Dish TV appoints ex-bureaucrat Lalit Behari Singhal as independent director
Dish TV, the direct-to-home operator, which is part of the Essel group, on Thursday said that it had appointed former bureaucrat Lalit Behari Singhal as an independent director to its board.
In a separate filing in the evening, the company said that shareholders had voted against the two ordinary resolutions put up at its AGM held on Thursday, to adopt the FY21 and FY22 financial statements of the company.
This is the second time that shareholders have voted against the two resolutions. On September 26, four out of six resolutions were not approved by shareholders, which included the above two, forcing the company to adjourn the AGM to December 29.
The announcement of Singhal, on the other hand, followed a board meet of the company on Thursday, where Singhal’s appointment was considered for a period of five years, Dish TV said. His appointment is effective Thursday.
Earlier this month, Dish TV had announced the appointment of three new independent directors to the company’s board. These included Sunil Kumar Gupta, Madan Mohanlal Verma and Gaurav Gupta.
This was the first major appointment by the company after the departure of its former chairman Jawahar Goel in September. Goel had stepped down as Dish TV MD in June after the resolution for his reappointment to the board had failed at the extraordinary general meeting (EGM) of the company’s shareholders.
Dish TV’s largest shareholder Yes Bank and the promoter family led by Goel have been engaged in a legal dispute over board reconstitution for some time now.
As of 30 September, 2022, Yes Bank’s shareholding stood at 24.78 per cent, while the promoters’ holding was at 4.04 per cent. Last week, the private sector lender had transferred its stake in Dish TV to JC Flowers Asset Reconstruction Co, along with underlying loans to Essel group companies.
The development was part of the lender’s move to transfer bad loans worth Rs 48,000 crore from its books to the asset reconstruction company.
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