Dish TV EGM outcome: Shareholders reject 4 names presented for independent directors by board

Yes Bank sources told CNBC-TV18 on March 1 that Dish TV had proposed names of only 2 out of 6 Independent Directors approved by the I&B Ministry. The proposed 2 additional names were not approved by the Ministry & that Dish TV did not considered any of the 3 Yes Bank nominees approved by the Ministry, sources added

On March 1, Dish TV also released a clarification on a provisional complaint from the Minority Investors Association regarding breach in Corp Governance by the co. ‘All the allegations made out in the Minority Investors Association letter are wrong, malicious, incorrect, and baseless & hence are denied. Company is in compliance with all applicable regulations of SEBI including regulation 30 of SEBI listing regulations. Current composition of the board is in line with requirements of SEBI listing regulations,’ Dish TV clarified

Minority Investors Association in its letter said that the Dish TV board had failed to disclose I&B Ministry’s permission for appointing Directors, Dish TV delayed the appointment of Directors approved by the Ministry. Minority Investors demanded the appointment of approved Directors & wanted the management of the co to be held accountable for non-disclosure

Dish TV reported a loss in Q3 with a 22 percent YoY decline in its revenue, margin slipped more than 1,000 bps. Company’s stock soared on Friday ending with a gain of more than 4 percent and is up more than 7 percent this week.