Goel, who represents the promotional group in Dish TV, was only able to get 21.05 votes for his reappointment for another three years, according to the DTH operator’s regulatory document updating the disclosure of the extraordinary general meeting voting results.
A total of 128.54 crore votes were cast at the Extraordinary General Meeting held on Friday via videoconferencing and other audiovisual means.
This is a major victory for the largest shareholder and private sector lender Dish TV. Yes Bank LLC (YBL), which owns over 24% of the company’s shares.
He sought to restructure the board of Zee group patriarch Subhash Chandra, led by the Essel group’s DTH division, by removing his brother Goel from the Dish TV driver’s seat.
“ Back to recommendation stories
The promoter group currently owns a 5.93% stake in the company as of March 31, 2022 and has voted 100% in favor of Goel’s reappointment.
However, government institutions and non-institutions, which own 94.07% of Dish TV, voted against.
As many as 97.94% of the total votes for a government agency and 69.67% of the total votes for a non-government agency were against the resolution to reappoint Goel.
Similarly, the resolution to reappoint the CEO of Dish TV Anil Kumar Dua as a director of WholeTime, the company also failed to obtain consent, although it received 73.89% of the total votes cast in its favor.
The Companies Act requires that a special resolution be passed by a qualified majority, i.e. not less than 75% of the members who voted in favor of it.
At the same time, 73.25 percent of the total number of those polled voted against the resolution to appoint the former chief executive officer of Dish TV, Rajagopal Chakravarty Venkatesh, as a non-executive independent director of the company.
We would like to inform you that, based on the votes cast by the shareholders at the company’s extraordinary meeting of shareholders held on June 24, 2022, Jawahar Goel “vacates the post of managing director of the company,” the announcement said on Friday.
However, Goel will continue as a non-executive director and Dua as CEO of Dish TV.
Yes Bank and the promoter family, led by Goel, have been in a legal battle since last year.
On Friday, a panel of the Bombay High Court rejected a petition filed by promotional firm Dish TV to ban YBL from voting at an extraordinary meeting of the DTH operator.
Promoter company World Crest Advisors LLP previously challenged a June 17 ruling by a single bench of the High Court that failed to provide interim relief for a pending hearing and final ruling on a containment claim.
from voting at an extraordinary meeting of Dish TV scheduled for June 24, 2022.
The bone of contention between YBL and Dish TV is the Rs 1,000 crore legal issues produced by the group’s firm. YBL objects to this as it suspects that the rights issue is intended to dilute the bank’s controlling interest in Dish TV.
Last year, YBL put forward a motion for an EGM and sought to remove four directors from the board of Dish TV, in addition to Goel. He also sent the names of some people who wanted to be appointed to the board of Dish TV.
However, the request to convene an extraordinary meeting was rejected by the company’s board.
In ongoing disputes, the shareholders of Dish TV rejected all three proposals, including the approval of the financial statements and the reappointment of Ashok Matai Kurien as a director, at the annual general meeting of shareholders held on December 30, 2021.