Yes Bank has transferred its 24.19% stake in Dish TV to JC Flowers Asset Reconstruction Co, a move which the lender believes will sharpen its loan recovery process.

Being an asset reconstruction company (ARC), JC Flowers can exercise different options, including taking over Dish TV. The three largest direct-to-home (DTH) operators are Tata Play, Airtel Digital TV and Dish TV.

Yes Bank has also transferred to JC Flowers ARC the invoked shares of six other companies, including Asian Hotels (North), Avantha Realty, Vadraj Cement, Tulip Star Hotels, Rosa Power Supply Company and Dion Global Solutions.

In a regulatory filing on Thursday, Yes Bank said the invoked equity shares held by it aggregating to 44,53,48,990, representing 24.19% of the total share capital of Dish TV India, have now been transferred to JC Flowers Asset Reconstruction.

This is part of Yes Bank’s move to transfer bad loans worth Rs 48,000 crore from its books to the ARC under the proposed 15-85 structure. 

In case of Dish TV, Yes Bank said the transfer of invoked shares is pursuant to assignment of loans sanctioned by the bank to Essel group companies. Default is subsisting and pledge on company's shares was invoked by Yes Bank.

Dish TV and Yes Bank are involved in a legal tussle. The battle has also extended to induction of independent directors on Dish TV’s board.

Yes Bank also said on Thursday that it has transferred 14,02,991 shares, representing 7.21% of the total share capital of Asian Hotels (North) to the asset reconstruction company.

 In the case of Avantha Realty, Yes Bank said it has transferred invoked equity shares aggregating to 10,08,598 (representing 30% of the total share capital of the company) to JC Flowers.

Likewise, in separate filings, the lender said it has transferred 40,00,00,000 shares (20% of share capital) of Vadraj Cement to the asset reconstruction company; 949,930 shares (20.61%) of Tulip Star Hotels; 12,73,21,500 shares (29.97%) of Rosa Power Supply Company Ltd and 45,46,214 shares (14.11%) of Dion Global Solutions Ltd to JC Flowers.

Yes Bank said post the transfer of the invoked shares of these companies to JC Flowers, it "either individually or together with persons acting in concert, will not hold any shares" of these firms.

 Last week, the bank had concluded the assignment of its Rs 48,000-crore stressed asset loan portfolio to JC Flowers.