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Dish TV India Managing Director Jawaharlal Goel has stepped down. Goyal has taken this decision after the company failed to garner the required votes in the EGM. According to media reports, the company’s shareholders had turned down the offer to re-appoint him as Managing Director. In the information sent by the company to the stock market on Friday, it has been told that Goyal is currently relinquishing the post of MD, but for now he will continue as non-executive director of the company.
Earlier on Friday, the Extraordinary General Meeting of the shareholders of Dish TV was called. In this meeting, a total of three proposals were made including the re-appointment of Jawahar Goyal as the Managing Director. The shareholders, however, did not approve the proposal for re-election of Goyal as MD. After this, the stock exchange was informed by the company about the resignation of MD Goyal.
As per the voting results, only 21 per cent shareholders of Dish TV voted in favor of Jawahar Goyal, while 78.9 per cent shareholders did not approve the reappointment of MD Goyal. Ultimately, Goyal stepped down as shareholders were not on his side.
Let us tell you that on behalf of the promoters of Dish TV, a petition was filed in the Bombay High Court demanding that Dish TV’s largest shareholder Yes Bank be ordered to stop voting in this EGM. However, on June 23, the court rejected his petition. It is worth noting that Yes Bank has been demanding the removal of Jawaharlal Goyal from the post of Managing Director for a long time.
Jawahar Lal Goyal’s term ended in March this year and he had sought approval from shareholders for another three-year term.
What is the full episode?
The tussle between Yes Bank and Dish TV started in the year 2020 when Dish TV approved an issue of Rs 1,000 crore. Objecting to this decision, Yes Bank had demanded a fresh constitution of the board of Dish TV. Apart from the removal of Jawahar Goyal from the post of MD, Yes Bank had also demanded the removal of Rashmi Agarwal, Bhagwan Das Narang, Shankar Agarwal, Shankar Agarwal and Ashok Mathai Kurien from the board. Now what happens next in this case? Industry will continue to be interested in this.