Shareholders Shoot Down Resolutions For Appointment Of 4 Independent Directors: Dish TV EGM

Shareholders of the Direct-to-Home operator Dish TV have rejected special resolutions seeking their approval for the appointment of four new independent directors.
    
Four special resolutions in the Extraordinary General Meeting (EGM) held virtually on March 3 failed to get the requisite majority of votes from the shareholders of the company, according to an exchange filing. 
    
"The Resolutions Nos 1 to 4 have failed to receive a requisite number of votes in favour by the shareholders under remote e-voting and e-voting at EGM," said the report of the scrutinizer of the meeting, a copy of which was updated on the bourses.  
    
The four independent directors, whose names were put up for approval are  Sunil Kumar Gupta, Madan Mohanlal Verma, Gaurav Gupta and Lalit Behari Singhal.
    
Over 74 per cent of the votes polled opposed all four special resolutions. 
    
The Companies Act mandates, that a special resolution needs to be passed by a supermajority, which refers to at least 75 per cent of the members voting in favour of it. 
    
Dish TV's largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawahar Lal Goel are engaged in a legal battle over board representation in the company. 
    
The company's board announced their appointments in December last year, which was the first major appointment after the departure of its former chairman Jawahar Lal Goel. 
    
Earlier on December 30, shareholders of Dish TV had rejected a proposal for the adoption of audited standalone and consolidated financial statements for FY21 and FY22 in the AGM. 
    
YBL, having over 24 per cent share, was pushing for reconstitution of the Dish TV board and removal of Goel along with some other persons.
    
In September, shareholders of Dish TV rejected four resolutions in the AGM, including the adoption of the company's financial statements for FY21 and FY22, and the appointment of independent director Rakesh Mohan. 
    
Dish TV shareholders, on December 30, 2021, also rejected all three proposals, including the adoption of financial statements and the reappointment of Ashok Mathai Kurien as director. Goel resigned from the board of the company on September 19.