dish tv: Dish TV shareholders reject appointment of 4 candidates as independent directors

Shareholders of Dish TV India Limited rejected appointments of four candidates as non-executive independent directors on the company board, reducing the strength to just directors. In an Extra Ordinary General Meeting (EGM) held on Friday, the shareholders voted against the appointment of Sunil Kumar Gupta, Madan Mohanlal Verma, Gaurav Gupta and Lalit Behari Singhal as independent directors.

In its filing to the exchanges, Dish TV informed that all four have vacated their offices with immediate effect.

The board now has only Shankar Aggarwal and Rashmi Aggarwal as independent directors against a minimum requirement of 6 on the board prescribed under the Sebi rules.

In a voting conducted through video conferencing, 75 per cent shareholders voted against their appointment, the exchange filing said. Over 9.99 crore voters were polled through e-voting and postal ballot.

The company further said that it does not have any designated chairperson or managing director or a whole time director on the Board. The Board of Directors had authorised Rashmi Aggarwal to sign the financial statement.

“The Board shall take necessary steps for complying with the requirement of the Companies Act, 2013, and SEBI Listing Regulations in respect of the number of the Directors on the Board,” Dish TV told the exchanges in its filing.

On Friday, Dish TV shares ended at Rs 15.60 on the NSE and were up by Rs 0.75 or over 5 per cent from the Thursday closing price.The EGM was held at 12:30 pm via video conferencing and other audio visual means.

Earlier in December 2021, shareholders had also voted against the reappointment of Ashok Kurien which was then followed by rejection on the continuation of former Dish TV Chairman Jawahar Goel and Chief Executive Officer Anil Dua in September, last year. Investors had also rejected the induction of independent directors Rakesh Mohan and Rajagopal Venkateish.

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