Dish TV will seek time till December 31 for conducting its annual general meeting amid the pendency of a petition filed by its largest shareholder Yes Bank before the National Company Law Tribunal (NCLT).
The company's board of directors on Friday decided to make a requisite application before the Registrar of Companies, Mumbai, for extension of timeline for holding the Annual General Meeting (AGM).
"The Board of Directors of the company vide circular resolution dated October 29, 2021, have approved making requisite application with RoC, Mumbai, as per the applicable provisions of the Companies Act, for seeking further extension of time i.e from November 30, 2021 to December 31, 2021, for convening the AGM for the Financial Year 2020-21...," Dish TV said in a regulatory filing.
The decision has been taken "in view of the issues arising out of the pendency of an application filed by Yes Bank Ltd (a shareholder) before the National Company Law Tribunal, Mumbai Bench and in order to ensure compliance of all applicable laws and guidelines in this matter," it added.
On September 28, Dish TV said the RoC has granted the company an extension of two months to call for the AGM from the due date by which it ought to have been held.
Dish TV, which is facing a notice from its Yes Bank to remove its Managing Director Jawahar Goel and four other directors from the board, has postponed the AGM, which was scheduled to be held on September 27.
Yes Bank, which holds around 25.63 per cent stake in DishTV, has already sent notice to call an Extraordinary General Meeting (EGM) of the DTH service provider after it had proposed to postpone the AGM.
On October 13, the Dish TV's board rejected Yes Bank's requisition notice to reconstitute the board on technical grounds as it requires certain prior approvals.
Yes Bank has filed the petition before the Mumbai bench of the NCLT seeking its direction to call an EGM to vote on the proposals to remove Jawahar Goel and four other directors.
According to reports, NCLT, on Wednesday, permitted Dish TV time till November 15 to file its reply over Yes Bank's petition.
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