Dish TV India Ltd said in a notice to exchanges that its shareholders had rejected four of six resolutions at an annual general meeting on Monday. The firm said its AGM adjourned without assigning a day for a further meeting and the board strength is now down to two members.
The resolutions not approved by shareholders include those related to adoption of financial statements for fiscal years 2021 and 2022, appointment of new statutory auditor SN Dhawan & Co, and appointment of Rakesh Mohan as non-executive independent director.
This comes amid an ongoing dispute involving Yes Bank and Dish TV over corporate governance and fundraising plans. Yes Bank wanted to reconstitute the board, seeking ouster of Jawahar Lal Goel, Bhagwan Das Narang, and other members, citing corporate governance issues.
YES Bank holds 24.19 percent stake in Dish TV by virtue of invoking pledged shares (through Catalyst Trustee) while Goel owns only six per cent stake in the company.
Earlier, Dish TV had informed the exchanges that Goel would not opt for reappointment on its board, and independent director Narang would vacate office after his term expired.The firm also said it had agreed to appoint Sunil Kumar Gupta, Uday Kumar Varma and Haripriya Padmanabhan to the board, after approval from the information and broadcasting ministry.