SAT asks Dish TV to file reply by 20 March
Premium- Sebi in its 7 March order had directed Dish TV to disclose its voting results within 24 hours
Mumbai: The Securities Appellate Tribunal on Wednesday asked Dish TV to file by 20 March its reply in the matter against Sebi’s 7 March order that directed the company to publicly disclose its voting results of the annual general meeting held in December.
A bench led by Justice Tarun Agarwala said “we direct the appellant to file their reply by 20 March, the whole-time member of Sebi to then pass appropriate orders in the matter, accordingly the matter has been disposed off".
The Securities and Exchange Board of India (Sebi) in its 7 March order had directed the company to disclose its voting results within 24 hours.
Pradeep Sancheti, counsel representing Dish TV argued that the company had adhered to Sebi’s directive of complying with the order within 24 hours but the company was “compelled to do so".
He informed the tribunal that the company was not disclosing the results since the proposals put forth were not to be made public as per the Companies Act.
Sancheti in his appeal also sought stay on the remarks made by Sebi against the promoters and directors, which he said were likely to impact other matters pending before various forums like high court and NCLT.
SAT, however, rejected the appeal stating that it did not find any reason to stay such remarks.
In terms of Dish TV’s other appeal, Zal Andhyarujina said that BSE and NSE had imposed a penalty of ₹10,000 and ₹11,000 for non-compliance with the results, and the company was seeking to set aside these penalties passed by the exchange.
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On this, SAT directed that Dish TV should deposit the said penalties and file an application for waiver of the penalties and thereafter the exchanges should pass appropriate orders in the matter. Sebi had sent showcause notices to the company's directors on Monday, questioning why the meeting outcomes had not been revealed so far despite the regulator's repeated warnings.
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. Both BSE and NSE clarified that such accounts have already been de-frozen by the exchanges.
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