Jawahar Goel to exit Dish TV board
The company has also informed that Independent Director Bhagwan Das Narang will also vacate his office at the AGM
Dish TV Chairman Jawahar Goel will exit the company at its annual general meeting on September 26. Yes Bank, which owns a 24.78% stake in Dish TV, has been seeking to oust Goel from the company for the last one year.
In a filing to the stock exchange, Dish TV said Goel will vacate his office at the ensuing AGM after expressing his unwillingness to offer himself for reappointment as Director. The company has also informed that Independent Director Bhagwan Das Narang will also vacate his office at the AGM after having completed his second term.
In June, Goel stepped down as the MD of the company after the shareholders rejected the proposal to reappoint him. However, Goel continued to remain a Non-Executive Director. The proposal to reappoint Anil Kumar Dua as a whole-time director and appointment of former CEO RC Venkateish as a non-executive independent director was also rejected.
In a separate notice, the Dish TV board agreed to induct Sunil Kumar Gupta, Uday Kumar Varma, and Haripriya Padmanabhan as directors subject to Information & Broadcasting (I&B) ministry approval.
Earlier, Dish TV had agreed to induct Girish Paranjpe, Arvindnachya Chandranachya, and Madan Mohanlal Verma as Independent Directors. Incidentally, Yes Bank had proposed the names of Paranjpe, Chandranachya, and Padmanabhan as Directors while seeking the reconstitution of the Dish TV board due to alleged corporate misgovernance.
Dish TV promoters have been locked in a battle with Yes Bank for the control of the company. The promoters hold 5.93% of the direct-to-home (DTH) company. At the heart of the dispute is the Rs 1,000 crore rights issue by Dish TV, which Yes Bank suspects is a ploy to dilute its shareholding in the company.
