dish tv stock price: Dish TV rallies 9% as Jawahar Goel steps down as MD

NEW DELHI: Shares of zoomed by over 9 per cent in Monday’s early trade as the total of 78.94 per cent of the votes polled in the extraordinary meeting (EGM) were against the resolution to reappoint Jawahar Goel as Managing Director.

Goel, who represents the promoter group in Dish TV, could get only 21.05 per vote in favour of his reappointment for three more years, a regulatory filing by the DTH operator, updating disclosure of voting results of EGM, showed.

A total of 128.54 crore votes were polled in the EGM, which was held on Friday through video conferencing and other audio-visual means.

Following this development, Goel stepped down as the managing director of the direct-to-home (DTH) company. In an update to stock exchanges, Dish TV said that Goel has vacated the office of MD and will continue as a “non-executive director”, in terms of the applicable regulatory provisions. (this development happened after the vote… should have been included)

At 10:20 am the stock traded at Rs 12.89 around 7.06 per cent above its previous close of Rs 12.04. It hit the day’s high of Rs 13.45.

Presently, the promoter group has a 5.93 per cent stake in the company as of March 31, 2022, and had voted 100 per cent in favour of Goel’s reappointment.

However, public institutions and non-institutions, which own 94.07 per cent of Dish TV, voted against it.

Similarly, the resolution for the reappointment of Dish TV CEO Anil Kumar Dua as a WholeTime Director of the company also failed to get consent though it received 73.89 per cent of the total votes polled in its favour.

Dish TV India, incorporated in the year 1988, is a smallcap company (having a market cap of Rs 2,218.71 Crore) operating in the Media & Entertainment sector.