Dish TV’s Management Proposals Rejected at EGM, Shares Rally Over 7%

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Dish TV’s Management Proposals Rejected at EGM, Shares Rally Over 7%

By Malvika Gurung -- Shares of satellite television provider Dish TV India (NS: DSTV ) jumped 7.05% to Rs 12.9 apiece at the time of writing, after rallying over 9% in early trade on Monday.

The stock surged after the company announced that the proposal to reappoint Jawahar Goel as its Managing Director for three more years was rejected, as it did not receive the required majority of votes in favour at the extraordinary general meeting (EGM) held on Friday, June 27.

According to the market regulator SEBI’s rules, at least 75% of shareholders of a company must pass the approval for the resolution of a director’s appointment within three months.

The resolution of Goel’s reappointment as Dish TV’s MD received a rejection from 78.94% of the total votes polled (128.54 crores) at its EGM, with only 21.05% in favour of the proposal.

Goel has stepped down from the position of MD and will continue as the DTH operator’s non-executive director. 

Further, the company’s shareholders have also rejected the reappointment of Anil Kumar Dua its whole-time director, and the appointment of former CEO Rajagopal Chakravarthi Venkatesh as a non-executive independent director.

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