Dish TV pic distorts

Completely defiant and contrary to what was expected, Dish TV was a big gainer yesterday but today, sense has taken over and the stock is currently among the top five losers on the BSE and remains pretty volatile, shuttling between green and red.

Yes Bank, which holds 25.63% stake in Dish TV following the debt resolution, sent out special notices to Dish TV on 3rd Sept, demanding the removal of its MD and four other board members. The Bank wants the Board sacked as the directors had approved a rights issue despite Yes Bank objecting repeatedly.

The Bank said that the purpose of the rights issue was to solely dilute the shareholding of the Bank and to prejudice its interest. The Bank also said that the company has consistently worked to completely sideline its multiple requests to reconstitute the Board.