New Delhi: In a major setback to Yes Bank, the Allahabad High Court on Saturday refused to interfere in an investigation being carried out by Crime Branch of Gautam Buddh Nagar Police of Uttar Pradesh in Dish TV case. While hearing the matter, the HC bench of Justice Mahesh Chandra Tripathi and Justice Subhash Vidyarthi said in the order that, “We are of the opinion that the writ jurisdiction should not be exercised to stifle the legitimate investigation. It is well settled that the High Court should normally refrain from giving prima facie decision, in case, where the entire facts are incomplete and hazy, more so, when the evidence has not been collected and produced before the Court.”Also Read - Proxy Advisory Firm InGovern Advises Investors To Support Dish TV 30 Dec 2021 AGM Proposals

The HC further stated in the order that the issues involved whether factual or legal are of magnitude and cannot be seen in their true perspective without sufficient material. Also Read - Postpone UP Elections, Ban Poll Rallies: Allahabad High Court to Election Commission, PM Modi Over Omicron Worries

“In the present matter, we lack sufficient material. Therefore, we are of the opinion that disputed facts cannot be examined under Article 226 of Constitution of India and once efficacious statutory remedy is available to the petitioner against the notice impugned, then we decline to exercise our discretionary jurisdiction under Article 226 of Constitution of India. Accordingly, the writ petition fails and is dismissed on the ground of availability of statutory remedy,” the HC said. Also Read - Dish TV Writes To SEBI, Accuses YES Bank Of Violating Takeover Regulations

Earlier this month, the Crime Branch had issued notice to Yes Bank and NSDL for freezing the shares of Dish TV, shares were pledged to the bank and later invoked by the lender.

On the other hand, Yes Bank had challenged the freezing of shares by Crime Branch in Allahabad HC, where bank stated that it has to exercise its voting rights in general body meeting which will be held on November 30.

During the hearing, the prosecution labeled serious allegations of misleading by Yes Bank to the high court using manufactured documents. The prosecution also slammed the plea of Yes Bank seeking quashing of FIR, by asking when the Bank is not made an accused in the case, then on what basis, quashing is sought by Yes Bank.

The prosecution also told the court that freezing of the shares by crime branch is based on 1.5 years of serious investigation into the various aspects of the case.

It must be noted that Dr Subhash Chandra, Mentor of Essel Group, had filed a criminal complaint with the Gautam Buddh Nagar Police and had alleged that a conspiracy was hatched by Rana Kapoor, former Chairman and CEO of Yes Bank, Venugopal Dhoot, Former CMD of Videocon Group and others to cause loss by forcing the merger of Videocon D2H with Dish TV.

In the complaint, he had further alleged that Kapoor forced this deal so that the procedure of the same can be transferred to Videocon and later to Yes Bank, as Videocon Group loans were on the verge of tagged as NPA.

He had also stated in the complaint that Kapoor has threatened if the deal is not done, then, he will recall all the loans given to the Essel Group companies.