Dish TV reveals AGM results after SEBI’s ultimatum

The regulator to Dish TV, part of the Essel Group, the firm did not reveal the results of voting even after a path of 68 days since the date of AGM, Sebi announced.

Market regulator Securities and Exchange Board of India (Sebi) on Monday ordered Dish TV to publish the voting results of the annual general meeting(AGM) to the stock exchanges in the following 24 hours. The voting was on acceptance of financial statements for the financial year ended March 31, 2021, re-appointment of Ashok Mathai Kurien as a director and ratification of cost auditors’ remuneration for FY22.

According to the information published with the exchanges, the shareholders have not accepted any of the three resolutions proposed in the AGM.

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The shareholders have also rejected the acceptance of the audited standalone and whole financial statements and statements of the board and auditors. Moreover, they have also voted against the reappointment of AM Kurien as director and ratification of auditor remuneration.

The ruling comes in after the complaints from Yes Bank, IndusInd Bank and other shareholders to Sebi alleging that Dish TV has falsely withheld the conclusions of voting on various proposals put forth in the AGM.

On Tuesday, Dish TV shares concluded at 6.03% higher at 14.95 apiece on NSE.

The regulator announced the depositories should instantly freeze the demat accounts of the managers and the compliance officer of the firm until the time the voting results of the AGM held on December 30, 2021, are revealed in a filing to the stock exchanges.

Despite reiterated advisories by the regulator to Dish TV, part of the Essel Group, the firm did not reveal the results of voting even after a path of 68 days since the date of AGM, Sebi announced.

Yes Bank and IndusInd Bank are among the biggest shareholders, holding 24.78% and 3.78% stake in the firm respectively, as of the quarter ended December 2021.