BSE and NSE penalise Dish TV for having a weak board
According to a regulatory filing by the firm, BSE and National Stock Exchange have penalised DTH operator Dish TV for the makeup of the Board and lack of quorum at its Board meeting. The fines total Rs 2.75 lakh, according to the company, which is embroiled in a protracted legal dispute with Yes Bank Ltd. Dish TV stated in a regulatory filing on Tuesday that the company has received notices that fines will be imposed on August 21, 2023, and that “it will be making the payment of the fines and shall also be submitting waiver applications with the Stock Exchanges.”
According to the statement, “The Company has been fined for failing to comply with Regulation 17(1) and 17 (2A) of Listing Regulations, pertaining to the makeup of the Board and quorum of Board meetings, for the quarter ended June 30, 2023.”The Direct-to-Home operator continued, “The non-compliance with regard to the reduction in board strength was principally due to shareholders’ refusal to approve the nomination of directors, which was outside the control of the board or the firm. For violations of Regulations 17(1) and 17(2A), the National Stock Exchange levied a total fine of Rs. 1.5 lakh, while the BSE levied a fine of Rs. 1.25 lakh.
Dish TV has also been advised to notify the Promoters about the aforementioned non-compliance and to place the said communication before the Board at its next meeting. The statement read. “The comments made by the Board shall be informed to the exchange.” Additionally, it has been urged to follow the bourses’ directive and pay the fines, including GST, within 15 days after the communication date from the stock exchange. Dish TV was penalised by the stock exchanges last year as well. Only 4.04 percent of the company is owned by Subhash Chandra’s family-run promoter and promoter group, which is at odds with YES Bank over the reorganisation of the board. Recently, Yes Bank sold its 24.2% stake to JC Flowers Asset Reconstruction Pvt Ltd.