Dish TV Denies Stake Sale to Airtel

The report that originally suggested the same claimed that Airtel is looking to purchase a 5.93% stake from Dish TV’s promoter group and a 25.63% stake owned by Yes Bank Ltd.

Highlights:

  • Dish TV not planning to sell any stake to Airtel.
  • There is already an existing dispute between its majority stakeholder Yes Bank, and its parent company.
  • As a part of the ongoing investigation, the Crime Branch froze the voting rights on the stake of Yes Bank in Dish TV India.

Follow Us

Dish TV

Dish TV denied the news reports suggesting a sale of its majority stake to the leading telecom service provider Bharti Airtel. The D2H service provider clarified the same in a regulatory filing to the Bombay Stock Exchange.




In the response, it also stated that Dish TV India Limited does not have the required information to report under extant SEBI Regulation 30 that may impact the stock price of the company.

The report that originally suggested the same claimed that Airtel is looking to purchase a 5.93% stake from Dish TV’s promoter group and a 25.63% stake owned by Yes Bank Ltd. If the promoters and Yes Bank accept Airtel’s offer, Airtel will buy the share from other investors until it owns 51% of the company.

The report further stated that Airtel’s executives had conducted the preliminary talks with Dish TV parent company Essel Group’s founder Subhash Chandra and the consulting company EY presented due diligence of the matter on October 25 to Airtel. The report cited the source as three people ‘aware’ of the matter.

Dispute between Yes Bank and Dish TV

There is a longstanding dispute between Subhash Chandra-led company and its current majority stakeholder Yes Bank. Yes Bank acquired the share of Dish TV after it failed to repay the debt, and the bank invoked the pledged shares. In September 2020, Subhash Chandra filed a police complaint against Yes Bank accusing of fraud while brokering a merger transaction between Videocon D2H and Dish TV India. The matter is currently under investigation.

As a part of the ongoing investigation, the Crime Branch froze the voting rights on the stake of Yes Bank in Dish TV India. Yes Bank moved against the decision in Allahabad High Court, which dismissed the Bank’s plea stating that Court cannot interfere in the investigation. Yes Bank further approached the Supreme Court and received a favourable ruling that would allow Yes Bank to participate in the AGM of the Dish TV. Besides Yes Bank, other creditors, including IndusInd Bank, HDFC Ltd, L&T Finance, and Clix Capital, hold nearly 20% stake. Essel Group’s founder Subhash Chandra has only a 6% stake in the company.

Reported By

Reporter

An astute writer with a track record in writing and publishing content for various industries, Ria brings on board her wealth of experience in journalism and love for technology to TelecomTalk. When not writing or reading, she spends a copious amount of time daydreaming and finding obscure Japanese folklore on the internet.

Recent Comments

Faraz :

Does Bharti Hexacom provide Airtel 5G services in N.E and Rajasthan Or Both are offering 5G seperately ? Who bought…

Bharti Hexacom IPO Set for April 3, TCIL to Sell…

Faraz :

Nice.. & BSNL 60 Mbps is even perfect plan for many if there are more than 5 devices connected. Many…

BSNL 60 Mbps Plan is Likely One of the Best…

Faraz :

Budget phones have degraded more than any other budget phones since pandemic. They are still selling some craps like Helio…

POCO C61 to Launch on March 26, 2024

shivraj roy :

i feel Vi has improved than what it was in 2022 i usually get around 8-10mbps in very heavily dense…

5G Users Consuming 3.6 Times More Data than 4G Users…

biswadeepmondal :

JioAir Fiber is working very well in KPA & HLR. Sadly they don't have any data only plan.

REP: Airtel Expands Network Footprint in Bankura District of West…

Load More
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments