DTH
Yes Bank issues notice to Dish TV India calling for EGM
Mumbai: Yes Bank has called for an extraordinary general meeting (EGM) of shareholders of Dish TV India Ltd, after the latter sought an extension on its annual general meeting (AGM) scheduled for 27 September.
The bank had issued a notice on 6 September calling for a resolution for the removal of the current board of directors of the company and appointment of a new board of directors including Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjape, Narayan Vasudeo Prabhutendulkar, and Arvind Nachaya Mapangada.
It had called for the ouster of Dish TV India’s managing director Jawaher Goel, and directors Ashok Mathai Kurien, Bhagwan Das Narang, Shankar Aggarwal, and Dr Rashmi Aggarwal.
Yes Bank alleged that Dish TV India is seeking an extension of the AGM based on “unfounded reasons.” “In light of the company engaging in dilatory tactics in placing the resolution before the shareholders, the bank is constrained to issue the present notice for holding an extraordinary general meeting of the company,” it said.
Dish TV India had notified the bank that a change in directorship requires prior approval of the ministry of information and broadcasting (MIB) and hence the resolutions for removal and appointment of directors cannot be placed before the shareholders at the AGM.
To which the bank issued revised notices to the company on 9 September wherein the effectiveness in change in the directorship of the company was subject to MIB approval. The bank submitted details of the proposed list of directors to apply to MIB and seek their approval on 18 September.
The bank believes that Dish TV India is not acting in line with good corporate governance standards and is not fairly representing the interests of the incumbent significant shareholders of the company. Its grievances include the company’s decision to move ahead with its capital raising exercise to the tune of Rs 1,000 crore by way of rights issue without consulting the significant shareholders.
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MUMBAI: In a breather for Dish TV India, JC Flowers Asset Reconstruction has withdrawn its petition before the National Company Law Tribunal seeking directions to convene an extraordinary general meeting.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.
