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Dish TV tanks after shareholders reject four of six resolutions at AGM

Dish TV tanks after shareholders reject four of six resolutions at AGM

Dish TV tanks after shareholders reject four of six resolutions at AGM
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By Sangam Singh  Sept 27, 2022 11:27:08 AM IST (Updated)

This is seen as the ongoing tussle between Yes Bank - the largest shareholder in the company and the promoters of Dish TV - the Goel family over the reconstitution of the firm's board. Yes Bank has nearly 25 percent stake while the Goel family holds around 6 percent in the company. 

Dish TV shareholders rejected four of the six resolutions at the company's annual general meeting held on September 26. Shareholders of the direct-to-home (DTH) player not only rejected FY21 and FY22 earnings of the company but the appointment of SN Dhawan and Co. as an auditor and Rakesh Mohan as an Independent Director of the company as well.

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Dish TV shares were down 8.64 percent at Rs 15.54 at 10.40 am on BSE
"The conclusion of this annual general meeting (AGM) was subject to the adoption of the financial statements of the company for the financial year 2020-21 and financial year 2021-22 by the shareholders," the company said in a regulatory filing.
The company said that because of the non-approval of the agenda items, "the present AGM stands adjourned sine die for the said items". It said the board of directors would finalise the steps to be undertaken for rescheduling the AGM at subsequent meetings.
This is seen as the ongoing tussle between Yes Bank, the largest shareholder in the company, and the promoters of Dish TV, the Goel family, over the reconstitution of the firm's board.
Yes Bank has a nearly 25 percent stake, while the Goel family holds around 6 percent in the company. 
In December 30, 2021, AGM, too, shareholders rejected all proposals, including the adoption of financial statements and the reappointment of Ashok Mathai Kurien as director.
Jawahar Goel resigned as chairman of the board last week after the company announced not to seek his reappointment to the board. Dish TV CEO Anil Kumar Dua vacated his position as whole-time director in June this year.
Dish TV had last month agreed to add a couple of Yes Bank nominees to its board that included  Haripriya Padmanabhan, Girish Paranjpe and Arvindnachya Chandranachya.
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