Along with having pledged his household’s 25% holding in Dish TV India Ltd to borrow cash from Sure Financial institution, Chandra had additionally pledged his bungalow, unfold over 2.8 acres at 4, Bhagwan Das Marg, in response to court docket orders accessed by Mint.
Sure Financial institution is repossessing the property, positioned near the Supreme Courtroom. Chandra stopped servicing the mortgage a few years again.
The case inadvertently got here underneath the highlight after a Jaipur debt restoration tribunal (DRT) restrained Sure Financial institution from exercising its rights on the shares it owned in Dish TV as an alternative of saying an order within the property case. This prompted Sure Financial institution to file a lawsuit within the Delhi excessive court docket, which dismissed the DRT order whereas making scathing observations.
“We’re utterly shocked and aghast to learn the impugned order and the style wherein the presiding officer of DRT, Jaipur, Vivek Saxena, has proceeded,” stated an order, dated 24 December, by a two-judge bench of Justices Vipin Sanghi and Jasmeet Singh. “Both he (Saxena) was blind to the aforesaid developments—for which the respondents are accountable—or he has exhibited full lack of judicial self-discipline.”
“It could be famous that the respondents (Greatway Estates Pvt. Ltd ) are neither the homeowners nor the pledgers of the shares. The securitization software pending earlier than DRT for consideration… pertains to the motion taken by the petitioner (Sure Financial institution) for taking up the mortgaged asset and for liquidation thereof to understand excellent dues. We’re at an entire loss to grasp as to how the respondents might have any curiosity within the pledged shares, which weren’t pledged by them, and as to how the tribunal might have handed an interim order in respect of the pledged shares,” stated the order.
Chandra spent ₹300 crore in 2015 to purchase the central Delhi bungalow, though his grievance earlier than DRT, Jaipur, pegs its worth at ₹1,000 crore, in response to a separate authorized submitting, reviewed by Mint. Dish TV had a market cap of ₹3,360 crore as of 24 December.
In 2016, Chandra pledged about 25% of his household’s holding in Dish TV, his bungalow in Delhi and two different properties for the ₹4,210 crore mortgage given by Sure Financial institution. After Essel Group did not service the mortgage, Sure Financial institution invoked the shares pledged with it in June final yr and began taking possession of the properties. Dish TV’s promoters owned the shares by World Crest Advisors, whose separate enchantment made final week earlier than the Bombay excessive court docket, questioning the possession of shares by Sure Financial institution, was dismissed. The Bhagwan Das Marg bungalow was owned by one other promoter entity, Greatway Property, which had questioned Sure Financial institution’s efforts to repossess the property earlier than a DRT in Jaipur.
“Within the current matter, arguments on IA No 1410/2021 are to be heard, and on account of listening to of various instances, the listening to is just not attainable, accordingly each the events are directed to argue the matter on IA No 1410/2021 on 29.12.2021 by VC at 4:00 pm. Until then, each the events shall keep establishment with regard to implementing their proper on the shares,” stated the order of the DRT in Jaipur on Thursday.
Sure Financial institution challenged this order of DRT within the Delhi excessive court docket on Friday. “The tribunal was obliged to provide causes earlier than passing the interim order, so significantly affecting the rights of the petitioner herein. They’re conspicuous by their absence. We, subsequently, keep the operation of the impugned order until additional orders,” stated the excessive court docket.
Sure Financial institution and Dish TV are locked in a number of authorized battles as Dish TV runs the danger of seeing all of the three resolutions, together with adopting monetary accounts, the reappointment of a director and price to the auditor, getting defeated on the firm’s annual basic assembly on 30 December. It is because Sure Financial institution is the biggest shareholder, proudly owning 25.63%, whereas promoters, led by chairman Jawahar Goel, personal 5.93% in Dish TV.
Chandra, who’s Goel’s elder brother, has agreed to cede management of Zee Leisure Enterprises Ltd after a revolt from the biggest shareholder, Invesco, the US asset administration agency, prompted him to merge the corporate with Sony Photos Networks India Ltd.
On 21 December, Sony and Zee signed a definitive settlement to merge the corporations, wherein Sony will management 51% of the merged entity and retain the proper to appoint many of the members of the board whereas Chandra will retain his 4% shares and his elder son, Punit Goenka, will proceed to be chief govt for 5 years.
Supply: Live Mint