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MUMBAI: In a setback to Sure Financial institution’s transfer to oust DishTV’s administration, the Gautam Buddh Nagar police in UP has issued a discover to the lender, asking it to not take care of the broadcaster’s shares or train any rights in respect of them.
Information of the police motion was intimated to the inventory exchanges by DishTV, which mentioned that it had been notified of this motion by the workplace of crime department, Gautam Buddh Nagar.
It’s not clear whether or not Sure Financial institution can train its voting rights in gentle of this discover. Responding to a question from TOI, a Sure Financial institution spokesperson mentioned, “As a matter of coverage, we don’t revert on client-specific points and actions being taken by the financial institution. Nevertheless, the financial institution just isn’t in receipt of any such discover from any authority at this level.”
The discover comes at a time when Sure Financial institution, which holds a 25.6% stake in DishTV, is looking for to organise a shareholder assembly to oust the present administration led by Jawahar Goel and 4 unbiased administrators. That is the second high-profile case the place police has intervened in reference to lenders.
Earlier this month, former SBI chairman Pratip Chaudhuri was arrested by Jaisalmer police for the sale of a defaulter’s property to an asset reconstruction firm.
Within the discover, the crime department knowledgeable the corporate that it has issued it underneath Part 102 of the prison process code, 1973, to Sure Financial institution proscribing it from dealing in and/or exercising any rights over 44.5 crore shares of the corporate until completion of the investigation or until additional orders. It has requested the corporate to make sure compliance of the order.
Part 102 pertains to the ability of the police to grab property which may be alleged or suspected to have been stolen, or which can be discovered underneath suspicious circumstances.
Information of the police motion was intimated to the inventory exchanges by DishTV, which mentioned that it had been notified of this motion by the workplace of crime department, Gautam Buddh Nagar.
It’s not clear whether or not Sure Financial institution can train its voting rights in gentle of this discover. Responding to a question from TOI, a Sure Financial institution spokesperson mentioned, “As a matter of coverage, we don’t revert on client-specific points and actions being taken by the financial institution. Nevertheless, the financial institution just isn’t in receipt of any such discover from any authority at this level.”
The discover comes at a time when Sure Financial institution, which holds a 25.6% stake in DishTV, is looking for to organise a shareholder assembly to oust the present administration led by Jawahar Goel and 4 unbiased administrators. That is the second high-profile case the place police has intervened in reference to lenders.
Earlier this month, former SBI chairman Pratip Chaudhuri was arrested by Jaisalmer police for the sale of a defaulter’s property to an asset reconstruction firm.
Within the discover, the crime department knowledgeable the corporate that it has issued it underneath Part 102 of the prison process code, 1973, to Sure Financial institution proscribing it from dealing in and/or exercising any rights over 44.5 crore shares of the corporate until completion of the investigation or until additional orders. It has requested the corporate to make sure compliance of the order.
Part 102 pertains to the ability of the police to grab property which may be alleged or suspected to have been stolen, or which can be discovered underneath suspicious circumstances.
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