| Company | Value | Change | %Change |
|---|
Two special resolutions for the appointment of two independent directors – Amit Singhal and Parag Agarawal – could not receive the required support from the shareholders in the postal ballot, the company said while sharing the scrutiniser’s report to bourses.
“We report that Special Resolutions in connection with Item Nos 1 and 2 (for appointment of Amit Singhal and Parag Agarawal) mentioned… in the Postal Ballot Notice, proposed to the Members of Dish TV India Limited did not receive the requisite majority of votes in favour and thus both the Special resolutions were rejected by shareholders,” it added.
More than 80% of the total votes polled were against the two resolutions.
The Companies Act 2013 mandates that a special resolution needs to be passed by a supermajority, which refers to at least 75% of the members voting in favour of it.
Now, both have vacated the office of Independent Directors of the Company from the close of business hours of December 12, 2024.
Dish TV, which has been fined several times recently by bourses BSE and NSE for not having proper strength of the board, has now appointed Mayank Talwar and Gurinder Singh as independent directors.
The board of the company approved it on Wednesday.
“Consequent to the vacation of the office of Amit Singhal and Parag Agarawal, as Independent Directors of the Company from the close of business hours of December 12, 2024, the appointment of Mayank Talwar and Gurinder Singh, as Independent Directors of the Company becomes effective immediately i.e. from December 12, 2024,” it said.
Subhash Chandra’s family-led promoter and promoter group holds a mere 4.04% share and is in a tussle with Yes Bank over the reconstitution of the board.
YBL, which was earlier Dish TV’s largest shareholder, has sold its 24.2% in the company to JC Flowers Asset Reconstruction Pvt Ltd.
Over the past few occasions, Dish TV shareholders have jostled down the company’s proposals to approve the new appointments on the board in the EGM.
Leading bourses BSE and National Stock Exchange have fined, on several occasions, Dish TV over the composition and lack of quorum on its board.
On three previous occasions, shareholders rejected several proposals, including the reappointment of Jawahar Lal Goel as Managing Director in June 2022 and the adoption of financial statements for 2020-21 (April-March) and 2021-22 in September 2022.
