DTH

Dish TV Board responds to Yes Bank’s notice, says EGM cannot be called

The Company cited some extant laws as a reason for not convening the meeting.

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2021/10/13/photogrid_plus_1634124554166.jpg?itok=nk04efpG

New Delhi: In the latest turn of events, Dish TV has turned down Yes Bank’s call for an Extraordinary General Meeting (EGM), stating that the meeting cannot be called, as it will be in violation of the extant laws.

The decision was taken in a Board meeting of the Company held on Wednesday, wherein the members reviewed the requisition notice sent by Yes Bank on 21 September. The Bank which holds a 25.63 per cent stake in Dish TV India Ltd had demanded an EGM to be convened, to oust the current directors and managing director Jawahar Lal Goel from the Company.

On Wednesday, the Board said that it considered the factual background, as also the legal advice and the opinions received from various legal experts.

According to the Board, Yes Bank Ltd is a Banking Company and YBL's shareholding in the Company is a consequence of the invocation of pledges. “Therefore, there are certain embargos under the provisions of the Banking Regulation Act, 1949 read with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, because of which the said resolutions cannot be placed before the shareholders,” the Board stated.

It further highlighted that resolutions proposed to be placed before the shareholders of the Company as sought by YBL require certain prior steps to be undertaken by YBL under the applicable provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and also prior approval to be obtained by YBL under the Competition Act, 2002; and, require prior approval of the ministry of information and broadcasting in respect of national security clearance as well as that of Company's Lenders.

“Accordingly, in view of the above and considering (a) its fiduciary duties and (b) that the Board shall be in violation of extant laws if it acts upon the Notice, the Board unanimously agreed that the EGM cannot be called,” it informed the stock exchange on Wednesday.

Yes Bank had initially sent a notice to Dish TV on 6 September calling for a resolution for the removal of Rashmi Aggarwal, Shankar Aggarwal, Bhagwan Das Narang, and Ashok Mathai Kurien as directors, along with Jawahar Lal Goel as managing director of the company under Section 169 of the Companies Act, 2013. This would also remove Goel from the post of chairperson of the Company. It also sought the appointment of a new board of directors including Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjape, Narayan Vasudeo Prabhutendulkar, and Arvind Nachaya Mapangada. 

The proposal was to be tabled at the annual 33rd general meeting, which was to be held on 27 September. However, Dish TV deferred the meeting citing some regulatory approvals, following which Yes Bank sent a requisition notice calling for an EGM on 21 September.

The Bank had alleged that the current Dish TV Board was “not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the Company which holds about 45 per cent shareholding in the Company."

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/10/22/zzzz.jpg?itok=o1bxpbn7
DTH subscribers grow in June quarter, Tata Sky maintains lead in pay TV genre: Trai

The number of pay DTH subscribers has increased from 68.57 million to 68.86 million during the April-June quarter in addition to subscribers of DD Free Dish, said Telecom Regulatory Authority of India (Trai) in its latest ‘Indian Telecom Services Performance Indicators’ report.

DTH DTH Operator
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/10/12/tata-sky.jpg?itok=BaJw4W3m
Tata Sky launches Maharashtra focused campaign with Nana Patekar

DTH operator and pay-TV platform Tata Sky has rolled out a new Maharashtra-focused campaign featuring actor Nana Patekar.

DTH DTH Operator
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/10/02/photogrid_plus_1633175553021.jpg?itok=STs7y47j
UCN Cable Network sets new Daughters’ Day world record

Mumbai: UCN Cable Network has set a new Daughters’ Day world record with a unique initiative encouraging people to feature their daughters’ names on house name plates. The extensive drive was recognised by the Golden Book of World Records on the occasion of International Daughters’ Day which is...

DTH DTH Operator
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/09/29/photogrid_plus_1632914787392.jpg?itok=0ENkQKJ9
Dish TV India launches female-centric service ‘Women’s Active’

Mumbai: Expanding its portfolio of value-added services, Dish TV India Limited has launched a new ‘Women’s Active’ service in partnership with FTC Talent Media and Entertainment.  Aimed at today’s women who play multiple roles, 'Women’s Active' has specially curated programming centered on fashion...

DTH DTH Operator
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/09/27/tata.jpg?itok=nNqSclu4
Tata Sky brings international content through new launch - ‘Videshi Kahaniyan’

Amping the content game, content distribution and Pay TV platform Tata Sky has introduced a new platform service - ‘Tata Sky Videshi Kahaniyan’ to offer ad-free International shows and movies dubbed in Hindi for its viewers.

DTH DTH Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/09/24/photogrid_plus_1632468842992.jpg?itok=-ZjmPnp5
Yes Bank issues notice to Dish TV India calling for EGM

Mumbai: Yes Bank has called for an extraordinary general meeting (EGM) of shareholders of Dish TV India Ltd, after the latter sought an extension on its annual general meeting (AGM) scheduled for 27 September. The bank had issued a notice on 6 September calling for a resolution for the removal of...

DTH DTH Operator
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/09/20/dish.jpg?itok=h2Jl3Tl3
Dish TV seeks more time to convene AGM, defers 27 Sep meeting

Dish TV has sought additional time to convene the next Annual General Meeting (AGM), which was initially scheduled to be held on 27 September. The company has cited some regulatory approvals, that it needs to obtain before going ahead with the meeting.

DTH DTH Operator
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/09/16/x.jpg?itok=zzZGqJBe
DTH expands even as pay TV market saturates

Pay TV subscription revenue is expected to reach $7.6 billion by 2026 over $6.4 billion in 2021, stated Media Partners Asia in its latest report on India’s online video market, which also highlights the increasing market share of Direct-to-home (DTH) even as cable TV remains in structural decline.

DTH DTH Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/09/09/photogrid_plus_1631181635545.jpg?itok=JqamlZts
DTH operators write to TRAI over broadcasters offering pay channels on DD Free Dish

Mumbai: Direct-to-home (DTH) service providers including Tata Sky and Airtel Digital TV have written to the Telecom Regulatory Authority of India (TRAI) asking the telecom regulator to address the issue of broadcasters making their pay channels available on Prasar Bharati’s FTA platform DD Free...

DTH DTH Operator

Sign up for our Newsletter

subscribe for latest stories

* indicates required