Yes Bank, which holds about a 25% stake in Dish TV, has been pushing for a board reconstitution, including the removal of Goel, Narang and other members, citing corporate governance issues and alleging that the board was “purportedly acting at the behest of certain minority shareholders”.
“…we wish to inform you that Mr Jawahar Lal Goel, Director of the Company, vide his letter dated September 19, 2022, has tendered his resignation from the Board of Directors of the Company and committee(s) thereof with effect from the close of business hours of September 19, 2022,” the company said in a stock exchange filing.
Earlier this month, the company had announced that Goel would not opt for a re-appointment on its board and independent director Bhagwan Das Narang would vacate office after his term expired.
In early August, Dish agreed to add a couple of Yes Bank’s nominees to its board and on Aug. 30 further considered one more nominee from the private lender.
“Shareholders are hoping that this will be a new phase for Dish TV, with the dispute between promoters and Yes Bank getting resolved,” said Shriram Subramanian, managing director of InGovern Research Services, a corporate governance advisory firm.
“With a new board, the company would be in Yes Bank’s control. If Yes Bank is not interested in running the company, they should push for a sale of the company to some strategic buyer.”
(With agency inputs)
