In Re Dish TV India Limited & Ors (SEBI)
SEBI, vide its order dated 07th March, 2022 directed Dish TV Ltd to disclose the result of its annual general meeting held on 30th December, 2021 within 24 hours. The order further stated that according to SEBI LODR, Regulations, 2015 it is mandatory for every listed entity to disclose its annual general meeting results within 24 hours to both stock exchanges.
In addition, SEBI directed depositories to freeze the demat accounts of Dish TV’s directors and compliance officer directors and compliance officer till further order or after disclosure whichever is earlier.
SEBI came out with the disclosure order after receiving complaints from Yes Bank Ltd holding 24.78 per cent and IndusInd Bank 3.78 per cent of the equity share capital alleging that Dish TV has wrongfully withheld the results of voting on various proposals put forth in the AGM.
It was further noted with the disclosure provided to the stock exchanges that shareholders have rejected all the three resolutions proposed in AGM, which were adoption of the audited standalone and consolidated financial statements and report of Board and auditors, reappointment of AM Kurien as director of the Company and ratification of auditor remuneration.
Dish TV Ltd further added that it will challenge SEBI’s order in Securities Appellate Tribunal.
FULL TEXT OF THE ORDER OF SECURITIES AND EXCHANGE BOARD OF INDIA
WTM/SM/CFD/CMD-1/15312/2021-22
SECURITIES AND EXCHANGE BOARD OF INDIA
AD INTERIM EX-PARTE ORDER cum SHOW CAUSE NOTICE
UNDER SECTIONS 11(1), 11(4) AND 11B(1) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
