A group of minority shareholders of Dish TV India, a direct-to-home (DTH) company, has lodged a complaint with the ministry of corporate affairs (MCA) regarding the delay in convening an extraordinary general meeting (EGM) by the company’s board.
The Dish TV Minority Investors Association, representing 77 domestic and foreign institutional investors who collectively own 10.15% of the company, wrote a letter on May 23 requesting immediate action from the MCA to instruct the Dish TV board to promptly call for the EGM in accordance with legal requirements.
Earlier, on May 15, the association had written to the board of Dish TV, urging them to convene the EGM within the specified 21 days.
Furthermore, the association has demanded that the MCA take “stringent” measures against Dish TV directors for their alleged multiple violations of the Companies Act. The association has also requested the MCA to expedite action on their previous complaints.
“It has been over a week, and we have not received any response from the Dish TV management. We have informed the MCA to ensure that Dish TV’s current management complies with the requisition notice that we have sent,” said Rahul Hingmire, spokesperson for Dish TV minority shareholders and founder/partner of Vis Legis Law Practice.
In response, Dish TV stated that it would take the necessary steps as per the provisions of the law. The company also dismissed the association’s letter to the MCA as “premature.”
“As previously stated, the company will fulfill all necessary steps in accordance with the Companies Act and Sebi’s LODR (Listing Obligations and Disclosure Requirements) for the requisition. Regarding your claim of a letter sent by the minority shareholder association to the MCA, the company is not aware of such a letter. If indeed such a letter has been written, it is premature,” said Dish TV.
The association aims to hold an EGM to appoint K Badri Narayanan, Satish Kumar Yanmandra, and Jeet Sen Gupta as non-executive independent directors and remove Shankar Aggarwal and Rashmi Aggarwal from the board.
Additionally, the association has criticized the board for allegedly favoring certain minority shareholders and highlighted the company’s poor financial performance over the past few years.
Upon receiving the May 15 letter, Dish TV stated that it was reviewing the communication and would take the necessary steps in accordance with applicable laws and procedures.
Recently, Dish TV announced the departure of its CEO Anil Dua after a six-year tenure. Manoj Dobhal, the current COO, has been appointed as CEO-designate to replace Dua.
To ensure a seamless transition, Dua will remain at the helm of Dish TV for an additional three months. Dobhal will serve as the CEO-designate until obtaining regulatory approval from the ministry of information and broadcasting (MIB), according to the company.
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
