Dish TV to move SAT against Sebi's order
Premium- On Monday, Sebi had issued show cause notices to company’s directors asking why the meeting results have not been disclosed so far despite repeated advisories from the regulator
Mumbai: Dish TV India is planning to appeal against the Securities and Exchange Board of India's (Sebi) interim order asking the company to disclose the results of its annual general meeting held in December within 24 hours, according to a stock exchange notice on Tuesday.
“The Company is preferring an Appeal before the Securities Appellate Tribunal in respect of the said Order," it said in the notice.
On Monday, Sebi had issued show cause notices to the company’s directors asking why the meeting results have not been disclosed so far despite repeated advisories from the regulator.
The satellite television services provider did not disclose the results of the annual general meeting citing a pending case in the Bombay high court. Financial creditors, led by Yes Bank, which own 45% stake in Dish TV is said to have voted to oust the present directors and promoter, Jawahar Lal Goel.
Sebi had asked the depositories to immediately freeze the demat accounts of the company's directors and the compliance officer till the voting results of the AGM held last year are disclosed on the stock exchanges or till further orders.
Sebi noted that the high court had in its order dated 23 December, while rejecting any ad-interim relief, did not prohibit the company from disclosing the outcome of the AGM. But the company by taking an erroneous plea that the matter is sub-judice, has been delaying the disclosure, knowing fully well that there is no such order restraining the company from disclosing the outcome of the AGM, it said. Subsequently, the high court observed that the pendency of the Dish TV case will have no bearing on the disclosure requirements of SEBI.
“Despite issuance of the above quoted clarification by the Hon’ble Bombay High Court itself and repeated advisories issued by SEBI, the Company Interim Order in the matter of Dish TV India Limited has not disclosed the results of voting in the AGM held on December 30, 2021 even after a passage of 68 days since the date of AGM," the order said.
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Sebi’s interim order came after it received complaints from Yes Bank alleging that Dish TV had wrongfully withheld the results of voting on various proposals put forth in its AGM. IndusInd Bank also requested Sebi to take appropriate action against the company for non-compliance and for misinterpreting the high court’s order.
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