DTH
Dish TV gets shareholder assent to borrow up to Rs 3000 crore
MUMBAI: Dish TV India, on 8 August, had called on its shareholders to participate in a postal ballot to decide a few key decisions which will help it rev up its business going forward. The company announced that majority of its stakeholders have approved the resolutions.
They have authorised the board of directors (BOD) to borrow up to Rs 3000 crore over and above the company’s paid up share capital and free reserves. This was passed as a special resolution under Section 180{1) (c) of the Companies Act, 2013 and 98 per cent of the total voters were in favour.
It also authorises the BOD to create a charge/mortgage on its assets that will aid the borrowings. This was passed as a special resolution under Section 180{1) (c) of the Companies Act, 2013 and 98 per cent of the total voters were in favour. Out of 87 crore, only 1.6 crore voters weren’t in agreement with this resolution.
Additionally, the postal ballot result also allows the BOD to offer or invite for subscription of non-convertible debentures (NCD) on private placement basis up to Rs 500 crore. This move will allow the company to make offers within one year seeking subscription for secured and/or unsecured, redeemable NCDs in one or more series/tranches/currencies to persons such as FIIs, mutual funds, banks, body corporate, persons etc. For this resolution, 98 per cent of 87 crore voters were in conformity.
Finally, the last resolution authorises the BOD for making investment/giving any loan or guarantee/providing security up to Rs 500 crore. The investments, guarantees and securities will bring about optimum utilisation of the company’s funds and achieve long term strategic and business objective. Of 87 crore voters, only 2 crore weren’t in agreement.
The postal ballot took place between 8 August and 6 September. On 22 July 2014, BOD had approved the postal ballot notice and postal ballot form for seeking consent on important matters.
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MUMBAI: In a breather for Dish TV India, JC Flowers Asset Reconstruction has withdrawn its petition before the National Company Law Tribunal seeking directions to convene an extraordinary general meeting.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.
