Earlier on Tuesday, complying with an order of the Securities and Exchange Board of India (Sebi), Dish TV had disclosed the results of the AGM. In that meeting, all three items, including the reappointment of a director, had failed to get the required number of votes in favour.
In its March 7 order, Sebi had asked Dish TV to disclose the results of the AGM within 24 hours.
While the DTH company had moved the SAT, it failed to get any relief within the short deadline.
The matter became infructuous, as the relief sought was about the non-disclosure of the results.
After hearing the matter on Wednesday, a SAR bench headed by justice Tarun Agarwala directed Dish TV to file a reply by March 20. Sebi will then pass appropriate orders in the matter. Appearing for Dish TV, senior counsel Pradeep Sancheti submitted that Dish TV had adhered to Sebi’s directive as it was “compelled to do so”.
He also argued that the reason for the company to not disclose the results was in line with the Companies Act and highlighted that the matter on ownership of the pledged shares is being decided by the Bombay High Court. Earlier, Sebi had issued notices to Dish TV’s directors asking why the AGM’s outcome was not disclosed, despite the regulator’s repeated warnings.
