Satellite service provider Dish TV, which held its 33rd annual general meeting (AGM) on December 30, said it would declare the shareholder voting results only after further directions from the Bombay High Court.
Dish TV is locked in a legal tussle with its largest shareholder, Yes Bank, at various forums including National Company Law Tribunal (NCLT), the High Courts, and the Supreme Court.
The Bombay HC had on December 23 directed that the "voting results/ outcome of the AGM scheduled to be held on 30th December, 2021 shall abide by the final decision in the Interim Application", Dish TV noted in a regulatory filing.
In order to comply with the court's direction by way of the aforesaid order, "the company had requested the scrutinizer to place all the information relating to the e-voting along with his report, in a sealed cover and hand the same over to the Company Secretary & Compliance Officer of the company, who shall in turn place the same before the Bombay High Court for further directions," it added.
The scrutinizer has confirmed that it has submitted all the information relating to the e-voting along with his report containing the results of the voting conducted at the AGM in a sealed cover, Dish TV said, adding that it has moved an application before the HC in order to place the same before the bench.
Notably, the tussle between Dish TV and its largest shareholder Yes Bank began in February this year when Dish TV approved a rights issue of Rs 1,000 crore. Objecting to it, Yes Bank had said that the rights issue is meant to dilute the majority shareholding of the bank in Dish TV.
While Yes Bank objected to the rights issue, Dish TV made a press announcement regarding its intention to proceed with the Rs 1,000 crore rights issue on May 28.
On September 3, Yes Bank objected to the approval and sought the reconstitution of the board and said, “The board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the company being various banks and financial institutions holding about 45 percent shareholding in the company.”Yes Bank, which called for an extraordinary general meeting (EGM), is seeking the ouster of MD and Director Jawahar Lal Goel along with the removal of Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarval, and Ashok Mathai Kurien and the appointment of new independent directors.