DTH
Dish TV seeks further extension of time to convene AGM
Mumbai: Dish TV India has applied to the Registrar of Companies, Mumbai seeking a further extension of time to convene their 33rd annual general meeting (AGM) from 30 November to 31 December.
This is the second time the company has deferred its AGM which was originally scheduled to be held on 28 September. The company sought the extension in view of the issues arising out of the pendency of an application filed by Yes Bank before the National Company Law Tribunal (NCLT), Mumbai bench.
Yes Bank had sought NCLT’s direction to the company to call for an extraordinary general meeting (EGM) to 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.
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MUMBAI: In a breather for Dish TV India, JC Flowers Asset Reconstruction has withdrawn its petition before the National Company Law Tribunal seeking directions to convene an extraordinary general meeting.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.
