Dish TV shares fall as stakeholders reject Board plans

NEW DELHI: Dish TV shares fell as much as 10% on Tuesday before closing the session about 7% lower at Rs 15.89 apiece on the BSE, as shareholders of the broadcast satellite service provider rejected 4 of the 6 resolutions at the annual general meeting (AGM).

Over the last 3 days, Dish TV shares have lost 14% and when compared to its all-time high of Rs 130.55 (in 2007), the scrip has lost nearly 9/10th of its value. Dish TV shareholders rejected the audited statements for the last 2 fiscals (FY21 and FY22), appointments of a new auditor and an independent director, the firm said in a regulatory filing on Monday. The strength of the Board has come down to 2 directors, below the minimum required strength of 3 directors as prescribed under the applicable provisions of the Companies Act, 2013. The appointment of new auditor SN Dhawan & Co. and Dish TV’s non-executive independent director Rakesh Mohan were stalled at the AGM.