The annual general meeting of satellite television provider Dish TV ended sine die (adjourned without an appointed date of resumption) after shareholders rejected four of the six AGM resolutions. The board of directors said the stalemate was due to shareholders’ refusal to approve the adoption of the financial statements (on a standalone and consolidated basis) for financial year 2020-21 and 2021-22.
Shareholders also rejected the proposed appointment of Rakesh Mohan as independent non-executive directorand SN Dhawan & Co LLP as statutory auditors in place of Walker Chandiok & Co LLP.
“The Board of Directors of the company at the subsequent meeting shall finalise the requisite steps to be undertaken by the company in respect of holding the adjourned AGM, which will be subject to receipt of such necessary approval as may be applicable,” noted Dish in its exchange filing.
Reacting to the development, Shriram Subramanian, founder and MD of InGovern Research Services, a proxy advisory, said, “This is like running the company to the ground. Even the relevant resolutions were defeated for no rhyme or reason.YES Bank, being the largest shareholder, needs to take greater responsibility and show direction to the company. In the brinkmanship, the company is suffering. With only two directors on board now, the company is non-compliant.
Earlier, Dish TV promoter Jawahar Goel was ousted from the board after a majority of shareholders voted against his reappointment as Managing Director of the company at the EGM in June. Goel’s ouster was expected after the Bombay High Court refused to prevent Yes Bank from voting in the AGM. The dispute between YES Bank and Goel has been going on for almost a year. YES Bank had been seeking the ouster of the promoter family Essel Group since they owe nearly ₹4,200-crore to the bank, which they have been unable to pay.