Sunday, January 23, 2022
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Delhi High Court orders stay on DRT proceedings against Yes Bank over Dish TV shares


The Delhi High Court has ordered a stay on proceedings against by the Jaipur bench of the debt recovery tribunal (DRT) in a petition filed by Essel Group affiliate Greatway Estates.

The court was hearing a plea by the lender challenging an order of the DRT, which had directed Yes Bank to maintain status quo with regard to enforcing its rights on the 44.53 crore shares of

India that are currently held by the bank.

“We are completely shocked and aghast to read the (DRT) order and the manner in which the Presiding Officer of DRT, Jaipur, Vivek Saxena, has proceeded,” the Delhi High Court observed on December 24. “We are at a complete loss to understand how the respondents (Greatway Estates) could have any interest in the pledged shares, which were not pledged by them, and as to how the tribunal could have passed an interim order in respect of the pledged shares,” according to the seven-page order by a division bench led by Justice Vipin Sanghi and Justice Jasmeet Singh.

The high court posted the matter for further hearing on March 24.

Earlier, Abhishek Manu Singhvi, appearing for Yes Bank, had informed the court that the lender had given a loan of ₹5,270 crore to Essel Group companies, for which the group had pledged 25.63% of shares in Dish TV.



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