Chairman of broadcast satellite service provider Dish TV Jawahar Lal Goel has stepped down from the company’s board, signalling a win for top shareholder Yes Bank in its push for a board overhaul.
Goel had earlier agreed to step down from the board on 1 September.
“…we wish to inform you that Mr Jawahar Lal Goel (DIN : 00076462), Director of the Company, vide his letter dated September 19, 2022, has tendered his resignation from the Board of Directors of the Company and committee(s) thereof with effect from the close of business hours of September 19, 2022,” Dish TV said in a BSE filing.
Recently, Dish TV Group Chief Executive Officer Anil Kumar Dua said that FY22 was “not the smoothest year” for the firm and it faced “challenges, both on the corporate and business front”.
While addressing shareholders of the organisation, Dua said, “Notwithstanding difficulties, the company continued to keep up with the times and remains optimistic about its capabilities to stay as one of the most relevant players in the content delivery space in India.”
Its largest shareholder Yes Bank Ltd (YBL) and the promoter family led by Goel were locked in a legal battle over board representation in Dish TV.
YBL, having over 24% share, was pushing for reconstitution of the Dish TV board and removal of Goel along with some other persons.
Earlier in June this year, the shareholders in an Extraordinary General Meeting (EGM) had rejected the proposal for reappointment of Goel as managing director and Dua as a whole-time director of the company, following which both had to vacate their office.
On 30 August, Dish TV in a regulatory filing said its chairman Goel will vacate his position at the company’s upcoming AGM on 26 September, 2022.
Goel, whose proposal for reappointment as managing director was rejected by the shareholders in the EGM in June this year, has not reapplied for continuation as chairman.
