Yes Bank Limited, which is a shareholder in Dish TV India Limited and holds 47.19.13.990 shares representing 25.63% of the shares, has requested the removal of five directors from Dish TV after the company’s board of directors decided to raise 1,000 Rs a rights problem.
These directors are Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal, Jawahar Lal Goel and Ashok Mathai Kurien.
“Pursuant to the provisions of Section 169 in conjunction with Section 115 and any other applicable provisions of the Companies Act 2013 and the rules contained therein, we, the Bank, a shareholder in the Company, hereby issue this particular notice to the Company, the following resolutions the 33.
The bank has requested the removal of these directors, citing the decision of the current Dish TV board of directors to approve a rights issue process, despite repeated objections “just to dilute the stake in the bank,” which is its largest single shareholder.
Yes Bank said Dish TV’s board of directors was inconsistent with standards of good corporate governance and was not a fair representation of the company’s current major shareholders, which are various banks and financial institutions that hold approximately 45% of the shares keep.
It also states that “the board of directors is allegedly acting on behalf of certain minority shareholders who hold only 6 percent of the company’s shares”.
This is reflected in the fact that, although the bank has asked the board of directors not to approve or implement the proposed rights issue without consulting significant shareholders, on May 28, 2021, the bank issued a press release that it continues with the issue of Rs 1,000 crore rights.
Yes Bank notice says that the board of directors has completely put aside its multiple motions to re-constitute the board of directors by appointing the nominated directors and that it acted in utter rush and made arbitrary decisions to proceed with the rights issue process.
Meanwhile, Dish TV has announced that it will review Yes Bank’s special announcements “for any approvals that may be required, including the steps that need to be taken to clear the nomination of the proposed new directors from the required authority as prior approval.” is a mandatory requirement “. .
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