The stock exchange imposes a fine on Dish TV through the power of its board of directors.
The company was again notified that the fine would be assessed on February 22, 2024, Dish TV said Friday.
A stock exchange notice imposing fines totaling Rs 4.26 lakh each on NSE and BSE was submitted to the company’s board meeting held on Friday.
“National Stock Exchange of India Limited and BSE Lt has issued notice dated February 22, 2024 to the company regarding ‘non-conformity of requirements and composition of audit for the quarter ended December 31, 2023’ to the company. .Committee and Stakeholder Relations Committee for the quarter ended September 30, 2023.”
The stock exchange “imposed fine on the company for the above violations” under Articles 17(1), 18(1) and 20 of the SEBI Listing Rules.
Previously, the stock exchange had imposed fines for lack of quorum and composition of the board of directors. According to the Board, this was due to disapproval of the appointment/re-appointment of directors, including disapproval of the appointment of four directors. On December 22, 2023, EEM shareholders stated that “the powers of the Board of Directors are less than prescribed under SEBI Listing Rules.” The Board of Directors appointed Ravi Bhushan Puri as Managing Director and Sunil Khanna as Independent Director. This company applies from December 22, 2023.
It also said that Sonal Bankim Parekh has been appointed as an independent director of the company with effect from January 22, 2024.
Moreover, in its meeting held on Friday, the Dish TV board also considered and approved the appointment of Ritu Kaura and Manoj Dobhal as managing directors of the company.
Subhash Chandra’s family-led promoters and promoter group hold a mere 4.04 per cent stake and are locked in a spat with YES Bank over board reorganization.
YBL, which was DC TV’s largest shareholder until last year, sold its 24.2% stake in the company to JC Flowers Asset Reconstruction Pvt Ltd.
Over the past few rounds, Dish TV shareholders have squelched the company’s proposal to approve new appointments to the board at its EGMs. PTI KRH KRH
