Yes Bank was pushing for the reconstitution of the Dish TV board. (file)
new Delhi:
The shareholders of Dish TV have again rejected the proposal to adopt audited standalone and consolidated financial statements for FY21 and FY22 at the AGM held on Thursday.
Earlier, the shareholders of the direct-to-home service provider rejected the resolutions to approve the balance sheet of the company for the last two financial years at the 34th AGM (Annual General Meeting) held on September 26, 2022.
Dish TV’s largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawaharlal Goyal have been locked in a legal battle over board representation in the company.
YBL, which has more than 24 per cent stake, was pushing for the reconstitution of the Dish TV board and removal of Jawaharlal Goyal along with some other persons.
On Thursday, more than 70 per cent of the votes cast at the 35th AGM were against two motions to adopt the shareholders’ financial statements.
Resolution number 1, which was to adopt the financial statement for the financial year 2021-22, could get only 26.83 per cent votes of the total votes polled, while 73.17 voted against it.
Similarly, resolution number 2, which was to adopt the financial statement for the financial year 2020-21, could get 23.13 per cent votes in favor and 76.86 per cent votes against.
“Based on the above, Resolution No. 1 and 2 have failed to garner the required number of votes in favor of the shareholders under remote e-voting and electronic voting at the adjourned AGM and the number of votes against these resolutions is more than those for is in favor,” said the Scrutinizer report shared on BSE on Thursday evening.
Earlier, in the 34th AGM, the said AGM was adjourned sine die after the shareholders did not adopt Dish TV’s annual financial statements for FY21 and FY22.
Later, Dish TV also applied for and obtained an extension from the Registrar of Companies, Mumbai, to hold the adjourned AGM till December 31, 2022.
Dish TV has issued a fresh notice on Thursday, December 29, 2022 calling an adjourned AGM of the company to be held on December 6, 2022.
On Thursday, Dish TV also announced the appointment of former bureaucrat Lalit Bihari Singhal as an independent director on its board.
Earlier this month, Dish TV announced the appointment of three new independent directors on the company’s board, the first major appointment after the departure of its former promoter-backed chairman Jawahar Lal Goyal.
Earlier in June this year, the shareholders at an extraordinary general meeting rejected a proposal to reappoint Jawaharlal Goyal as its managing director.
In September, the shareholders of Dish TV rejected four resolutions at the AGM, including the adoption of the company’s financial statements for FY21 and FY22 and the appointment of independent director Rakesh Mohan.
The shareholders of Dish TV also rejected all the three resolutions including adoption of financial statements for December 30, 2021 and reappointment of Ashok Mathai Kurien as director.
Jawaharlal Goyal resigned from the board of the company on 19 September.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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