Dish TV president Jawahar Goel will step down to the next AGM

Direct-to-Home operator Dish TV said on Tuesday that its chairman Jawahar Lal Goel will step down from his position at the company’s next general meeting on September 26, 2022. Goel, whose proposal to reconfirm as CEO was rejected by the shareholders in an extraordinary meeting (EGM) held in June of this year, did not reapply an application for the continuation of the office of Chairman.

In a regulatory filing Dish TV said, “Jawahar Lal Goel, chairman and non-executive director, will step down from his post at the next general meeting for expressing his reluctance to offer for reconfirmation as a director.”

Dish TV’s board of directors, in a meeting held on Tuesday, also approved the calling of the company’s 34th general meeting for September 26, 2022 virtually through video conferencing and other audiovisual means.

The board also noted that the term of its Independent Director Bhagwan Das Narang will expire on the date of the next Annual General Assembly,

“… at the end of his second term and consequently, Narang will leave his position as Director on that date,” it reads.

In early June, Jawahar Goel stepped down from office after the shareholders of operator DTH rejected a proposal to reconfirm him at the extraordinary general meeting. However, he continued as a non-executive director.

This was a win for the private sector lender Yes Bank Ltd, which owns more than 24% of shares in the Essel group’s DTH company.

Yes Bank Ltd (YBL) and Goel’s family of promoters are locked in a legal battle over onboard depiction on Dish TV.

Last year, Yes Bank made a proposal for EGM and sought to remove four directors from the Dish TV board in addition to Jawahar Goel. However, EGM’s request for a meeting was rejected by the company’s board of directors.

Previously, Dish TV shareholders had rejected all three proposals, including the adoption of the financial statements and the reconfirmation of Ashok Mathai Kurien as director, at its general meeting held on December 30, 2021.

The bone of contention between Yes Bank and Dish TV is a straight crore number of Rs 1,000 from the group company.

YBL opposes this as it suspects that the rights issue is intended to dilute the bank’s majority stake in Dish TV.