InvestorQ : What was the outcome of the Dish TV EGM, and did Yes Bank manage to oust Goel?
Arya Nanda made post

What was the outcome of the Dish TV EGM, and did Yes Bank manage to oust Goel?

Anjana Aiyar answered.
2 months ago

At the special extraordinary general meeting (EGM) of Dish TV, the shareholders rejected the special resolutions in the agenda. These special resolutions included the reappointment of Jawahar Goel as MD and Anil Dua as director. The special resolution had also sought the appointment of R C Venkateish as independent director. However, shareholders rejected all the 3 resolutions leading to Jawahar Goel stepping down from the position of MD of Dish TV. Goel, however, remains the non-executive director of Dish TV.

Earlier, the promoters of Dish TV had approached the court to restrain Yes Bank from voting at the EGM, which was struck down by the court. Yes Bank owns nearly 24.78% of the share capital of Dish TV, which hit acquired by way of forfeiture of shares of Dish TV over default on a loan. Being special resolutions, they need 75% votes in favour and the actual votes fell far short of that number. Now, the onus is on the board to propose an MD that is acceptable to both the parties in contention on this subject.

There is a dispute on the loan involved in this case. While Yes Bank claims that it extended loans worth Rs5,270 crore to 10 Essel group entities between 2015 and 2018, the figure given by Subhash Chandra is just Rs4,200 crore. All these loans were against shares pledged by the promoters. However, Chandra assured that they were open to other options like buying back the shares held by the bank, merging with a larger player and appointing a mediator who would help to resolve the differences in this case.