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Dish TV has alleged by proposing to remove the existing board of directors, YES Bank triggers an open offer, which could thus lead to YES Bank acquiring control over the company.
Direct-to-home television service provider Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board. The bank, which owns nearly 26% of Dish TV, had sent a notice for an extraordinary general meeting (EGM) of shareholders to seek approval for its proposal to revamp the board. The EGM is scheduled for December 30.