Dish TV declares AGM voting results, all three resolutions rejected

Satellite service provider Dish TV on March 8 released the
results of the voting conducted at the 33rd annual general meeting (AGM) held
on December 30, 2021.

During the AGM, three resolutions were put to a vote
including the adoption of the audited standalone and consolidated financial
statements and the report of the Board of Directors and Auditors,
re-appointment of Ashok Mathai Kurien as director, and ratification of cost
auditors’ remuneration for 2021-22.

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According to the exchange filing by the company, all the
resolutions have failed to receive the necessary number of votes in favour
under the remote e-voting and InstaPoll systems.

The proposal for adoption of the audited standalone and
consolidated financial statements was rejected by 77.63% of votes against and
22.37% in favour, according to the filing.

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The ordinary resolution to reappoint Kurien as a director
on the board was also rejected by the shareholders, with 78.94% of votes
against it and 21% in favour.

Dish TV’s proposal for approval of ratification of
remuneration of cost auditors for the financial year 2021-22 was also rejected
by shareholders with 53.48% votes against and 46.52% in favour of the resolution.

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This comes as an outcome of an around the year-long
battle between Yes Bank and Dish TV, in which the lender-turned-shareholder had
demanded to reconstitute the company’s board on governance concerns and also
filed a mismanagement suit. Dish TV was pursuing litigation to delay the AGM
and seeking to freeze Yes Bank’s voting rights.

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The Essel group firm in an exchange filing said it plans
to appeal before the Securities Appellate Tribunal (SAT) against the Securities
and Exchange Board of India’s (SEBI) interim order requiring the company to
disclose the results of its AGM within 24 hours.

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The market regulator had ordered depositories to freeze
Demat accounts of the directors and compliance officer of the company
immediately until AGM voting results are declared to stock exchanges or till
further orders, whichever is earlier. SEBI also issued show-cause notices to
its promoter and directors of the company.