BSE, NSE slap fresh fines on Dish TV over board composition issues
The direct-to-home operator, which has been caught in a prolonged boardroom tussle among its promoters, faced similar penalties in 2023 and 2024.
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Dish TV has once again been penalised by leading stock exchanges BSE and NSE for failing to maintain proper board composition and quorum, the company disclosed in a regulatory filing.
The direct-to-home operator, which has been caught in a prolonged boardroom tussle among its promoters, faced similar penalties in 2023 and 2024.
In the latest instance, the exchanges issued a notice on August 29, citing non-compliance with Regulations 17(1) and 19(1)/(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended June 30.
“The above-mentioned non-compliances in respect to reduction in the board strength was on account of non-approval of shareholders for the appointment of directors and that the same was beyond the control of the board or the company,” Dish TV said in the filing.
The exchanges further instructed the company to “inform the promoters about the non-compliance and place the said communication before the board at its next meeting,” with the board’s response to be communicated back to them.
Both BSE and NSE have levied fines of ₹5.69 lakh each, which Dish TV has been directed to pay within 15 days of the notice.
The company confirmed it “shall be making the payment of the fines as levied on the company” while clarifying that “there is no impact on financial, operational or other activities of the company, other than the monetary fine amount payable.”
Currently, Dish TV’s board comprises seven members, including Executive Director-Chairperson-CEO Manoj Dobhal, four independent directors, the CFO, and the company secretary, according to its official website.
The Subhash Chandra family-led promoter group, which holds around 4% stake, has been locked in a dispute with YES Bank over the board’s reconstitution. YES Bank, once the company’s largest shareholder, exited its 24.2% stake by selling to JC Flowers Asset Reconstruction Pvt Ltd.
Dish TV’s shareholder disagreements have been long-standing. On multiple occasions, investors have voted down board proposals, including the re-appointment of Jawahar Lal Goel as managing director in June 2022 and the adoption of financial statements for FY21 and FY22 at an extraordinary general meeting in September 2022.
