Direct-to-home operator Dish TV has rejected a notice served on behalf of minority shareholders for holding an extraordinary general meeting (EGM). The notice was filed by a group of shareholders who raised concerns over corporate governance issues and demanded the reconstitution of the board as well as the removal of two independent directors.
Dish TV has denied any wrongdoing and announced that the notice was invalid. The company has implemented measures such as changing the audit committee and the nomination and remuneration committee, as well as appointing a new independent director to the board. Dish TV has also reported that it has made significant improvements in its governance standards, and it remains confident in its ability to meet the expectations of all its stakeholders.
The shareholders who filed the notice have said that they are disappointed with Dish TV’s decision and that they will explore other options, such as filing a petition with the National Company Law Tribunal (NCLT).
The dispute between Dish TV and its minority shareholders is the latest in a series of governance issues facing the company. In recent years, Dish TV has been criticized for its high debt levels, its declining subscriber base, and its management’s handling of the company’s affairs.
The dispute is also a sign of the growing activism among minority shareholders in India. In recent years, minority shareholders have become more vocal in their demands for better corporate governance from Indian companies. This trend is likely to continue in the years to come, as minority shareholders seek to ensure that their interests are protected.