Non-public lender YES Financial institution, which holds a 25.63 per cent stake in Dish TV India, has sought the elimination of 5 administrators within the firm, together with Managing Director (MD) Jawahar Lal Goel. YES Financial institution has given a particular discover underneath Part 169 of the Firms Act, 2013, which seeks the elimination of Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal, and Ashok Mathai Kurien, in addition to the MD.
The financial institution mentioned the present board of administrators of the corporate had authorised a rights challenge course of regardless of the financial institution’s objections solely to dilute its shareholding and to prejudice the pursuits of the financial institution, which is the one largest shareholder of the corporate. The financial institution additional mentioned the corporate’s board shouldn’t be performing in step with good company governance requirements. It additional mentioned the board is probably performing on the behest of sure minority shareholders holding merely 6 per cent of the shares within the firm.
Dish TV in its response to YES Financial institution’s allegation mentioned the board of administrators had appointed a sub-committee (comprising all impartial administrators) to think about numerous choices for fundraising. After a lot deliberation and on the idea of the advice of the sub-committee, the board of administrators determined to boost capital by way of a rights challenge.