Sebi tells Dish TV to disclose AGM results within 24 hrs

8 Mar 2022 , 12:51 PM

The Securities and Exchange Board of India (Sebi) on Monday in an ad-interim order directed Dish TV India to disclose the results of its annual general meeting held on 30th December, within 24 hours from the receipt of the said order.

The regulator has also issued show cause notices to companys directors asking why the meeting results have not been disclosed so far despite repeated advisories from the regulator.

On receiving the Sebi order, the depositories are directed to freeze the demat accounts of the directors and the compliance officer of the company, till the voting results have been disclosed on the stock exchanges.

In the matter, Yes Bank alleged that Dish TV had wrongfully withheld the voting results of on various proposals put forth in its annual general meeting held on 30 December 2021.

Financial creditors led by Yes Bank and IndusInd Bank reportedly voted against the three resolutions: the adoption of 2020-21 financial statements, re-appointment of Ashok Kurien as director, and ratification of remuneration of cost auditors for the FY22.

Rejection of the resolutions will deny Dish TV to proceed with its plan to raise Rs 1,000 crore via a rights issue. Yes Bank wants to reconstitute Dish TVs board, citing corporate governance lapses.

Yes Bank currently holds 24.78% stake while IndusInd Bank has 3.78% stake in Dish TV.

Dish TV India is an Indian direct broadcast satellite service provider in India owned and operated by the Zee Group.

Shares of Dish TV were up 5.04% at Rs 14.81 on the BSE.

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