Dish TV: Jawahar Goel resigns as director of Dish TV after defeat at EGM

Jawahar Goel resigned as managing director directly to the house (DTH) of the company after the decision on his reappointment was not made at the Extraordinary General Meeting (EGM) of the company’s shareholders on Friday.

In an update to the stock exchanges, Dish TV reported that Goel has vacated the MD office and will continue as a “non-executive director” for the purposes of applicable regulations.

Dish TV promoters failed to get a positive decision from Bombay High Court prevent

from exercising his right as a shareholder with almost 24.19% of the shares.

Two other resolutions – the reappointment of CEO Anil Dua as a staff director and the reappointment of Rajagopal Chakravarthy Venkateish as a director of the company – were also not passed during the EGM.

Following the vote, Dua also vacated the position of staff director and will remain the CEO of Dish TV.

The resolution to reappoint Goel only managed to get 21.05% of the votes in favour, while 78.95% of the votes were against his reinstatement.

Dua managed to garner 73.9% of the vote in favor but failed to win 75% of the vote, while Venkateish garnered 73.25% of the vote against his reappointment.

In May 2020, YES Bank took advantage of the shares of Dish TV pledged by promoters, gaining control of 24.19% of the company’s shares.

He later raised corporate governance issues in the company and demanded an extraordinary general meeting of shareholders to dissolve the entire board and remove the promoter family.

YES Bank believes that the board acted in collusion with minority shareholders (founders), who should not have been represented on the board.

The case was referred to the Bombay High Court, where on Thursday a panel rejected an appeal filed by World Crest Advisorspromoter organization

which sought to ban YES Bank from attending or voting at an extraordinary general meeting of the company.

The promoters of Dish TV claim they were neither the borrowers nor the guarantors of the YES Bank loans.