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Private sector lender Yes Bank has asked Dish TV to hold Extraordinary General Meeting (EGM) to take forward proposals to reconstitute its board.
Yes Bank has written the letter after Dish TV postponed its annual general meeting that was scheduled to be held on September 27. It has not announced new dates for the AGM.
Yes Bank, which is the largest shareholder of the satellite TV service provider with over 25 per cent stake, has contended Dish TV has decided to extend the date of holding the AGM on “unfounded reasons”.
“Instead of placing the resolutions before the shareholders of the company at the AGM, which was to be held on September 27, 2021, the company is now seeking an extension of the date of holding AGM based on unfounded reasons. In light of the company engaging in dilatory tactics in placing the resolutions before the shareholders, the bank is constrained to issue the present notice under Section 100 of the Companies Act, 2013 for holding an extraordinary general meeting of the company,” Yes Bank said in its letter, a copy of which was uploaded by Dish TV on the stock exchanges on Thursday.
Dish TV said it is examining the bank’s notice and will take necessary steps as per applicable law.
Yes Bank, in the letter said it had on September 6 issued notices to Dish TV to remove its Managing Director Jawahar Goel along with four other directors and appointment of fresh directors including Akash Suri, who leads the resolution and rehabilitation of the corporate stressed assets portfolio in the bank.
The lender further said that Dish TV notified it on the same day that the change in directors would require prior approval of the Ministry of Broadcasting and so the resolutions for removal and appointment of directors can not be placed before the shareholders at the AGM. The bank then, issued revised notices on September 9, 2021, wherein the effectiveness of the change in directorship of the company was made subject to receipt of the MIB approval.
“Further, the bank had in its letter dated September 18, 2021 submitted details of the proposed directors to enable the company to apply to the MIB and seek their approval,” Yes Bank further said.
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