DTH

Yes Bank moves NCLT against Dish TV

Yes Bank had sought NCLT’s direction to Dish TV India to call for an EGM.

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Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Dish TV India till 15 November to file its response in a petition filed by its majority shareholder Yes Bank.

Yes Bank sought NCLT’s direction to call for an extraordinary general meeting (EGM) of Dish TV India and pass a resolution for the reconstitution of the company’s board.

On 6 September, Yes Bank had sent a requisition notice to Dish TV India’s board to convene a special meeting of the shareholders seeking the removal of its board of directors including managing director Jawaher Lal Goel and independent directors Dr Rashmi Aggarwal, Bhagwan Das Narang, Shankar Agarwal, and Ashok Mathai Kurien

The bank proposed the appointment of a new board including Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjape, Narayan Vasudeo Prabhutendulkar, and Arvind Nachaya Mapangada.

Yes Bank holds a 25.63 per cent stake in the company. It stated that it sought the removal of the present board of directors on the grounds that the board approved a Rs 1000 crore rights issue process despite objections raised by the bank, solely to dilute the shareholding of the bank.

Dish TV India board rejected the EGM notice by Yes Bank stating that a resolution to reconstitute the board can only be placed post receipt of approval from the ministry of information and broadcasting and other requisite approvals for appointment of new directors, within statutory guidelines.

It also postponed its 33rd annual general meeting scheduled on 27 September by two months.

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