Yes Bank, the largest shareholder of Dish TV India Ltd. has asked the satellite television to hold an extraordinary general meeting (EGM) of shareholders and act on its recommendations to reconstitute the company’s board.
Yes Bank Ltd. is an Indian private sector bank and was founded by Rana Kapoor and Ashok Kapur in 2004. Yes Bank holds 47.19 crore equity shares of the company, representing 25.63% of the company.
The Essel group Direct-to-Home service provider had week sought an extension citing time required for any change in the CEO or the board of directors of the company, as it needs the approval of the Ministry of Information and Broadcasting.
Dish Tv postponed the annual general meeting on September 27. According to Yes Bank, the extension is based on “unfounded reasons” and Dish Tv is engaging in “dilatory tactics” in placing the resolutions to remove its Managing Director Jawahar Goel along with four other directors.