Dish TV stock rallies over 6% day after chairman Jawahar Goel resigns

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Shares of Dish TV India spiked over 6 per cent to hit the upper circuit on September 20 a day after the company said its chairman has resigned from his position as promised earlier.

“We wish to inform you that Jawahar Lal Goel, Director of the Company, vide his letter dated September 19, 2022, has tendered his resignation from the Board of Directors of the Company and committee(s) thereof with effect from the close of business hours of September 19, 2022,” the company said in a regulatory filing.

At 11:10 am, shares of Dish TV were trading at 6.64 per cent higher at Rs 17.85 apiece on BSE.

Goel had earlier agreed to step down ahead of the company’s next AGM on September 26. At that time also, the stock had seen heavy demand. Earlier in June, over three-fourths of shareholders voted against the reappointment of Goel as the Managing Director of the Board, at the company’s extraordinary general meeting.

The resignation of Goel culminates Yes Bank’s year-long campaign against Dish TV promoters. YES Bank now owns a 25 percent stake in Dish TV and has been seeking the ouster of the promoter family Essel Group.

The satellite television service provider has been slowly agreeing to Yes Bank’s demands in recent weeks. Earlier this month, Dish agreed to appoint three of the seven independent directors, which were proposed by Yes Bank.

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