Dish TV India’s chairman Jawahar Lal Goel will step down from his position at the company’s annual general meeting (AGM) convened on September 26.
At its extraordinary general meeting held earlier in June, shareholders of the direct-to-home satellite service provider had rejected Goel’s reappointment. Goel has been continuing as a non-executive director at the company.
“…Goel shall vacate his office at the ensuing AGM on account of having expressed his unwillingness to offer himself for reappointment as a director,” Dish TV said in a regulatory update.
Dish TV is a part of Essel Group and is run by Goel, Zee group patriarch Subhash Chandra’s brother, with the promoters holding a 5.93% stake in the firm. Goel is not seeking reappointment as chairman.
In its regulatory update, the board also said independent director Bhagwan Das Narang will also vacate his office on the date of the AGM. This follows the completion of his second term, it said.
In a setback to Dish TV India its shareholders in June voted against all the resolutions at thr satellite broadcaster’s extraordinary general meeting, a move that led to the directors relinquishing their posts.
Apart from Goel, Anil Kumar Dua has vacated his position as whole-time director and Rajagopal Chakravarthi Venkateish as director, after they did not receive the “requisite majority”.
Proxy advisory firm Stakeholders Empowerment Services in a report had asked shareholders to vote against re-appointment of Goel, citing concentration of power due to his CMD position and that of Venkateish as he being a past employee.
Yes Bank, the largest shareholder in Dish TV with a 25.63% stake, is embroiled in a legal tangle with the firm.
In a September 3, 2021, notice, Yes Bank had sought removal of five directors, including Goel, citing governance issues. The lender, which also sought convening of an extraordinary general meeting, alleged that Dish TV’s board had approved a Rs 1,000-crore rights issue despite its objections.