DTH
Dish TV approves raising funds up to Rs 1000 crore
Mumbai: The Board of Directors of Dish TV, in their meeting on 24 July 2024, approved raising funds up to Rs 1,000 crore through equity shares, convertible bonds, or debentures, in one or more phases. They also sanctioned the establishment of a wholly-owned subsidiary in India.
The subsidiary will operate under a name approved by the relevant authority, focusing on distributing products and services through a robust digital platform and offering related services. The name of the subsidiary is pending approval from the concerned authorities. It will have a proposed capital of Rs 10 lakh and would infuse the same amount towards the company’s share capital.
In a regulatory filing, Dish TV stated that the Board has granted initial approval to explore and initiate the fundraising process through various permissible means under applicable laws. This includes issuing equity shares, convertible bonds, debentures, warrants, preference shares, FCCBs, or any other equity-linked securities. The fundraising amount will not exceed Rs 1,000 crore, to be conducted in one or more installments, subject to necessary approvals.
DTH Operator
JC Flowers withdraws NCLT plea against Dish TV over EGM demand
Move eases pressure on DTH firm as long-running shareholder dispute cools
MUMBAI: In a breather for Dish TV India, JC Flowers Asset Reconstruction has withdrawn its petition before the National Company Law Tribunal seeking directions to convene an extraordinary general meeting.
The development was disclosed by Dish TV in a regulatory filing, confirming that the petitioner chose to withdraw the case during a hearing at the Mumbai bench of the tribunal. A detailed order from the bench is still awaited.
The petition, originally filed under Sections 98 to 100 of the Companies Act, 2013, sought to push for an extraordinary general meeting to address governance issues at the company. The case had its roots in a prolonged shareholder tussle dating back to 2021, when Yes Bank, then the largest shareholder, was at odds with the promoter group led by Subhash Chandra over board reconstitution.
JC Flowers had stepped into the picture as an assignee of Yes Bank’s stressed assets, effectively continuing the legal push initiated earlier. The withdrawal now signals a pause, if not a closure, to that chapter of dispute.
While the reasons behind the withdrawal have not been formally detailed, the move reduces immediate legal pressure on Dish TV, which has been navigating both operational and regulatory challenges in recent years.
For now, the focus shifts back to the company’s business fundamentals, even as the legal dust settles, at least temporarily, on one of its more closely watched shareholder battles.
