Dish TV to defer AGM to seek clearance for board changes

MUMBAI: The Dish TV board has sought more time to convene the next annual general meeting (AGM), citing the regulatory clearances required for accommodating Yes Bank’s proposals for a board change.

The board has approved the application for postponing the AGM scheduled on September 27, the company said in a letter to the stock exchanges on Sunday. The registrar of companies under the Company Law Board is the authority empowered to give permission for the extension. “The board of directors of the company has today approved making requisite applications as per provisions of the Companies Act for seeking extension of time under applicable regulatory provisions for convening the annual general meeting of the company which is presently scheduled to be held on September 27, 2021, so that the company has sufficient time to evaluate, analyse and ensure compliance of all applicable regulatory and other approvals as required by law and avoid any non-compliance to contractual obligations,” the letter read.

Dish TV has not disclosed the new date for the AGM in its exchange filing. However, according to regulations, there should be a maximum gap of 15 months between AGMs. Dish TV thus needs to hold its next AGM by December 29, 2021, as it had conducted its last AGM in September 2020. Proxy advisory firms such as IiAS believe that Dish TV’s stance could be seen as a delaying tactic.