Shares of broadcast satellite service provider Dish TV extended their gaining streak for the second day and rose 10% in opening trade on Tuesday after Chairman Jawahar Lal Goel, the younger brother of Essel Group founder Subhash Chandra, resigned from the company’s board. The stock has rallied 20% in two sessions as the exit of the promoter family Essel Group is being seen as a win for top shareholder YES Bank, which has been pushing for a board overhaul. The resignation of Goel paves the way for YES Bank, which holds a 25% stake in Dish TV, to take charge of the board of the direct-to-home (DTH) service provider.
“We wish to inform you that Jawahar Lal Goel, Director of the Company, vide his letter dated September 19, 2022, has tendered his resignation from the Board of Directors of the Company and committee(s) thereof with effect from the close of business hours of September 19, 2022. Consequently, he shall cease to be the Chairman of the Board,” Dish TV said in an exchange filing during market hours on Monday. Fortune