DTH

Yes Bank issues notice to Dish TV India calling for EGM

The bank believes the company is engaging in dilatory tactics for unfounded reasons.

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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 the current board of directors of the company and 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.

It had called for the ouster of Dish TV India’s managing director Jawaher Goel, and directors Ashok Mathai Kurien, Bhagwan Das Narang, Shankar Aggarwal, and Dr Rashmi Aggarwal.

Yes Bank alleged that Dish TV India is seeking an extension of the AGM based on “unfounded reasons." “In light of the company engaging in dilatory tactics in placing the resolution before the shareholders, the bank is constrained to issue the present notice for holding an extraordinary general meeting of the company,” it said.

Dish TV India had notified the bank that a change in directorship requires prior approval of the ministry of information and broadcasting (MIB) and hence the resolutions for removal and appointment of directors cannot be placed before the shareholders at the AGM.

To which the bank issued revised notices to the company on 9 September wherein the effectiveness in change in the directorship of the company was subject to MIB approval. The bank submitted details of the proposed list of directors to apply to MIB and seek their approval on 18 September.

The bank believes that Dish TV India is not acting in line with good corporate governance standards and is not fairly representing the interests of the incumbent significant shareholders of the company. Its grievances include the company’s decision to move ahead with its capital raising exercise to the tune of Rs 1,000 crore by way of rights issue without consulting the significant shareholders.

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