Dish TV to share results of shareholders' voting with Bombay High Court

World Crest Advisors had filed a case against YES Bank and Catalyst Trusteeship in the Bombay High Court on December 18

The results of shareholders' voting at the Dish TV annual general meeting (AGM) on Thursday will be submitted in the Bombay High Court, the company said in an exchange filing.

At its 33rd AGM, three resolutions on the agenda for shareholders of the company to vote on were adoption of the standalone and consolidated financial statements, reappointment of non-executive and non-independent director Ashok Kurien, and ratification of remuneration of cost auditors for FY22.

World Crest Advisors, a Dish TV promoter entity, had filed a case against YES Bank and Catalyst Trusteeship in the Bombay High Court on December 18 claiming that it is the owner of the shares held by YES Bank. The court, however, had rejected the ad-interim request and allowed YES Bank to vote at the AGM. The HC had also stated in its order then that the result of the AGM would be subject to the final hearing on February 3.

YES Bank, with a 24.78 per cent stake, is the largest shareholder in Dish TV. The lender became the largest shareholder after Dish TV promoters defaulted on loan payments. Kurien did not attend the AGM. He had also resigned from Zee Entert­ainment Enterprises a day before its AGM in September.

Stakeholders Empow­erment Services had recommended Dish TV shareholders to vote against the re-appointment citing poor supervision. Kurien, it said, was part of the audit panel which failed to properly supervise detailed impairment testing. 

InGovern Research Services, however, recommended shareholders to vote in favour of the resolutions. It said that the qualifications in the accounts also existed the previous year. It accordingly also recommended shareholders to vote in favour of Kurien's reappointment. While there is a dispute, it is between one large shareholder and the company, and this should not interfere in shareholder decisions which are around the regular running of the company. 

“They have to look at it objectively," said Shriram Subramanian, founder and managing director of InGovern.  In September, YES Bank had also proposed the removal of certain directors from the board of the company and asked for a new set of directors in their place.