Dish TV’s Goel buys time to counter bid by YES Bank to oust him

Dish TV on Monday postponed the crucial Annual General Meeting for FY22 by two months, a move that is seen as Jawahar Goel’s last-ditch effort to keep control of the company he founded in 2004 along with his brother, Subhash Chandra.

At Monday’s AGM shareholders were to vote on a proposal by YES Bank, which holds 25 per cent in Dish TV, to oust the board, including Goel. In a statement to stock exchanges, Dish TV said the board will decide on the new AGM date. YES Bank did not comment.

Shriram Subramanian, MD, InGovern Research Services, a corporate governance advisory, said Dish TV is only putting off the inevitable. “It looks like the YES Bank proposals will get passed by a majority of the shareholders,” he said.

Industry experts suggest that “Goel can take legal recourse or find a strategic partner just like his brother Subhash Chandra did. Goel could look at a merger with a DTH player, including Airtel or Tata Sky,” said an industry executive. The Hindu BusinessLine