After YES Bank’s year-long campaign against Dish TV promoters, Essel Group, the satellite television service provider noted that Dish TV Chairman Jawahar Goel has agreed to step down at the company’s next AGM on September 26. Consequently, Dish TV stock price saw its biggest jump in three years on Thursday, rising by 20 per cent after this announcement. The stock traded at ₹14.3 before closing on Thursday.
YES Bank, which owns a 25 per cent stake in Dish TV, had been seeking the ouster of the promoter family Essel Group since they owe nearly ₹4,200-crore to the bank, which they have been unable to pay for many years. In June, 79 per cent of shareholders voted against the reappointment of Jawahar Goel as the Managing Director of the Board, at the company’s much-delayed extraordinary general meeting. YES Bank had been seeking the reconstitution of the Dish Board, as well as the ouster of Goenka for almost a year.
Dish TV, on Wednesday, informed the exchanges that Goel would not opt for reappointment on its board, and independent director Bhagwan Das Narang would vacate office after his term expired.
Dish also said that the board had agreed to appoint Sunil Kumar Gupta, Uday Kumar Varma and Haripriya Padmanabhan to the board, after approval from the Information and Broadcasting Ministry.
The satellite television service provider has been slowly acquiescing to YES Bank’s demands from September 5, 2021. Earlier this month, Dish also agreed to appoint three of the seven independent directors, which were proposed by the Yes Bank in their September 5 letter. Thus, YES Bank approved Girish Paranjpe, Arvindnachya Chandranachya and Madan Mohanlal Verma will join Dish’s board. The Hindu BusinessLine