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Dish TV Now Has Only 2 Directors as Shareholders Reject Appointment of 4 Independent Directors
Moneylife Digital Team 06 March 2023
Investor Interest
Essel group entity, Dish TV India Ltd (Dish TV), says its shareholders have rejected the appointment of four independent directors on the company's board.
 
These four independent directors, Sunil Kumar Gupta, Madan Mohanlal Verma, Gaurav Gupta and Dr Lalit Behari Singhal, have resigned from the board.
 
In a regulatory filing, the company says, "...basis the votes cast by the shareholders at the extraordinary general meeting (EGM) held on 3 March 2023, Sunil Kumar Gupta, Madan Mohanlal Verma, Gaurav Gupta and Dr Lalit Behari Singhal, vacate the office of independent director of the company, effective from today. Consequent to the above vacation in the office of directors, the board strength of the company has reduced to two directors."
 
Dr Rashmi Aggarwal and Shankar Aggarwal are the two directors left on the Dish TV board. 
 
According to the e-polling results shared by the company, majority shareholders, including public institutions and non-public institutions constituting over 74% of votes, rejected the proposals to appoint the four as independent directors of Dish TV.
 
Separately responding to a news report about the Union government issuing inspection orders on alleged corporate governance issues at the company, Dish TV says, "We wish to categorically state that the company is neither aware of nor in receipt of any such order, as alleged in the article."
 
In June last year, most of its shareholders voted against the reappointment of managing director (MD) Jawahar Lal Goel and two other directors at its extraordinary general meeting (EGM). The development was a significant victory for Yes Bank, the largest shareholder in Dish TV with a 25.63% stake, which had been trying to oust Mr Goel from management and reconstitute its board since September 2021. Special resolutions, such as the ones presented by Dish TV require 75% of minority shareholders to vote in their favour. Almost 79% of shareholders voted against the resolution to reappoint Mr Goel as MD of the company, while 21% voted in favour.
 
The development comes after the Bombay High Court (HC), comprising justice GS Patel and justice MJ Jamdar thwarted an attempt to prevent Yes Bank from voting and dismissed a petition filed by World Crest Advisors (a promoter entity of Dish TV). The HC upheld an order of a single bench judge of the HC allowing Yes Bank to vote at the EGM, saying, in an oral order, "In our view on equitable consideration, World Crest has made out no case." (Read: In High-decibel Battle with Yes Bank, Jawahar Goel Exits as Dish TV MD after Losing Vote at EGM)
 
At 10.45am Monday, Dish TV was trading marginally up at Rs15.66 on the BSE, while the 30-share Sensex was up over 1% at 60,449.41 points.
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