Satellite service provider Dish TV India has appointed three new independent directors on its board and approved the convening of an annual general meeting on December 29.
The company has named Sunil Kumar Gupta, Madan Mohanlal Verma and Gaurav Gupta as independent directors effective Tuesday, for five-year consecutive terms.
Sunil Kumar Gupta is a former secretary of the Telecom Regulatory Authority of India, while Madan Verma has served as a customs and central excise inspector and in various positions at Life Insurance Corporation of India. Gaurav Gupta has more than 15 years of experience in diversified fields such as technology and service, textile and real estate.
The company said executive director Rajeev Kumar Dalmia has resigned from the board, effective Tuesday. Dalmia will continue as chief financial officer, it added.
Dish TV also approved convening of its 34th AGM, which was adjourned earlier, on December 29. The company will also seek shareholders’ approval for the new appointments at the AGM.
In September, Dish TV’s chairman Jawahar Lal Goel has resigned as a director, weeks after he had expressed his unwillingness to seek reappointment. At the extraordinary general meeting in June, shareholders had rejected Goel’s reappointment.
Goel, who had relinquished his post following the disapproval, had been continuing as a non-executive director. The company’s shareholders also rejected four resolutions in the AGM, including the adoption of financial statements for FY21 and FY22.
Dish TV is a part of Essel Group, with the promoters holding a 5.93% stake in the firm, and Goel is Zee group patriarch Subhash Chandra’s brother.
Yes Bank, which is the largest shareholder in Dish TV with a 25.63% stake, has been embroiled in a legal tangle with the DTH operator. The lender had sought for removal of Dish TV’s five directors — including Goel and Bhagwan Das Narang — accusing them of corporate governance issues.
Yes Bank had also sought a reconstitution of the company’s board. The lender had also accused Dish TV’s board of approving a `1,000-crore rights issue despite its objections.
Dish TV’s share prices closed down 3.34% at `21.70 on the BSE on Tuesday.