A news report said that the Essel Group-owned Dish TV has rejected requests from a specific group of 77 shareholders to hold an extraordinary general meeting (EGM) to oust two independent shareholders over concerns about their independence.
The notice for EGM was issued on 15 May by the shareholders who represented 10.15% ownership. The group called for the removal of Shankar Aggarwal and Rashmi Aggarwal who are independent directors and replacing them with Badri Narayanan, Satis Kumar Yanmandra and Jeet Sen Gupta.
Dish TV notified in an exchange filing that its board turned down the request on grounds that it was invalid.
The board reportedly said that the four notices listed were not issued by shareholders on Dish TV’s register of members. Seven notices that were submitted were duplicates with the original missing.
The company added that the request for EGM cannot be accepted since the eleven notices submitted by entities like companies, trusts and partnerships were without the necessary authorization from the respective board of directors.
The group will be entitled to either send a fresh request or take the legal recourse, said the company.