Categories: Business

Yes Bank told why it redeemed Dish TV's pledged shares, Essel Group did this


Invoked pledged Dish TV shares due to default by Essel Group firms, clarifies Yes Bank

new Delhi. Yes Bank on Friday clarified that it has redeemed the shares pledged with it by direct-to-home (DTH) company Dish TV. He said that this step has been taken due to default in payment by various companies of Essel Group. Yes Bank had earlier announced on May 29 that it had acquired 24.19 per cent stake in Dish TV India.

The mortgaged shares were used by the DTH service provider and other group companies for non-payment of debt on time. After this, on June 1, Dish TV issued an explanation in this regard, saying that the information given by Yes Bank was not correct. He said that we would like to point out that Dish TV India Limited has not defaulted in carrying out any payment obligations to Yes Bank.

Following this information sent to Dish TV's stock market, Yes Bank again said on Friday that it has disclosed in the May 29 disclosure that it has acquired the pledged shares due to the default of various Essel Group companies.

This post was published on June 6, 2020 10:27 am

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