Minority shareholders of satellite television provider Dish TV India have approached the Ministry of Corporate Affairs against the alleged delay by the firm’s board in convening an extraordinary general meeting (EGM), according to a report in The Economic Times. Dish TV Minority Investors Association asked the ministry to take action by instructing the Dish TV Board to immediately call for an EGM.
On May 15, the investors’ association had written to the Dish TV board to call for an EGM within the stipulated 21 days. It represents 77 domestic and foreign institutional investors who own 10.15 per cent of Dish TV.
The association also asked the ministry to take strict measures against Dish TV directors for their alleged violations of the Companies Act. It also requested the ministry to ask its officers to expedite actions on its previous complaints.
The company’s minority shareholders are demanding a rejig of the company’s board and the appointment of a new management team to put the DTH provider back on the profitability path.
Dish TV’s minority investors had asked for the appointment of three non-executive independent directors and the removal of two directors who, they allege, are working to protect the interests of the promoters. Business Standard