Markets regulator SEBI on Monday 7 March ordered Dish TV to release the results of the voting held at its Annual General Meeting (AGM) within the next 24 hours. The Annual General Meeting (AGM) of Dish TV was held on 30 December.
SEBI has also directed to freeze the demat accounts of the directors and compliance officers of the company till the results of the AGM voting are sent to the stock exchanges or there is no further order from SEBI in this regard.
SEBI also issued show cause notices to the promoters and directors of the company in this matter. It includes the names of the company’s chairperson and managing director Jawaharlal Goel, non-executive director Ashok Mathai Kurian, non-executive independent directors Bhagwan Das Narang and Shankar Agarwal, executive director and chief executive officer Anil Dua. SEBI has asked them in the notice why they will not be fined for violating the rules.
SEBI has taken this step after receiving complaints from Yes Bank and other shareholders alleging that Dish TV has wrongly withheld the results of voting on various resolutions placed at the AGM.
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Earlier in February, SEBI had warned Dish TV of regulatory action for failing to disclose the results of the AGM. The order came after the firm failed to disclose the AGM voting results even after 37 days of the meeting.
SEBI, in its interim order, said that there is no bar on the firm from the Bombay High Court from declaring the poll results and despite this, Dish TV has failed to disclose the results. SEBI also said that the directors of the company have failed to comply with the provisions of the rules.
“The Board of Directors should take steps to ensure that the disclosures required under the Companies Act are made and all provisions are implemented and complied with,” the SEBI order said.
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