Supreme Court extends protection period of Yes Bank in FIR related to Dish TV share transfer
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New Delhi: The Supreme Court on Tuesday extended the period of protection granted to Yes Bank in an FIR lodged by the Noida Police on the basis of 44.53 crore shares pledged on disbursement of loans worth Rs 5,270 crore to Essel Group and its associate companies in 2016-18. But also ordered to stop the transfer and exercise of voting rights in Dish TV. Was banned from doing and using.
Chief Justice D.Y. A bench headed by Chandrachud said that the protection given to Yes Bank in November last year would continue. Representing Yes Bank, senior advocate A.M. After hearing Singhi, it restored the application filed under Section 482 of the Code of Criminal Procedure before the High Court. “Let the High Court decide,” the bench said. The bench said that until the High Court disposes of the matter, the interim order passed by the Apex Court on November 30, 2021, staying the operation of the notice and the proceedings in respect of the FIR will continue. In November 2021, the apex court issued notice on Yes Bank’s plea and stayed the operation of the notice to the bank by the police and also further action based on the FIR.
Yes Bank moved the apex court challenging an order dated November 25, 2021, of a single judge of the Allahabad High Court. In September 2020, the High Court refused to entertain the plea to quash the FIR. The police had sent a notice to Yes Bank directing the bank not to transfer 44.53 crore shares or exercise rights in respect of the shares till the completion of the investigation by the crime branch or until further orders. acquired when the promoters failed to repay their loans and the banks repossessed the pledged shares. Essel Group founder Subhash Chandra had filed a police complaint against the Rana Kapoor-led bank and its former management alleging fraud while brokering the merger transaction between Videocon d2h and Dish TV India.
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