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Dish TV seeks further time extension to convene AGM

Yes Bank, which owns a 25.63% stake in Dish TV, is peeved with the board on its decision to go ahead with a proposed rights issue (Mint) — Yes Bank, which owns a 25.63% stake in Dish TV, is peeved with the board on its decision to go ahead with a proposed rights issue **(Mint)**

1 min read . Updated: 29 Oct 2021, 08:00 PM IST Livemint

The board of Dish TV has earlier rejected a proposal of Yes Bank Ltd seeking a special shareholders’ meeting for a drastic management change

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Dish TV today informed the stock exchanges that its Board has made an application with Registrar of Companies (RoC), seeking further extension of time to convene annual general meeting (AGM) till 31 December.

The company said the decision to seek extension is taken in view of the issues arising out of the pendency of an application filed by Yes Bank before the National Company Law Tribunal (NCLT), Mumbai Bench and in order to ensure compliance of all applicable laws and guidelines in this matter.

The board of Dish TV has earlier rejected a proposal of Yes Bank Ltd seeking a special shareholders’ meeting for a drastic management change, including sacking the satellite TV operator’s managing director Jawahar Goel.

The board took the unanimous decision that the EGM sought by the private lender cannot be called as the proposal requires certain prior regulatory approvals.

In addition to sacking Goel, the younger brother of Essel Group founder Subhash Chandra, Yes Bank wants shareholders to vote on its proposals to terminate four other directors and induct two Yes Bank executives as nominee directors and five independent directors.

Yes Bank, which owns a 25.63% stake in Dish TV, is peeved with the board on its decision to go ahead with a proposed rights issue, despite the bank’s objections, besides certain investment decisions, including in content platform Watcho.

Earlier in a notice, Yes Bank had said the ₹1,000 crore right issue, is “solely to dilute" the shareholding of the bank, which is the single largest shareholder of the company.

Dish TV's ₹1,000 crore rights issue is critical for the survival of the DTH company that needs funds to upgrade technology and replace old set-top boxes with the new-age smart connected boxes otherwise its subscriber base would shrink, a top company official said.

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