In yet another setback, Dish TV India’s shareholders voted against the proposals to adopt the financial statements for FY21 and FY22, at the satellite service provider’s annual general meeting (AGM).
For the adoption of FY22 financial statements (both consolidated and standalone), the shareholders voted against the resolution 73.17% of their votes, while that for FY21 with 76.86% of votes. Both the resolutions were not approved, Dish TV said in a regulatory filing.
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The motions came up for voting at the company’s adjourned AGM held on Thursday. This is the second time the shareholders have rejected the resolutions, as they had rejected the proposals at the company’s AGM earlier on September 26.
Later on December 6, the direct-to-home operator approved convening of its AGM, which was adjourned earlier, on December 29. The company was also to seek shareholders’ approval for the new appointments at the AGM.
Private lender Yes Bank, which is the largest shareholder in Dish TV with a 25.63% stake, has been embroiled in a legal tangle with the company. 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 Rs 1,000-crore rights issue despite its objections.
In September, Dish TV’s chairman Jawahar Lal Goel has resigned as a director, weeks after he had expressed his unwillingness to seek reappointment.
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At its AGM on Thursday, Dish TV also appointed former bureaucrat Lalit Behari Singhal as an independent director. The appointment, which needs shareholders’ approval, is for a term of five from December 29.
On December 6, Dish TV appointed three new independent directors – Sunil Kumar Gupta, Madan Mohanlal Verma and Gaurav Gupta – and approved convening of an annual general meeting on December 29. These were also for five-year consecutive terms. Sunil Kumar Gupta was former secretary, Telecom Regulatory Authority of India, while Madan Verma had served as an inspector of Customs and Central Excise in Central Government 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.