By Malvika Gurung
Investing.com — Shares of the direct-to-home (DTH) provider Dish TV (NS:) plunged 10% to Rs 15.3 apiece on Tuesday after its shareholders rejected a majority of the resolutions at the company’s annual general meeting on Monday.
The satellite television provider’s shareholders rejected four out of six resolutions at its AGM held on Sept 27 amid an ongoing year-long tussle between Dish TV and its largest shareholder Yes Bank (NS:) for the former company’s board overhaul.
The rejected proposals at the recent AGM included the adoption of audited financial statements for the last two fiscal years FY21 and FY22, the appointment of SN Dhawan and Co. as the company’s auditor and Rakesh Mohan as an Independent Director, the company informed the stock exchanges.
Due to the non-approval of the aforementioned agenda items, the AGM stood adjourned sine die.
Dish TV informed in the regulatory filing that its board of directors would finalise the requisite steps to be undertaken in respect of holding the adjourned AGM at the subsequent meeting, which shall be subject to receipt of such necessary approvals.
Yes Bank holds a nearly 25% stake in the satellite television provider.