The AGM of Dish TV was held on Thursday but the outcome of the e-voting for passing resolutions, including reappointment of its director Ashok Kurien, will be known only after the permission of the Bombay High Court.
Having postponed twice before, the AGM was held virtually amid the ongoing fight between Subhash Chandra family-led promoters and its single largest shareholder Yes Bank Ltd (YBL).
On December 23, 2021, the Bombay High Court had directed that the result of the AGM shall be subject to the outcome of the final hearing of the interim application filed by World Crest Advisors LLP against Catalyst Trusteeship Ltd and YBL, in which Dish TV was was one of the defendants. The matter adjourned to February 3, 2022.
World Crest Advisors LLP, a shareholder of the company had filed a suit before the high court challenging the shareholding of Yes Bank Ltd (YBL) in the company.
In a regulatory filing on Thursday, Dish TV said the scrutinizer has submitted his combined report on the remote E-Voting and E-voting during the AGM along with a report on e-voting results in a sealed cover, duly authenticated by him, to the company Secretary, who will place the same before the High Court.
“In terms of the order dated December 23, 2021 of the High Court of Bombay in the Suit, the result/outcome of this AGM held on December 30, 2021, will abide by the decision in the Interim Application in the Suit,” said Dish TV while updating the bourses about the AGM.
While sharing the total number of shareholders present in the meeting through Video Conferencing, Dish TV informed 17 were present from the promoter group and 156 from the public.
Dish TV Chairman & Managing Director Jawahar Lal Goel had presided over the AGM as the Chairman.
In the AGM, Dish TV had proposed three resolutions — adoption of standalone and consolidated accounts for FY21, re-appointment of non-executive and non-independent director Ashok Kurien and ratifying the remuneration of cost auditors.
Earlier AGM of Dish TV was postponed twice, as it was facing a notice from its single largest shareholder Yes Bank Ltd (YBL) for reconstitution of the board by removing its Managing Director Jawahar Goel and four other directors from the board.
YBL, which holds a 24.19 per cent share of Dish TV, has moved NCLT after the board of Dish TV had rejected YBL’s requisition notice to convene EGM to reconstitute the board.
Over this, three advisory firms — Stakeholders Empowerment Services (SES), Institutional Investor Advisory Services (IiAS) and InGovern – has commented.
While SES and IiAS had recommended voting against the resolution for the adoption of financial statements for FY 21 and the proposal of reappointment of Ashok Kurien to the board of Dish TV but InGovern had supported the management.
Earlier Yes Bank had sent a requisition notice to hold an extraordinary general meeting (EGM) to reconstitute the board of the company.
The bone of contention between YBL and Dish TV is Rs 1,000 crore right issues by the Subhash Chandra led Essel group firm.
YBL, which holds 47.19 crore equity shares of the company has sought to remove Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Kurien from the board of Dish TV besides Jawahar Goel.
YBL has also sent the name of seven people – two Non-Executive Directors and five Independent Directors – to be nominated on the board of the company.