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Dish TV asks Yes Bank to issue corrigendum on stake aquisition disclosure

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Mr. Gaku Shinoda – Dentsu Vietnam’s General Director signs as Sponsor for “Dentsu Night” together here with Mr. Tran Hung, Vice Chairman of the AdAsia Vietnam Organizing Committee.

Yes Bank had announced that it has accquired 24.19% stake in Dish TV through pledged shares

A day after it was announced that Yes Bank has accquired a stake in Dish TV through pledged shares , the direct-to-home (DTH) company on Monday issued a clarification about the deal. Yes Bank had announced that it has accquired 24.19% stake in Dish TV through pledged shares.

“The aforesaid Disclosure filed by Yes Bank Limited (about the acqusiion) contain certain incorrect facts, the details of which has been communicated to Yes Bank Limited videCompany’s letter dated May 31, 2020,” Dish TV said in a submission to BSE and NSE.

Referring to Yes Bank’s disclosure, Dush TV stated, “we would like to mention that your statement, “shares acquired on invocation of pledge subsequent to default/breach of terms of loan to Dish TV India Limited is an incorrect statement,” the submission read.

“At the outset, it is stated that as on the date of the communication, Dish TV India Limited is not in default of any payment obligations to Yes Bank Limited under the financing facility availed from Yes Bank Limited.”

“Further, you are also well aware that no shares have been pledged by the Promoters of Dish TV or any other entity for the loans availed by Dish TV from Yes Banl Limited. Therefore, there cannot be any question of innvocation of any pledged shares in relation to the loand availed by Dish TV from Yes Bank.
Accordingly, you are reqested to immediately submit a corrigendum or such other doument with the stock exchanges as you may deem fit to amend statement made in your disclosure,” Dish TV stated.

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