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Dish Tv board rejects Yes Bank’s request to call Egm for board replenishment

Dish TV said on Wednesday it rejected the notice of requisition from its major shareholder Yes Bank to hold an Extraordinary General Meeting (EGM) to reconstitute the board of directors of the live-at-home player for technical reasons as this requires certain prior approvals. . Dish TV’s board of directors, at a meeting on Wednesday, “unanimously agreed that the EGM cannot be called, as requested by Yes Bank Ltd in the requisition notice dated September 21 2021 “, to dismiss its managing director Jawahar Goel as well as four other directors, in addition to the others.

The Board of Directors of Dish TV was of the opinion that the proposal of Yes Bank Ltd (YBL) requires that certain preliminary steps comply with the applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. In addition, they would also be required to obtain pre-approval under the Competition Act, 2002, Dish TV said in a regulatory brief while sharing updates on the results of the board meeting.
“Due to YBL being a banking company and YBL’s participation in the company being a consequence of the invocation of covenants, there are certain embargoes under the provisions of the Banking Regulation Act, 1949 read with Securities and Exchange Commission of India (Substantial Acquisition of Shares and Takeover Bids) Rules of 2011, due to which said resolutions cannot be submitted to shareholders, ”Dish TV said.
In addition, YBL’s proposal also requires the prior approval of the Ministry of Information and Broadcasting regarding national security clearance as well as that of the company’s lenders, ”he added. YBL, which owns 47.19 crore of shares of the company representing 25.63% of Dish TV, has sought to remove Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Kurien from the board of directors of Dish TV in addition to Jawahar Goel.

YBL also sent the names of seven people – two non-executive directors and five independent directors – to be appointed to the board of directors of the company. Earlier, YBL, which opposes rupee 1,000 crore rights broadcasts by the Essel group company run by Subhash Chandra, sent a notice to Dish TV, for the board’s replenishment at the The company’s AGM, which was scheduled to be held on September 27, 2021..

However, Dish TV postponed the meeting to the AGM saying it needed time for regulatory clearances. This was also accepted by the Registrar of Companies, who granted Dish TV a two-month extension to call the AGM from the deadline it should have been held.

After that, on September 23, Yes Bank asked Dish TV to call an extraordinary general meeting of the firm of the Essel group. YBL had alleged that the extension was based on “unfounded reasons” and Dish TV engaged in “delaying tactics” by setting the resolutions.