Dish TV’s minority shareholders send fresh requisition for EGM

The Dish TV Minority Shareholders Association has reiterated their demands through the second requisition notice, which was sent on June 28. The Dish TV board has to hold a board meeting within 21 days to take a call on the requisition notice for holding an EGM.

Dish TV had rejected the association’s first requisition notice, dated May 15, citing numerical and procedural validity.

The association is seeking the removal of Shankar Aggarwal and Rashmi Aggarwal from the board and the appointment of K Badri Narayanan, Satish Kumar Yanmandra and Jeet Sen Gupta as non-executive independent directors.

Dish TV said in a statement that it will deal with the requisition notice in accordance with applicable laws. “As already intimated, the company shall take all such steps as are required in terms of the provisions of the company’s act and SEBI’s LODR in respect of the requisition,” the statement said.

The association’s second requisition notice has the backing of 12.7% of the shareholders, compared with 10.15% earlier, said Rahul Hingmire, the association’s spokesperson. “We have 92 shareholders holding around 23.38 crore shares of Dish TV. Earlier, we had the support of 77 shareholders. More and more shareholders are joining us,” he said.Hingmire also said that the association doesn’t agree with Dish TV’s position on rejecting the first requisition notice. “We have made it clear that Dish TV’s interpretation of the requisition notice is incorrect from a legal standpoint,” he said.In their requisition notice, the shareholders have also raised concerns over how the management has been rejecting legitimate requests for holding an EGM. It also highlighted other corporate governance problems, such as the failure to disclose AGM results in a timely manner.

The shareholders have also raised concerns about Dish TV’s financial performance in the last few years. Dish TV had earlier stated that it would become a debt-free company soon.