Dish TV rallies 9% on Sebi directive to disclose AGM results

New Delhi: Shares of Dish TV rose as much as 9 per cent during early trade on Tuesday following Sebi's directive to disclose results of the annual general meeting (AGM) within 24 hours.

The capital markets regulator directed Dish TV India to immediately disclose the results of its AGM held on December 30, 2021, to the exchanges after the complaints from its shareholders.

Following the update, shares of Dish TV rallied about 9 per cent to Rs 15.36 on Tuesday, before dropping to Rs 15.13 at 10.05 am. The scrip had settled at Rs 14.10 on Monday.

BSE barometer and benchmark Sensex was trading 61.83 points or 0.12 per cent lower at 52,780.92 at the time of writing this report.

The order comes after Sebi received complaints from Yes Bank, IndusInd Bank and other shareholders alleging that Dish TV has wrongfully withheld the results of voting on various proposals put forth in the AGM.

Both private lenders- Yes Bank and IndusInd Bank- are among the largest shareholders, holding 24.78 per cent and 3.78 per cent of the paid-up equity share capital of the company respectively, as of the quarter ended December 2021.

Both the lenders were trading higher on Tuesday after Sebi's order. YES Bank rose about 2 per cent to Rs 12.85, whereas IndusInd Bank added about a per cent to Rs 839.80.

In its interim order, Sebi noted that there was no restraint imposed by the Bombay High Court on the company from declaring the voting results. Despite this, Dish TV, which is part of the Essel Group, failed to disclose the AGM results.

In addition, Sebi has called upon the company to show cause as to why further appropriate directions should not be issued against Dish TV and its directors in the matter.