Dish TV sheds 4% ahead of AGM; clarity on tussle between YES Bank, Chandra family eyed

NEW DELHI: Shares of Dish TV tumbled 4 per cent in early trade on Thursday ahead of leading DTH service provider’s annual general meeting, which comes amid an ongoing fight between promoters led by the Subhash Chandra family and the company’s single largest shareholder Yes Bank.

Dish TV’s scrip fell to a low of Rs 18.75 as against Rs 18.05 at the previous close on the National Stock Exchange.

The AGM has already been postponed twice in the midst of a tussle between Yes Bank and the Chandra family.

At its 33rd AGM, Dish TV management is seeking shareholders' nod for reappointment of Ashok Kurien on the board besides the adoption of the financial statement of the company. The company is facing a notice from Yes Bank for reconstitution of the board by removing its Managing Director Jawahar Goel and four other directors from the board.

The matter has already been taken by the private lender before the Mumbai Bench of the National Company Law Tribunal, which last week in its hearing refrained from passing an order over Dish TV's plea to stay the Yes Bank's right to vote in the AGM.

Yes Bank, which holds a 24.19 per cent share of Dish TV, had moved the NCLT after the board of Dish TV rejected the private bank’s requisition notice to convene EGM to reconstitute the board.

In the AGM, Dish TV has proposed three resolutions - adoption of standalone and consolidated accounts for FY21, re-appointment of non-executive and non-independent director Ashok Kurien and ratifying the remuneration of cost auditors, reports said.

The matter has elicited differing opinions from three advisory firms - Stakeholders Empowerment Services (SES), Institutional Investor Advisory Services (IiAS) and InGovern.

While IiAS and SES have advised the shareholders to vote against the resolutions, InGovern has asked the members to support the management and recommended voting in favour of Dish TV India's three resolutions, reports said.