Jawahar Goel exits as MD of Dish TV
Jawahar Goel stepped down from Dish TV post the EGM which was held on Friday. Though, he will continue to be there in his position as a non-executive director, as per the exchange filing by the company.
image for illustrative purpose
Mumbai: Jawahar Goel stepped down from Dish TV post the EGM which was held on Friday. Though, he will continue to be there in his position as a non-executive director, as per the exchange filing by the company. The reason was the rejection of his reappointment to the post by the shareholders. The shareholders also rejected the reappointment of Anil Kumar Dua as a whole-time director and appointment of its chief executive officer, Rajagopal Chakravarthy Venkatesh as non-executive independent director.
Yes Bank, a private sector lender which is the major shareholder in Dish TV, participated in the Extra-ordinary general body meeting (EGM) which was held by Dish TV here today despite the unwilling attitude as shown by Dish TV for the same. Not to mention that Yes Bank is the largest shareholder in the company.
The participation of Yes Bank in the EGM, which was held in a virtual manner, could be possible by the Bombay High Court's order.
As a result, the share price of Yes Bank appreciated by 4 per cent and was trading at Rs 12.90 at 1 PM on Friday. A bench of Justices GS Patel and Madhav Jamdar upheld the order of a single-judge who had refused to restrain the bank from attending the EGM. A Division Bench of Bombay High Court on Thursday held that Yes Bank, a shareholder of the DishTV company can attend the meeting Extra-ordinary General Meeting of DishTV.
The participation of Yes Bank in the EGM assumes significance as it has paved the way for appointment of key persons at the company's board by the lender. The EGM was held to appoint MD, whole time director and an non-executive director at the board.
Talking to Bizz Buzz, a highly placed source at Yes Bank said that the bank did participate in the voting at the EGM. However, he refused to divulge any further information on this.
The Division Bench of the Bombay High Court on Thursday dismissed an appeal by the promoter of DishTV India seeking to restrain Yes Bank from exercising its rights, including voting, over shares held by the lender.
World Crest Advisors LLP, promoter group of DishTV, had moved an appeal before the division Bench after a single-judge Bench of Justice Anil K Menon, on June 17, rejected its interim application. World Crest, in its plea, had sought to restrain Catalyst Trusteeship and Yes Bank from participating in and/or exercising any right, including voting rights, in the EGM scheduled on June 24.
Justice Menon had held that the applicant (World Crest) had "not made out a prima facie case nor is the balance of convenience favouring grant of relief" and "no irreparable harm is likely to be caused to the plaintiff/applicant."
World Crest through a filing had requested the capital markets regulator to declare it the owner of 44 crore shares in the company. However, Yes Bank has said in the court that those shares have been pledged as mortgages by Catalyst Trusteeship with it.
In the EGM notice, Dish TV had said EGM would consider the re-appointment of Jawahar Lal Goel as the Managing Director of the company for the period from April 1, 2022, to March 31, 2025. It would also take up the proposal to reappoint Anil Kumar Dua as a whole-time director of the company. In addition to that, the EGM would consider the appointment of its former chief executive officer RC Venkateish as a non-executive independent director.
The private-sector lender and the promoter family led by Dish TV chairman and managing director Jawahar Goel are locked in a legal wrangle over board representation on the Essel group firm DTH arm.
