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Dish TV shareholders vote against all 3 proposals in AGM

Essel group-owned Dish TV on Tuesday announced the results of its annual general meeting (AGM) held on December 30, 2021, after a two-month delay. Shareholders voted against the passing of all three resolutions including the re-appointment of Ashok Mathai Kurien to the board of directors. They also voted against the adoption of the audited standalone and consolidated financial statements and report of the board of directors and auditors, and the ratification of remuneration of cost auditors for 2021-22.

The disclosure comes after the Securities and Exchange Board of India (SEBI) ’s March 7 order, notifying the board to declare the results in 24 hours. SEBI noted that the company’s stance that the results cannot be disclosed since the matter is subjudice is incorrect. Moreover, the Mumbai High Court clarified during a hearing on February 17, “There was no direction whatsoever from the High Court not to publish the voting results or to place them in a sealed cover before the court.” Thus, the High Court advised the company to disclose the AGM results.

As a part of Dish TV’s nearly year long battle with YES Bank, the company was pursuing the litigation to delay the AGM from happening as well as trying to prevent YES Bank from voting at the meeting. After a delay of nearly three months, the AGM was held on December 30, 2021, and only in the days leading up to the meeting, the courts cleared that YES Bank was eligible to vote. The Bombay High Court also rejected the Dish promoter’s request of ad interim relief on December 23, allowing the AGM to happen, with the condition that the outcome of the AGM results would abide by the decision of the courts. Dish cited the Bombay High Court decision as the reason behind submitting the AGM results to the court in sealed documents stating that the results would be disclosed upon the High Court’s decision.

With the rejection of the reappointment of Ashok Kurien with nearly 79 per cent shareholder support, YES Bank has won this round against Dish. Market watchers believe that the AGM results are a confirmation of shareholders’ ire against promoter Jawahar Goel. While disclosing the AGM results as per the SEBI directive on March 7, the company also notified in its filing to the exchange that it would appeal in the Securities Appellate Tribunal, against the said order. The appeal is scheduled for March 9. The Hindu BusinessLine

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