Yes Bank and proxy advisory firm Institutional Investor Advisory Services India Limited (IiAS) are faced with serious questions related to their hidden intentions and ill motives behind their proposal to remove several directors from Dish TV’s board.
Yes Bank, which owns 25.63% of Dish TV, alleges that certain investments made by Dish TV are of a ‘dubious’ nature, and that’s why it’s trying to rejig the board.
However, according to a report by Zee Business, Yes Bank wants appoints to new directors, including a person who previously remained under SEBI scanner for selective disclosure. That unnamed person settled the issue with SEBI after paying a decent amount of money, the report said. Also Read: iPhone 13 series pre-orders open today: Check price, features and expected delivery date
Besides Yes Bank, IiAS is now also facing questions related to its hidden intentions behind the move. The report pointed out the following questions that both are firms should answer to retail investors:
– Why did Yes Bank put forward the proposal? Why IiAS supported it?
– Are Yes Bank and IiAS trying to mislead the big investors?
– Why Yes Bank and IiAS are propagating selective facts?
– Is IiAS working on behalf of someone who wants to takeover Dish TV?
– IiAS says that financial results should be withheld – Who will benefit from this move? Why this advisory?
– Why IiAS is keeping a mum on Yes Bank’s proposal to appoint someone who had faced regulatory action?
– What’s the problem with the rights issue? Money will go into the company, not to the individual’s pocket – so what’s the problem exactly? What’s the intention of Yes Bank?
– Why there is a demand for Dish TV management change – What Yes Bank wants to achieve by this?
-The nominees proposed by Yes Bank have desired DTH industry experience?
The report also suggested that both Yes Bank and IiAS appear to be creating doubts in the mind of investors. However, such a move could backfire and can lead to a loss of credibility, especially of the proxy firm.
