Satellite service provider Dish TV operated by Zee Group received a notice by its largest shareholder, Yes Bank to call for an extraordinary general meeting (EGM).
Yes Bank which holds 25.63 percent in the company has sought an EGM for the appointment of new independent directors and the removal of MD and Director Jawahar Lal Goel.
In the letter, Yes Bank said that they had issued notices dated September 6 for the removal and appointment of directors on the Board of Directors of the company.
The resolutions for removal and appointment of directors were to be placed by the company before its shareholders at the ensuing 33rd annual general meeting of the Company scheduled to be held on September 27.
Dish TV had notified the bank on September 6 that the change in directorship requires, inter alia, prior approval of the Ministry of Broadcasting (MIB) and hence the resolutions for removal and appointment of directors cannot be placed before the shareholders at the AGM.
Yes Bank issued revised notices to the company on September 9.
"However, instead of placing the resolutions before the shareholders of the Company at the AGM, which was to be held on September 27, the Company is now seeking an extension of the date of holding AGM based on unfounded reasons," said Yes Bank in its notice sent to Dish TV on September 23.
"In light of the Company engaging in dilatory tactics in placing the resolutions before the shareholders, the Bank is constrained to issue the present notice under Section 100 of the Companies Act, 2013 for holding an extraordinary general meeting of the Company," said Yes Bank in the notice.
Yes Bank is seeking appointment of new independent directors including Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjpe, Narayan Vasudeo Prabhutendulkar, Arvind Nachaya Mapangada.
Media company Zee Entertainment is also seeing its largest shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC raise corporate governance concerns and asked removal of three directors including Ashok Kurien, Manish Chokhani and CEO Punit Goenka.
Invesco has also called for an extraordinary general meeting for the ouster of Punit Goenka.