Dish TV AGM: Shareholders again reject resolution for adoption of FY21, FY22 financial statement

Shareholders of Dish TV have again rejected the proposal for the adoption of audited standalone and consolidated financial statements for FY21 and FY22 in the AGM held on Thursday.

Earlier, the shareholders of the Direct-to-Home service provider had rejected the proposals to approve the balance sheet of the company for the last two fiscals in the 34th AGM conducted on September 26, 2022.

Dish TV's largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawahar Lal Goel were engaged in a legal battle over board representation in the company.

YBL, having over 24 per cent share, was pushing for reconstitution of the Dish TV board and removal of Goel along with some other persons.

On Thursday, a majority of over 70 per cent shareholders of votes polled in the 35th AGM were against the two resolutions for the adoption of the financial statements.

Resolution no 1, which was for the adoption of the financial statement for FY 2021-22 could get only 26.83 per cent votes of the total polled, while 73.17 voted against it.

Similarly, resolution no 2, which was for the adoption of the financial statement for FY2020-21 could get 23.13 per cent votes in favour and 76.86 per cent votes against it.

"Based on the above, Resolution Nos. 1 and 2 have failed to obtain the requisite number of votes in favour by the shareholders under remote e-voting and electronic voting at the Adjourned AGM and the number of votes against these Resolutions are more than those in favour," said the scruitinisers report shared on the BSE on Thursday evening.

Earlier, in the 34th AGM, after the annual financial statements of Dish TV for FY 21 and FY22 were not adopted by the shareholders, the said AGM was adjourned sine die.

Later, Dish TV also applied for and obtained extensions from the Registrar of Companies, Mumbai, to hold the adjourned AGM by December 31, 2022.

Dish TV issued fresh notice on December 6, 2022, calling the adjourned AGM of the Company on Thursday, December 29, 2022.

On Thursday, Dish TV also announced the appointment of former bureaucrat Lalit Behari Singhal as an independent director to its board.

Earlier this month, Dish TV announced the appointment of three new independent directors to the company's board, which was the first major appointment after the departure of its former promoter-backed chairman Goel.

Earlier in June this year, shareholders in an extraordinary general meeting had rejected the proposal for the reappointment of Goel as its managing director.

In September, shareholders of Dish TV rejected four resolutions in the AGM, including the adoption of the company's financial statements for FY21 and FY22, and the appointment of independent director Rakesh Mohan.

Dish TV shareholders, on December 30, 2021, also rejected all three proposals, including the adoption of financial statements and the reappointment of Ashok Mathai Kurien as director.

Goel resigned from the board of the company on September 19.