Dish TV shareholders reject two director appointments
Yes Bank Ltd, the largest shareholder, pressed the board of Dish TV to convene a special shareholder meeting. It was seeking a reconstitution of the board, expressing its unhappiness with the way the company was run.Jawahar Goel, who owns 4.04% of Dish TV, is facing shareholders' wrath over what they believe is poor corporate governance.
Shareholders have raised concerns about the company’s investments in its OTT (over-the-top) platform Watcho and the composition of the board, among other issues.Dish TV has denied any wrongdoing.Chandra, the elder brother of Goel and chair of the Essel Group, had borrowed about ₹5,000 crore from Yes Bank in 2016. His inability to service the loans made the lender invoke the nearly 25% shares that were pledged as guarantees.
In December 2022, Yes Bank transferred its shares to JC Flowers Asset Reconstruction Co., which became the largest shareholder with a 24.19% stake in the company.Last year, Chandra agreed to pay ₹1,500 crore against dues of ₹6,500 crore to JC Flowers to buy back the shares. But Chandra is still to pay back the entire amount to JC Flowers, making the largest shareholder continue to vote against the director appointments.Milestone Alert!
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