D2H services provider Dish TV has been granted a two-month extension for conducting its annual general meeting from the purported due date on which it was to be held. This comes in the wake of shareholder Yes Bank seeking to remove Dish TV's Managing Director Jawahar Goel along with four other directors from the company's board.
Dish TV had sought an extension to hold the shareholders' meeting on September 19. It said the company would require time for potentially changing the CEO or the board of directors of the company owing to a mandatory requirement from the Ministry of Information and Broadcasting.
The company had stated in a September 25 filing with the Bombay Stock Exchange that the board had sought an extension of time for conducting the shareholders' meeting. To which, the Registrar of Companies in an order dated September 23 had granted a general extension to conduct the meeting within a period of two months from the date when it was ought to be held. Dish TV's board accorded their consent to postpone the AGM on the same day as the filing, further stating that a revised date would be announced soon.
Owing to the COVID-19 outbreak, the Ministry of Corporate Affairs had extended the statutory deadline for conducting annual general meeting of shareholders for the financial year 2020-21 by two months. The move was aimed at providing relief to corporates hit by lockdowns meant to curb the spread of COVID-19 in the country.
Yes Bank said the extension is based on "unfounded reasons" and that the D2H services provider was engaging in "dilatory tactics". The banker holds 25.63% stake in the company.