Shareholders of Dish TV seek removal of 2 directors
Dish TV’s largest shareholder, Yes Bank, which has a 24% stake, and the promoter family led by former chairman Jawahar Lal Goel (which has a 4% stake) are engaged in a legal dispute over board representation.
Minority shareholders of Dish TV have asked the company to convene an extraordinary general meeting (EGM), the direct-to-home operator said on Monday, adding that it is evaluating the request by the shareholders, who have a 10.15% stake in the company.
The purpose of the proposed EGM is the reconstitution of the board, including removal of two long-term directors Shankar Aggarwal and Rashmi Aggarwal, the company said in an exchange filing.
The shareholders have also asked for the appointment of three new directors, K Badri Narayanan, Satish Kumar Yanmandra and Jeet Sen Gupta, to the board.
Dish TV’s largest shareholder, Yes Bank, which has a 24% stake, and the promoter family led by former chairman Jawahar Lal Goel (which has a 4% stake) are engaged in a legal dispute over board representation.
In March, shareholders had shot down the appointment of four independent directors, who had come on board in December 2022 after Goel’s departure in September that year. This was the first major appointment since Goel’s departure.
In December, shareholders had rejected a proposal for adoption of audited standalone and consolidated financial statements for FY21 and FY22 during its annual general meeting.
Yes Bank had also transferred its stake in Dish TV in December to JC Flowers Asset Reconstruction, along with underlying loans to Essel group companies. The development was part of the lender’s move to transfer bad loans worth `48,000 crore from its books to the asset reconstruction company.