Fri. Mar 29th, 2024
Yes BankStock In Force

Zee Group Owned direct broadcast satellite service provider Dish TV has received a notice from its largest shareholder, Yes Bank to convene an extraordinary general meeting (EGM).

Yes Bank, which owns almost a quarter of the firm, has requested an EGM to select new independent directors and remove MD and Director Jawahar Lal Goel.

Yes Bank stated in the letter that they issued a notice on September 6  that called for the removal and appointment of new directors on the company’s Board of Directors.

Zee was supposed to present a motion for the dismissal and appointment of directors before its shareholders during the company’s 33rd annual general meeting, which is scheduled for September 27.

In reply, Dish TV  told the private bank on September 6 that the change in directorship needs prior approval of the Ministry of Broadcasting (MIB), As a result, presenting resolutions for removal and appointment of directors is not possible to be placed before the shareholders at the AGM.

In return, Yes Bank issued revised notices on September 9.

“However, instead of placing the resolutions before the shareholders of the Company at the AGM, which was to be held on September 27, the Company is now seeking an extension of the date of holding AGM based on unfounded reasons,” said Yes Bank in its notice sent to Dish TV on September 23.

“In light of the Company engaging in dilatory tactics in placing the resolutions before the shareholders, the Bank is constrained to issue the present notice under Section 100 of the Companies Act, 2013 for holding an extraordinary general meeting of the Company,” said Yes Bank in the notice.

Yes Bank is looking to elect new directors including- Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjpe, Narayan Vasudeo Prabhutendulkar, Arvind Nachaya Mapangada.

Media company Zee Entertainment is also facing flak from its largest investors- Invesco Developing Markets Fund and OFI Global China Fund LLC over corporate governance concerns. Invesco had called out for an extraordinary general meeting to remove Punit Goenka from the director’s position.

By Harshita Sharma

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