Dish TV AGM: Testing time for Chandra family

New Delhi: The annual general meeting of leading DTH service provider Dish TV will be held on Thursday, having postponed twice before amid an ongoing fight between Subhash Chandra family-led promoters and its single largest shareholder Yes Bank Ltd (YBL).

At its 33rd AGM, Dish TV management is seeking shareholders' nod for reappointment of Ashok Kurien on the board besides the adoption of financial statement of the company, which is facing a notice from YBL for reconstitution of the board by removing its Managing Director Jawahar Goel and four other directors from the board. The matter has already been taken by YBL before the Mumbai Bench of the National Company Law Tribunal (NCLT), which had last week in its hearing did not pass any order over Dish TV's plea to stay the Yes Bank's right to vote in the AGM.

YBL, which holds a 24.19 per cent share of Dish TV, has moved the NCLT after the board of Dish TV rejected YBL's requisition notice to convene EGM to reconstitute the board. This would be a testing time for the Chandra family's control over Dish TV, which is a leading player in the Direct-to-Home segment. In the AGM, Dish TV has proposed three resolutions - adoption of standalone and consolidated accounts for FY21, re-appointment of non-executive and non-independent director Ashok Kurien and ratifying the remuneration of cost auditors. The matter has also divided opinion of three advisory firms - Stakeholders Empowerment Services (SES), Institutional Investor Advisory Services (IiAS) and InGovern.

While IiAS and SES have advised the shareholders to vote against the resolutions, InGovern has asked the members to support the management and recommended voting in favour of Dish TV India's three resolutions.