MUMBAI: In a big boost for Yes Bank, a majority of the shareholders of Dish TV voted against the reappointment of Jawahar Lal Goel as MD of the company at an EGM convened on Friday.
The reappointment of Anil Kumar Dua as a whole-time director didn’t pass muster as the resolution failed to garner 75% of the vote while a majority voted against the appointment of Rajagopal Chakravarthi Venkateish as a non-executive independent director of Dish TV. While Goel will vacate the office of MD, he will continue as non -a executive director as per applicable regulatory provisions.
Dua who vacates office as a whole-time director will continue as CEO, while Venkateish will not hold office as director. Goel’s reappointment was slated for April 2022 through March 2025 while Dua’s was March 2022- March 2025. Against outstanding shares of 184.12 crore held by the promoters, public institutions and public non-institutions, the number of votes polled for the special resolutions on the reappointments was 128.54 crore (69.81%) .
Of the 69.81% votes polled on outstanding shares, 78.94% voted against the reappointment of Goel as MD while only 21.05% voted in favour. For the reappointment of Dua as WTD, 73.89% voted in favour and 26.10% voted against it.
However, the votes fell short of the mandated 75% of a super majority to pass a special resolution. While 73.25% of votes were cast against the appointment of Venkateish, only 26.74% voted in favour of his appointment as director.
On Thursday, a division bench of the Bombay HC dismissed a promoter group entity’s plea seeking to restrain Yes Bank from voting at the EGM. Dish TV promoters said they neither borrowed nor stood guarantee for any loans of Yes Bank. However, the court dismissed their plea allowing Yes Bank, which at 24.78% as of March 2022 is Dish TV’s single largest shareholder, to vote at the EGM. The bank sought the removal of Goel and four other directors on grounds of corporate governance issues.
Jawahar Goel to vacate office of MD
While Goel will vacate the office of MD, he will continue as a non-exec director as per applicable regulatory provisions. Anil Kumar Dua who vacates office as a whole-time director will continue as CEO