Dish TV's shareholders vote against induction of three new independent directors
This decision was taken in an EGM where 80 percent of the votes were against Sunil Khanna, Bhushan Puri and Sonal Bankim Parekh being inducted.
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The shareholders of Dish TV, the country's third largest satellite television provider, rejected the candidature of Sunil Khanna, Bhushan Puri and Sonal Bankim Parekh as independent directors.
The decision was taken in an EGM (extraordinary general meeting) where 80 percent of the votes were against them being inducted.
In December 2023, as per Moneycontrol, the standoff between promoters and minority shareholders of Dish TV India Ltd escalated after close to 71 percent of the company’s shareholders rejected the appointment of four independent directors over corporate governance concerns at the extraordinary general meeting (EGM) held on December 22.
Exchange filings showed that the minority shareholders rejected the appointment of Rajesh Sahni, Virender Tagra, Aanchal David and Shankar Aggarwal. Instead, the shareholders approved the appointment of Sanjay Khanna and Ravi Bhushan Puri as new directors. Dish TV has now seen the ouster of 16 directors since September 2021.
The December flare-up was part of long-simmering tensions between the promoters and public shareholders led by special situations investor JC Flowers, which has flagged several instances of corporate governance lapses at the company, including Dish TV’s decision to write off around Rs 203 crore investment in its OTT streaming app Watcho in June last year. Moneycontrol also reported at the time that minority shareholders had rejected several proposals by the current management led by Zee group founder Subhash Chandra and family, including the reappointment of Jawahar Goel, the younger brother of Subhash Chandra as managing director and the adoption of financial statements.
