dish tv: Jawahar Goel steps down as MD of Dish TV after EGM vote loss

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Jawahar Goel has stepped down as the managing director of direct-to-home (DTH) company after the resolution of his reappointment failed at the extraordinary general meeting (EGM) of the company’s shareholders Friday.

In an update to stock exchanges, Dish TV said that Goel has vacated the office of MD and will continue as a “non-executive director”, in terms of the applicable regulatory provisions.

The promoters of Dish TV had failed to obtain a favourable ruling from the Bombay High Court to prevent

from exercising its right as a shareholder with a nearly 24.19% stake.

The other two resolutions—the reappointment of chief executive Anil Dua as a whole-time director and the reappointment of Rajagopal Chakravarthi Venkateish as the director of the company—also failed during the EGM.

Following the vote, Dua also vacated the office of the whole-time director and will continue to be the CEO of Dish TV.

Goel’s reappointment resolution could get only 21.05% of the votes in favour, while 78.95% of the votes were against his reinstatement.

Dua managed to garner 73.9% of votes in favour but fell short of the 75% threshold, whereas Venkateish collected 73.25% of votes against his reappointment,

In May 2020, YES Bank invoked promoters’ pledged shares in Dish TV, taking control of a 24.19% stake in the company.

Later, it raised corporate governance issues at the company and sought an EGM of the shareholders to dissolve the entire board and remove the promoter family.

YES Bank believes the board was functioning in cahoots with the minority shareholders (the promoters), who should not have representation on the board.

The matter had reached the Bombay high court, where on Thursday a division bench dismissed an appeal filed by the World Crest Advisors, a promoter entity of

, which had sought an order to restrain YES Bank from attending or voting at the company’s EGM.

Dish TV promoters maintain that they were neither borrowers nor guarantors for any loans of YES Bank.

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