Dish TV seeks more time to convene AGM, defers 27 Sep meeting

The company said its Board of Directors has approved postponing the meeting


New Delhi: 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.

The DTH company has informed the BSE, that its Board of Directors has approved the application for postponing the AGM scheduled on 27 September. The new date of the meeting has not been disclosed yet, however, as per rules, the meeting could happen any time before 30 December.

Earlier this month, one of its prime shareholders YES Bank, which holds 25.63 per cent stake in Dish TV India Ltd had sent a special notice to the company, seeking the removal of the current directors and managing director. The proposal was to be tabled at the upcoming annual 33rd general meeting.

In its communique to the stock exchange on Sunday, the company has stated that the proposed changes in the Board are subject to applicable regulatory permissions and also other approvals which the Company requires to obtain. While it has already sent the applications to the Lenders for seeking their consent for the said change in the Board of Directors of the Company under applicable covenants, the approval is still awaited.

“Accordingly, in order to ensure compliance of all applicable laws and guidelines in respect of the Notices sent by YBL and also to ensure that the Company does not default on any of the regulatory and lender covenants, the Board of Directors of the Company have approved making requisite applications as per provisions of the Companies Act for seeking extension of time under applicable regulatory provisions for convening the AGM of the Company, so that the Company has sufficient time to evaluate, analyse and to ensure compliance of all applicable regulatory, and other approvals as required by the law and avoid any non-compliance to contractual obligations,” it wrote.

In its special notice to Dish TV, Yes Bank had sought 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.

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 hold about 45 per cent shareholding in the Company.

In its notice, Yes Bank had also proposed to reconstitute the board with - Yes Bank senior group president and general counsel Sanjay Nambiar, Yes Bank, country head, stressed asset management, Akash Suri, former KPMG executive Viiav Bhatt, litigation counsel Haripriya Padmanabhan,  Wipro’s IT business former Co-CEO Girish Paranjape, independent management consultant Narayan Vasudeo Prabhutendulkar and Arvind Nachaya.

Dish TV had responded to the notice, stating that the proposed new directors could be appointed only after obtaining approvals from the ministry of information and broadcasting. and other requisite approvals for appointment of new directors, within the statutory timelines.

Latest Reads

Yes Bank moves NCLT against Dish TV

Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Dish TV India till 15 November to file its response in a petition filed by its majority shareholder Yes Bank. Yes Bank sought NCLT’s direction to call for an extraordinary general meeting (EGM) of Dish TV India and...

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

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...

DTH DTH Operator
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
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
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
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
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
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

Sign up for our Newsletter

subscribe for latest stories

* indicates required