Dish TV Faces Regulatory Heat Over Board Composition Violations
Dish TV has been fined by BSE and NSE for non-compliance with board composition regulations. This is a continuation of a long-standing boardroom tussle among its promoters. Shareholders have repeatedly opposed board appointments, affecting the company's governance structure. Despite fines, Dish TV pledges no impact on operations.
- Country:
- India
Dish TV, a direct-to-home operator, faces penalties from leading stock exchanges BSE and NSE due to issues surrounding its board composition, as revealed in a recent regulatory filing.
The company has been in a prolonged battle at the board level among its promoters, leading to repeated fines in 2023 and 2024 for similar non-compliance reasons.
In the latest notice dated August 29, financial penalties were imposed for Dish TV's failure to comply with Sebi's listing regulations concerning board quorum, which the company states was due to uncontrollable shareholder disapproval of director appointments.
Both exchanges have fined Dish TV Rs 5.69 lakh each, demanding payment within 15 days. Despite this monetary penalty, Dish TV assures no impact on its financial or operational activities.
The latest dispute stems partly from a clash between the Subhash Chandra-led promoter group and YES Bank over board reconstitution. YES Bank previously sold its 24.2% stake to JC Flowers Asset Reconstruction Pvt Ltd, escalating shareholder disagreements over board apps in EGMs.
(With inputs from agencies.)
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