New Delhi: The shareholders at DTH operating service company Dish TV rejected a proposal to reappoint Managing Director Jawahar Goel, following which, Goel stepped down from the post on Friday evening. In an update to stock exchanges, Dish TV said that Goel has vacated the office of MD and will continue as a “non-executive director”, in terms of the applicable regulatory provisions.
Dish TV on Friday held the EGM of the equity shareholders through video conferencing and other audio-visual means. The promoters of Dish TV had failed to obtain a favourable ruling from the Bombay High Court to prevent YES Bank from exercising its right as a shareholder with a nearly 24.19% stake.
Goel, the younger brother of Essel Group founder Subhash Chandra, owns 5.93%. The other two resolutions—the reappointment of chief executive Anil Dua as a whole-time director and the reappointment of Rajagopal Chakravarthi Venkateish as the director of the company—also failed during the EGM.
The proposal for reappointment of Jawahar Lal Goel as Managing Director of the company has not received requisite majority at the EGM held on June 24, 2022,” said Dish TV in a regulatory filing. Earlier, shareholders of Dish TV had rejected all three proposals, including the adoption of financial statements and reappointment of Ashok Mathai Kurien as director, at its AGM held on December 30, 2021.
“We wish to inform you that on the basis of the votes cast by the shareholders at the EEGM of Company held on June 24, 2022”, Jawahar Lal Goel “vacates the office of Managing Director of the Company,” said Dish TV. Yes Bank had sought reconstitution of Dish TV board by removing Managing Director Jawahar Goel and four other directors, which was contested by Subhash Chandra family-led promoters, and the matter went into litigation.
According to the Securities and Exchange Board of India’s rules, resolution for appointment of a director has to be approved by 75% of shareholders within three months. “It is the second time when Dish TV could see shareholders rejecting the resolutions,” said a company executive requesting anonymity. In December 2021, shareholders had unanimously rejected the three proposals by Dish TV.