The court said the issues involved whether factual or legal are of magnitude and cannot be seen in their true perspective without sufficient material.
It is well settled that the High Court should normally refrain from giving prima facie decisions, in cases where the entire facts are incomplete and hazy, more so, when the evidence has not been collected and produced before the Court,” the HC said. “We are of the opinion that the writ jurisdiction should not be exercised to stifle the legitimate investigation. While dismissing the petition, the high court said on Thursday the bank has a statutory remedy to approach the magistrate court under the current laws for relief. In its petition to the HC, Yes Bank had also challenged notices dated November 4th this year issued by UP police to the bank and the National Securities Depository to freeze its voting rights on Dish TV.
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Yes Bank and Dish TV India did not comment on the matter. Yes Bank wants to replace the current board of Dish TV with its own nominees as the lender is of the opinion that the board is siding with the Chandra family – whose stake in the company has decreased to 6 per cent.
"The SC decision will also impact several other cases where the banks are fighting with borrowers over their collateral," said a lawyer. If the voting rights are not restored by the Supreme Court, then Yes Bank will not be able to vote in the company’s shareholders meeting scheduled on Tuesday, lawyers say. The lender moved the highest court after the Allahabad High Court dismissed its petition on Thursday to quash the FIR filed by Chandra with the Uttar Pradesh police.Īs part of its investigation, the Crime Branch, Gautam Buddh Nagar police has frozen the voting rights on the stake held by Yes Bank in Dish TV India. The SC will hear the Yes Bank petition on Monday.
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