Direct-to-Home service provider Dish TV, which is facing a special notice from its shareholder Yes Bank to get rid of its director Jawahar Goel along side four other directors, has sought an extension of your time for holding the annual general meeting of the corporate .

The AGM of Dish TV was scheduled to be persisted September 27, 2021. Yes Bank has sent a notice for the removal also as appointment of certain directors on the board of the corporate .

Dish TV during a regulatory filing on Sunday said that its board during a meeting persisted Sunday approved making requisite applications for seeking extension of your time for convening the Annual General Meeting which is presently scheduled to be persisted September 27.

The company stated that the proposed change within the Board is subject to applicable regulatory permissions and also other approvals which the corporate requires to get .

“Post receipt of the Notices from YBL (YES Bank), the corporate has also made necessary applications to the Lenders for seeking their consent for the said change within the Board of Directors of the corporate under applicable covenants, approval on which is awaited,” the filing said.

Dish TV said for any change within the CEO or the board of directors of the corporate , it needs the approval of the Ministry of data and Broadcasting.

“Accordingly, so as to make sure compliance of all applicable laws and guidelines in respect of the Notices sent by YBL and also to make sure that the corporate doesn’t default any of the regulatory and lender covenants, the Board of Directors of the corporate have today approved making requisite applications as per provisions of the businesses Act for seeking extension of your time under applicable regulatory provisions for convening the AGM of the corporate which is presently scheduled to be persisted September 27, 2021 , said Dish TV.

This is done in order that the corporate has sufficient time to guage , analyze and to make sure compliance of all applicable regulatory, and other approvals as needed by the law and avoid any non-compliance to contractual obligations, it added.

Dish TV earlier this month had informed that it had received special notices sent by Yes Bank, which holds 25.63 per cent of the equity shares of the corporate , to get rid of Jawahar Goel because the director of the corporate besides four other members from the board.

Yes Bank has opposed the Rs 1,000-crore right issue by the Subhash Chandra-led Essel group firm and send names of seven people – two Non-Executive Directors and five Independent Directors – to be nominated on the board of the corporate .

In its letter dated September 3, Yes Bank sought the removal Rasllmi Aggarwal, Bhagwan Das Narang, Shankar Agganval and Ashok Mathai Kurien from the board of Dish TV.

Yes Bank has sought removal of directors on the grounds, which incorporates rights offering .

The present board has approved a rights offering process, pending objections raised with the board by Yes Bank time and again, solely to dilute the shareholding of the bank, which is that the single largest shareholder of the corporate as of date, Yes Bank said in notice.

The Board isn’t acting in line with good corporate governance standards and isn’t a good representation of the incumbent significant shareholders of the corporate being various banks and financial institutions holding about 45 per cent shareholding within the Company. The Board is purportedly working at the behest of certain minority shareholders holding merely 6 per cent of the shares within the Company, it said.

The Board has completely side-lined the multiple requests to reconstitute the Board, inter alia, by appointment of the nominee directors, said Yes Bank.