Yes Bank has alleged that Dish TV's board is purportedly acting at the behest of certain minority shareholders holding “merely around 6 percent of the shares” in the company.
Dish TV India share price edged higher in the morning session on September 24, a day after the Yes Bank sent notice to the company to call for EGM for ouster of MD and Director Jawahar Lal Goel.
The satellite service provider 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.
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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.
Share price of Dish TV was trading at Rs 20.94, up Rs 0.37, or 1.80 percent. It has touched an intraday high of Rs 21.70 and an intraday low of Rs 20.73.
On the other hand, Yes Bank was trading at Rs 13.02, up Rs 0.01, or 0.08 percent. It has touched an intraday high of Rs 13.25 and an intraday low of Rs 12.98.
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.
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.