s stake fell to six per cent. The bank currently owns 25.63 per cent in Dish TV worth Rs 713 crore, as on Tuesday. The bank claims it has extended loans of Rs 5,270 crore to 10 different Essel Group entities between 2015 and 2018. According to Chandra, the promoter entities of Essel group owe Rs 4,200 crore but the bank has bunched several loans to other group companies, taking the total amount to Rs 5,270 crore.
“We have already paid back 91 per cent of our lenders and we are ready to settle with Yes Bank by paying back more than what is the bank's stake in Dish TV,” Chandra said. “Our offer will be far better than other accounts where the bank has settled with a larger haircut.” A haircut is the amount the banks forego to settle a default account.
In December this year, the shareholders of Dish TV India voted to remove the promoter-nominated director on Dish TV board and also voted against the annual accounts of the company for the year ending March 2021.
Chandra said the family sold stakes in the group's crown jewel, Zee Entertainment Enterprises to repay lenders. “In many cases, we have paid 80 per cent of the bank dues and I have promised the banks to pay extra if we make profits from our other businesses,” Chandra said.
The Essel group fell into bad times after the promoter entities raised debt worth Rs 13,000 crore from several banks to invest in the infrastructure sector. As several of the infrastructure projects stalled, the investments turned bad and banks seized promoters’ pledged shares including in the flagship, Zee Entertainment Enterprises. As of now, the Chandra family owns only 4 per cent stake in Zee.
In December last year, Zee announced a merger with rival Sony Entertainment to create India’s biggest media company with a market share of 25 per cent. The merger proposal is currently pending with the Competition Commission of India (CCI). “The Zee, Sony merger is on schedule and is awaiting clearances,” Chandra said.
On the group’s future plans, Chandra said the group will focus on Zee Media Corporation, a news and infotainment entity, which has garnered 300 million unique visitors. “We are targeting one billion unique visitors for our news and infotainment business,” Chandra said.
Yes Bank must decide if it is Dish TV investor or a lender: Subhash Chandra
Breaking his silence over the Essel group’s dispute with Yes Bank, group patriarch Subhash Chandra said the bank should decide its role as shareholder of satellite TV broadcaster Dish TV India, or a lender, so that the group can accordingly take steps to settle the pending issues with the bank.
In an interview, the founder of Zee group said the family's settlement offer is in Yes Bank’s court and the lender has not taken any steps yet to take the matter forward. “We are willing to give up control of Dish TV to Yes Bank, if the bank is interested in running the day to day operations of Dish TV as a shareholder. But if it’s a lender, then we are ready to negotiate to settle the account,” Chandra, 71, said.
After Yes Bank seized Chandra family's pledged shares following a default, the family’s stake fell to six per cent. The bank currently owns 25.63 per cent in Dish TV worth Rs 713 crore, as on Tuesday. The bank claims it has extended loans of Rs 5,270 crore to 10 different Essel Group entities between 2015 and 2018. According to Chandra, the promoter entities of Essel group owe Rs 4,200 crore but the bank has bunched several loans to other group companies, taking the total amount to Rs 5,270 crore.
“We have already paid back 91 per cent of our lenders and we are ready to settle with Yes Bank by paying back more than what is the bank's stake in Dish TV,” Chandra said. “Our offer will be far better than other accounts where the bank has settled with a larger haircut.” A haircut is the amount the banks forego to settle a default account.
In December this year, the shareholders of Dish TV India voted to remove the promoter-nominated director on Dish TV board and also voted against the annual accounts of the company for the year ending March 2021.
