NEW DELHI: Capital market regulator Securities and Exchange Board of India (SEBI) has come down heavily on the management and directors of Dish TV for not disclosing the outcomes of annual general meeting (AGM) held on 30 December 2021, and ordered it to disclose the voting results on stock exchanges within 24 hours.
The market regulator said in its order on Monday that the company has shown blatant disrespect for the law by not disclosing the outcome of the AGM. It also snubbed the independent directors of the company for their failure in ensuring that the company implemented the best corporate governance practices and safeguarded the interest of all stakeholders.
Sebi also ordered a freeze of demat accounts of the directors and the compliance officer of the company till the time the voting results of the AGM held on December 30, 2021 are disclosed on the stock exchanges or till further orders, whichever is earlier.
The Sebi order came after Yes Bank had filed a complaint against Dish TV alleging that the latter had wrongfully withheld the results of voting on various proposals put forth in its Annual General Meeting held on 30 December 2021. Later IndusInd Bank also moved Sebi requesting it to direct the company to disclose the voting results of the AGM.