Supreme Court stays UP Police notice to Yes Bank on Dish TV shares, says police can’t prevent transfer of shares
The Supreme Court on Tuesday stayed the Uttar Police Notice restraining Yes Bank from transferring and exercising voting rights on its Dish TV shares. The bench of Justices D. Y. Chandrachud, A. S. Bopanna and Vikram Nath was hearing Yes Bank’s Special Leave Petition against the November 25 order of the Allahabad High Court dismissing the bank’s plea against an FIR and the consequent notices under Section 102 of the Code of Criminal Procedure. “This will allow a lawless state of affairs,” said Justice Chandrachud. The bench issued notice on Yes Bank’s plea and stayed the operation of the notice by the police to the bank and also any further action based on the FIR. The police had sent the notice to Yes Bank on November 5 this year. “How could the police restrain someone from transferring shares and also not allow exercising of voting rights on shares?” the bench asked. Appearing for Yes Bank, Senior Advocate Abhishek Manu Singhvi said the police officers issuing notice to freeze ri...