Dish TV stock jumps 10% after chairman Jawahar Goel resigns

Goel had earlier agreed to step down ahead of the company’s next AGM on September 26. At that time also, the stock had seen heavy demand.

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Shares of Dish TV India spiked 10 percent to hit the upper circuit on September 19 after the company said its chairman has resigned from his position as promised earlier.

“We wish to inform you that Jawahar Lal Goel, Director of the Company, vide his letter dated September 19, 2022, has tendered his resignation from the Board of Directors of the Company and committee(s) thereof with effect from the close of business hours of September 19, 2022,” the company said in a regulatory filing.

The stock was locked at Rs 16.86, up 9.98 percent on BSE.

Goel had earlier agreed to step down ahead of the company’s next AGM on September 26. At that time also, the stock had seen heavy demand. Earlier in June, over three-fourths of shareholders voted against the reappointment of Goel as the Managing Director of the Board, at the company’s extraordinary general meeting.

The resignation of Goel culminates Yes Bank’s year-long campaign against Dish TV promoters. YES Bank now owns a 25 percent stake in Dish TV and has been seeking the ouster of the promoter family Essel Group.

The satellite television service provider has been slowly agreeing to Yes Bank’s demands in recent weeks. Earlier this month, Dish agreed to appoint three of the seven independent directors, which were proposed by Yes Bank.

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