Stock exchanges impose fine on Dish TV for board composition violations
BSE) and the Bombay Stock Exchange (BSE) have imposed fines of over Rs 10 lakh on direct-to-home (DTH) company Dish TV for board composition-related violations.
In a regulatory filing, Dish TV said the stock exchanges had issued notices dated November 21 to the company for non-compliance with the requirements pertaining to the composition of the board and the composition of the Nomination and Remuneration Committee of the Board for the quarter ended September 30.
The stock exchanges also imposed fines on the company for non-compliance with Regulation 17(1) (Composition of Board) and Regulation 19(1)/19(2) (Composition of Nomination and Remuneration Committee of the Board) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Both the NSE and BSE have imposed fines worth Rs 5.14 lakh each on the company.
The company said it has taken the required steps to ensure compliance with Regulations 17(1) and 19 of the Listing Regulations, and the said non-compliance in the reduction of directors is beyond its control.
It noted that the board strength has been less than the SEBI-mandated six directors since March 3 due to the non-approval of the appointment of four independent directors by the company's shareholders at the Extraordinary General Meeting (EGM) held on March 3 and the resignation of independent director Zohra Chatterji with effect from June 2.
Dish TV, at its meeting held on September 21, 2023, appointed Aanchal David as Independent Director of the Company with effect from September 26, 2023, subject to shareholders’ approval.
Further, at its meeting held on September 29, 2023, the company appointed Rajesh Sahni and Virender Kumar Tagra as non-executive, non-independent directors of
