At the extraordinary general meeting (EGM) held on Friday, 84.25% of shareholders voted in favour of Dobhal’s appointment as a whole-time director, while over 83% voted against Chand and Khandelwal’s appointment as independent directors.
Both Chand and Khandelwal vacated the office of independent directors at the close of business hours on June 14. Dobhal will hold the office from March 15, 2024, to March 14, 2027.
Due to the exit of Chand and Khandelwal, Dish TV said that the appointment of Garima Bharadwaj and Azeezuddin Mohammad as independent directors became effective immediately.
Dish TV has failed to comply with SEBI’s board composition regulations as shareholders have been voting out its nominees. The Bombay and National Stock Exchanges have been imposing fines on the company for board composition-related violations.
In March, Dish TV’s shareholders voted out Sunil Khanna and Sonal Bankim Parekh as independent directors and Ravi Bhushan Puri as executive director.Prior to that, Dish TV’s shareholders rejected the company’s proposal to appoint Rajesh Sahni, Virender Kumar Tagra, Aanchal David, and Shankar Aggarwal as directors in December 2023.JC Flowers, which has inherited a 24.19% stake in Dish TV from Yes Bank, has been at loggerheads with the company’s promoters, led by Jawahar Goel. The company’s management has also declined the request of minority shareholders to hold an EGM.
In 2020, Yes Bank acquired a 24.19% stake in Dish TV after invoking pledged shares due to debt default by the promoter family. Subhash Chandra, the elder brother of Jawahar Goel, had secured Rs 6500 crore in loans from Yes Bank.
JC Flowers had arrived at a settlement with Chandra by taking a 75% haircut on the loan amount. The settlement includes the 24.19% stake in Dish TV.
