Embattled DTH player Dish TV on March 8 disclosed that its shareholders have rejected all three proposals, including the adoption of financial statements and reappointment of Ashok Mathai Kurien as director, at its AGM held on December 30, 2021. The Essel group firm is currently locked in a legal battle with its single largest shareholder, Yes Bank Ltd (YBL).

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YBL had sought reconstitution of Dish TV board by removing Managing Director Jawahar Goel and four other directors, which was contested by Subhash Chandra family-led promoters, and the matter went into litigation. Dish TV did not declare the outcome of voting at its 33rd AGM held on December 30, 2021, due to the ongoing litigations. It was directed to disclose the results by capital markets regulator SEBI in an order passed on March 7.

Subsequently, in a regulatory filing, Dish TV disclosed the results of the voting that took place in the AGM, seeking shareholders' nod on three resolutions -- adoption of the audited standalone and consolidated financial statements and report of the board of directors and auditors; re-appointment of Kurien as director and ratification of remuneration of cost auditors for the financial year 2021-22.

Also read: Yes Bank wants to look into Dish TV books; says some deals "dubious"

"…the Resolution Nos 1 to 3 have failed to obtain the requisite number of votes in favour by the shareholders under remote e-voting and Insta Poll and the number of votes against these resolutions are more than those in favour," said a report by the company's scrutiniser Jayant Gupta & Associates, shared on BSE by Dish TV. According to the report, the proposal for adoption of the audited standalone and consolidated financial statements was rejected by 77.63 percent of votes against and 22.37 percent in favour.

Similarly, the ordinary resolution to reappoint Kurien as a director on the board was also shot down by the shareholders, with 78.94 percent of votes against it and 21 percent in favour. The shareholders also rejected Dish TV's proposal for approval of ratification of remuneration of cost auditors for the financial year 2021-22 with 53.48 percent votes against and 46.52 percent in favour of the resolution.

Earlier in the day, in a regulatory filing, Dish TV said it "is preferring an appeal before the Securities Appellate Tribunal" against the SEBI order. The AGM was held on December 30, 2021, virtually amid the ongoing fight between Subhash Chandra family-led promoters and Yes Bank Ltd (YBL).

On December 23, 2021, the Bombay High Court had directed that the result of the AGM shall be subject to the outcome of the final hearing of the interim application filed by World Crest Advisors LLP against Catalyst Trusteeship Ltd and YBL, in which Dish TV was one of the defendants. The matter was adjourned for February 3, 2022.

World Crest Advisors LLP, a shareholder of the company, had filed a suit before the high court, challenging the shareholding of Yes Bank Ltd (YBL) in the company. In the AGM, Dish TV had proposed three resolutions -- adoption of standalone and consolidated accounts for FY21, reappointment of non-executive and non-independent director Kurien and ratifying the remuneration of cost auditors.

Earlier, the AGM of Dish TV was postponed twice, as it was facing a notice from its single largest shareholder Yes Bank for reconstitution of the board by removing its Managing Director Jawahar Goel and four other directors. YBL, which holds a 24.19 per cent share of Dish TV, has moved the NCLT after the board of Dish TV had rejected YBL's requisition notice to convene EGM to reconstitute the board. Yes Bank had sent a requisition notice to hold an extraordinary general meeting (EGM) to reconstitute the board of the company.

The bone of contention between YBL and Dish TV is Rs 1,000 crore right issues by the Subhash Chandra led Essel group firm. YBL, which holds 47.19 crore equity shares of the company, has sought to remove Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Kurien from the board of Dish TV besides.

YBL has also sent the name of seven people -- two non-executive directors and five independent directors -- to be nominated on the board of the company.