Dish TV reported in a regulatory filing on September 6 that Yes Bank, which owns a significant investment in the company, had written to the company requesting the dismissal of its directors and managing director.Dish TV received a special notice from the private lender on September 3, 2021, asking the removal of directors under Section 169 of the Companies Act, 2013.Dr Rashmi Aggarwal, Shankar Aggarwal, Ashok Mathai Kurien, and Bhagwan Das Narang were named as directors, and Jawahar Lal Goel was named as managing director, according to the notification.Goel will also "cease to be the chairperson of the firm" as a result of his dismissal as MD, according to the bank.
Yes Bank, which owns a 25.63 percent ownership in Dish TV, has requested the business to consider removing Directors and the CEO during the firm's 33rd annual general meeting on September 27, 2021."The Board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the Company being various banks and financial institutions holding about 45% shareholding in the Company," it mentioned in the notice.
The bank has also spoken out against Dish TV's plan to raise Rs 1,000 crore through a rights issue."The present board of directors of the Company ("Board") has approved a rights issue process, pending objections raised with the Board by the Bank time and again, solely to dilute the shareholding of the Bank and to prejudice the interests of inter alia the Bank which is the single largest shareholder of the Company as of date," Yes Bank said.
In a regulatory filing, Dish TV stated that it is reviewing Yes Bank's request for the removal of directors."The Company is further examining the above-mentioned Special Notices for any approvals that may be required, including the steps to be taken to get the candidature of proposed new Directors cleared from the necessary Authority, namely the Ministry of Information and Broadcasting, as prior approval from the Authority is a mandatory requirement," it added.
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