D2H services provider Dish TV announced the postponement of its annual general meeting (AGM) of its shareholders in a communication dated September 25, 2021. The company stated the postponement follows Yes Bank's proposal early this month to alter the board of the D2H provider.
"Post receipt of the Notices from YBL, the Company has also made necessary applications to the Lenders for seeking their consent for the said change in the Board of Directors of the Company under applicable covenants, approval on which is awaited," Dish TV's press release stated.
The company did not provide a revised date for conducting the AGM.
The tussle
Dish TV had announced its intention to raise Rs 1,000 via a rights issue which was subsequently approved in June, this year. On September 3, Yes Bank objected to the rights issue process and demanded a series of changes to the D2H operator's board. Yes Bank in its notice to Dish TV said, "The present board of directors of the Company (Dish TV) has approved a rights issue process, pending objections raised with the Board by the Bank time and again, solely to dilute the shareholding of the Bank and to prejudice the interests of inter alia the Bank which is the single largest shareholder of the Company...".
The bank further communicated details of its proposed list of directors to the bank for seeking approval under mandates of the Ministry of Information & Broadcasting. It then called for a general meeting of shareholders on September 23 to discuss the proposals, to which the operator responded saying, "In this regard, we would like to bring to your kind attention that the Company has not received any communication/request from Yes Bank for holding an EGM. The said media report in this regard is incorrect".
Yes Bank's demands
The private banker has sought a series of removals and appointments. It is seeking the ouster of Managing Director Jawahar Lal Goel. Further, it is seeking the removal of directors Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Mathai Kurien.
The banker had demanded appointment of new independent directors including Akash Suri, Sanjay Nambiar, Haripriya Padmanabhan, Girish Paranjpe, Narayan Vasudeo Prabhutendulkar and Arvind Nachaya
