Dish TV shareholders reject 4 resolutions at AGM, board strength down to 2

Adoption of FY21 and FY22 financial statements and new statutory auditors not accepted at AGM; company says AGM adjourned sine die

Dish TV, a direct-to-home (DTH) player, which is part of the Essel Group, rejected four of the six resolutions at the company's annual general meeting held on Monday. This comes amid the ongoing dispute between Yes Bank, the largest shareholder in the company, and the promoters of Dish TV over the reconstitution of the firm's board.

The board strength is now down to two members, Dish TV said in a filing to the stock exchanges on Monday, adding that the AGM had been adjourned sine die. Among the resolutions that were not approved by shareholders included the adoption of FY21 and FY22 financial statements and new statutory auditors S N Dhawan & Co.

"The conclusion of this AGM was subject to adoption of the financial statements of the Company for the financial year 2020-21 and financial year 2021-22 by the Shareholders. In view of the non-approval of these agenda items the present AGM stands adjourned sine die for the said Items. The board of directors of the Company at the subsequent meeting shall finalise the requisite steps to be undertaken in respect of holding the adjourned AGM, which will be subject to receipt of such necessary approvals," the company said in a regulatory filing. 

Yes Bank has nearly 25 per cent stake in the company, while Dish TV promoters, the Goel family, hold around 6 per cent in the company. Yes Bank had been pushing for the removal of Jawahar Goel, independent director Bhagwan Das Narang and other members, citing corporate governance issues.

Last week, Jawahar Goel had resigned as company chairman from the board. The resignation had come within days of the company announcing that Goel would not seek a re-appointment to the board.

Narang would also vacate office after his term expired, Dish TV had said last week.

On Monday, Narang did not seek a re-appointment, while the appointment of Rakesh Mohan as a non-executive director of the company was not approved by shareholders.

Apart from Goel, Anil Kumar Dua, the company CEO, has already vacated his position as whole-time director in June. Rajagopal Chakravarthi Venkateish had also vacated his position as director in June.

Last month, Dish TV had agreed to add a couple of Yes Bank nominees to its board and on August 30 further considered one more nominee from the private lender. The nominees included Girish Paranjpe, Arvindnachya Chandranachya and Haripriya Padmanabhan.