Dish TV AGM today for shareholders approval of FY21, FY22 results

The results were not adopted by the shareholders with requisite majority in its previous AGM, held on September 26.

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Direct-to-Home operator Dish TV will convene its 34th annual general meeting on December 29 at 12:30 pm for shareholders’ consideration and approval of its audited financial results for FY21 and FY22.

The results were not adopted by the shareholders with requisite majority in its previous AGM, held on September 26.

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The shareholders had rejected the ordinary resolution for adoption of the audited standalone and consolidated financial statements and report of the board of directors and auditors for 2020-21 with 84.54 per cent voting against it.

Similarly, the adoption of the audited standalone and consolidated financial statements and report of the board of directors and auditors for 2021-22 was also rejected with 77.08 percent votes against it.

On December 6, Dish TV announced the appointment of three new independent directors to the board of the company, which is the first major appointment after the departure of its former promoter-backed chairman Jawahar Lal Goel.

With this, the board strength is now five, which is still less than SEBI’s minimum requirement of six. According to Mint, the three new appointments do not include any name proposed by its largest shareholder – Yes Bank, which holds about 25 percent stake in the company.

Yes Bank has been pushing for a board reconstitution at Dish TV for over a now.

But in a fresh twist, on December 23, Yes Bank transferred its stake in Dish TV to JC Flowers Asset Reconstruction Co, along with the underlying loan to Essel group companies.

The move came under the arrangement between Yes Bank and JC Flowers ARC for the former selling stressed loans worth Rs 48,000 crore to the latter. Yes Bank currently holds 9.9 percent stake in JC Flowers ARC and is looking to acquire additional stake.