Direct-to-Home operator Dish TV on Tuesday said its Chairman Jawahar Lal Goel will vacate his position at the company's upcoming AGM on September 26, 2022.
Goel, whose proposal for reappointment as Managing Director was rejected by the shareholders in an extraordinary meeting (EGM) held in June this year, has not reapplied for continuation as Chairman.
In a regulatory filing Dish TV said, " Jawahar Lal Goel, Chairman and Non-Executive Director, shall vacate his office at the ensuing AGM on account of having expressed his unwillingness to offer himself for reappointment as a Director." The board of Dish TV, in a meeting held on Tuesday, also approved the convening of 34th AGM of the company on September 26, 2022 virtually through video conferencing and Other Audio Visual Means.
The board also noted that the term of its Independent Director Bhagwan Das Narang shall expire on the date of the ensuing Annual General Meeting, "... upon completion of his second term and accordingly, Narang shall vacate his office of Director on the said date," it said.
Earlier in June, Jawahar Goel stepped down from the post after the shareholders of the DTH operator rejected the proposal to reappoint him in the extraordinary general meeting. However, he was continuing as a Non-Executive Director. This was a victory for the private sector lender Yes Bank Ltd, which owns over 24 per cent share in the Essel group DTH company.
Yes Bank Ltd (YBL) and the promoter family led by Goel are locked in a legal battle over board representation on Dish TV. Last year, Yes Bank had moved a proposal for EGM and had sought to remove four directors from the board of Dish TV besides Jawahar Goel. However, the request to call EGM was rejected by the board of the company.
Earlier, shareholders of Dish TV had rejected all three proposals, including the adoption of financial statements and reappointment of Ashok Mathai Kurien as director, at its AGM held on December 30, 2021. The bone of contention between Yes Bank and Dish TV is Rs 1,000 crore right issues by the group firm.
YBL is objecting to this as it suspects that the rights issue is meant to dilute the majority shareholding of the bank in Dish TV.
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