India's Dish TV falls 10% as shareholders reject results, auditor appointment (updated)

Dish TV India

27/09/2022 08:02

(Adds comment, background)
    By Sethuraman N R
       BENGALURU, Sept 27 (Reuters) - Shares of Dish TV
 DSTV.NS  fell as much as 10% on Tuesday, a day after
shareholders of the broadcast satellite service provider
rejected audited statements for the last two fiscals,
appointments of a new auditor and an independent director.
    The shareholders rejected appointments of Rakesh Mohan as an
independent director as well as S.N. Dhawan & Co LLP, Chartered
Accountants as the auditor of the company.
    Dish TV also adjourned its annual general meeting without a
date, the company said in a filing late on Monday, adding that
the strength of the board had come down to two directors, below
the minimum required strength of three. 
    Yes Bank, which holds an about 25% stake in Dish TV, has
been pushing for a board reconstitution, citing corporate
governance issues.
    "As a largest shareholder, it looks like Yes Bank has voted
against some of the proposals," said Shriram Subramanian,
managing director of Bengaluru-based InGovern Research Services,
a corporate governance advisory firm.
    "Now, the ball is in Yes Bank's court. It should take it up
to the next stage of appointing new directors and provide
direction to the company."
    Yes Bank did not immediately respond to Reuters' request for
comment.
    Late last month, Dish TV said Chairman Jawahar Lal Goel
would not seek a reappointment and independent director Bhagwan
Das Narang would vacate office after his term expired, both of
which Yes Bank had been pushing for.
    Shares of Dish TV are down 7.9% so far this year as of last
close, and had recovered nearly 42% in September after Goel's
decision to quit the board.
 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi
Aich and Uttaresh.V)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))