Yes Bank, which owns about 25% of Dish TV, is pushing for a board reshape, including removing Goel, Narang and other members, citing corporate governance issues and claiming the board was “acting at the behest of some minority shareholders.” “.
“…We would like to inform you that Mr. Jawaharlal Goel, the Director of the Company, has submitted his resignation from the Board of Directors of the Company and its Committee(s) with effect from closing, in his letter dated September 19, 2022. From the working hours of September 19, 2022,” she said The company is on file in the stock exchange.
Earlier this month, the company announced that Joel would not opt for a reappointment to its board and that independent director Bhagwan Das Narang would vacate his position after his term expired.
In early August, Dish agreed to add two Yes Bank nominees to its board of directors and on August 30, it considered another nominee for the private lender.
“Shareholders are hopeful that this will be a new phase for Dish TV, as the dispute between the promoters and Yes Bank is settled,” said Shriram Subramanian, managing director of InGovern Research Services, a corporate governance consultancy.
“With a new board of directors, the company will be under the control of Yes Bank. If Yes Bank is not interested in running the company, they must pay in order to sell the company to some strategic buyers.”
(with agency input)