Dish TV postpones AGM, new date yet to be announced

By: |
September 27, 2021 5:20 AM

Post YES Bank’s notice, Dish TV also said it had sent necessary applications to lenders seeking their consent for the changes inboard, and approvals are awaited.

dish-tv agmNow, companies would have time to hold AGMs till November 30, as against the six months from the end of the financial year.

Dish TV India has postponed Annual General Meeting (AGM) convened for Monday, following the Government providing a general extension of two months to hold shareholders’ meeting.

The AGM stands postponed and the board would decide on the revised date for which requisite regulatory approvals would be sought, Dish TV India said in a stock exchange filing on Saturday.

The company said it received intimations from the Registrar of Companies, Maharashtra, regarding the extension.

In wake of the Covid-19 outbreak, the Ministry of Corporate Affairs (MCA) had extended the statutory deadline for holding AGMs for the financial year 2020-21 by two months. This was to provide relief to corporates hit by the pandemic and subsequent lockdown in the country.

Now, companies would have time to hold AGMs till November 30, as against the six months from the end of the financial year.

Earlier on September 19, Dish TV had sought an extension for holding the AGM as it needed “sufficient time to evaluate, analyse and ensure compliance of regulatory and other approvals”. This followed a special notice from Yes Bank, which holds a 25.63% stake in the direct-to-home service provider, seeking removal of its managing director Jawahar Goel and other independent directors over lapses in corporate governance.

Post YES Bank’s notice, Dish TV also said it had sent necessary applications to lenders seeking their consent for the changes inboard, and approvals are awaited.

On Thursday, Dish TV said it received a requisition from YES Bank to call an Extraordinary General Meeting (EGM) to seek shareholders’ approval to remove the directors.

On its part, YES Bank alleged the notice was issued as Dish TV was “engaging in dilatory tactics” and instead of placing the resolutions before the shareholders, it was seeking an extension of the AGM date on “unfounded reasons”.

Apart from Goel, the lender had also sought the removal of Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Mathai Kurien as directors.

Dish TV is a part of Essel Group and is run by Jawahar Goel, Zee group patriarch Subhash Chandra’s brother.

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