The results of shareholders' voting at today’s Dish TV annual general meeting (AGM) will be submitted in the Bombay High Court, the company said in an exchange filing.
At its 33rd AGM, three resolutions on the agenda for shareholders of the company to vote on were adoption of the standalone and consolidated financial statements, reappointment of non-executive and non-independent director, Ashok Kurien and ratification of remuneration of cost auditors for FY22.
A Dish TV promoter entity - World Crest Advisors had filed a case against YES Bank and Catalyst Trusteeship in the Bombay High Court on December 18 and said that it is the owner of the shares held by YES Bank. The court, however, rejected the ad interim request and allowed YES Bank to vote at the AGM. The High Court also stated in its order then that the result of the AGM is subject to the final hearing which is on February 3.
YES Bank is the largest shareholder in Dish TV with 24.78 per cent stake. The lender became the largest shareholder after Dish TV promoters defaulted on loan payments.
Kurien did not attend the AGM. Kurien has also resigned from Zee Entertainment Enterprises a day before its AGM in September.
Stakeholders Empowerment Services had recommended Dish TV shareholders to vote against the re-appointment citing poor supervision. Kurien, it said, was part of the audit committee which failed to properly supervise detailed impairment testing.
InGovern Research Services, however, recommended shareholders to vote in favour of the resolutions. It said that the qualifications in the accounts also existed the previous year. It accordingly also recommended shareholders to vote in favour of Kurien's reappointment. While there is a dispute, it is between one large shareholder and the company, and this should not interfere in shareholder decisions which are around the regular running of the company.
"They have to look at it objectively," said Shriram Subramanian, InGovern, founder and managing director.
In September, YES Bank had also proposed the removal of certain directors from the board of the company and asked for a new set of directors in their place.
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