YES Bank seeks removal of Jawahar Goel, 4 others from Dish TV board

Private lender YES Bank, which holds a 25.63 per cent stake in Dish TV India, has sought the removal of five directors in the company, including Managing Director (MD) Jawahar Lal Goel. YES Bank has given a special notice under Section 169 of the Companies Act, 2013, which seeks the removal of Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal, Ashok Mathai Kurien, besides the MD.

The bank said the current board of directors of the company had approved a rights issue process despite the bank’s objections solely to dilute its shareholding to prejudice the interests of the bank, which is the single largest shareholder of the company. The bank further said the company’s board is not acting in line with good corporate governance standards. It further said the board is perhaps acting at the behest of certain minority shareholders holding merely 6 per cent of the shares in the company.

Dish TV in its response to YES Bank’s allegation said the board of directors had appointed a sub-committee (comprising all independent directors) to consider various options for fundraising. After much deliberation on the basis of the recommendation of the sub-committee, the board of directors decided to raise capital via a rights issue.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information commentary on developments that are of interest to you have wider political economic implications for the country the world. Your encouragement constant feedback on how to improve our offering have only made our resolve commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed updated with credible news, authoritative views incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better more relevant content. We believe in free, fair credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism subscribe to Business Standard.

Digital Editor

Source link