BENGALURU :
Sure Financial institution Ltd has filed a petition in a Mumbai firm court docket in opposition to the household promoters of Dish TV India Ltd saying it fears {that a} lawsuit could possibly be introduced in opposition to the financial institution, limiting it from voting at Dish TV’s annual basic assembly (AGM) on 30 December.
Sure Financial institution filed the caveat in opposition to Essel Group founder Subhash Chandra, his youthful brother Jawahar Goel, and their relations with the Nationwide Firm Legislation Tribunal (NCLT) on Tuesday. It permits the financial institution to current its arguments to the tribunal if it presides over any potential grievance introduced earlier than it, in response to an govt aware about the event.
“Over the past two weeks, a number of retail shareholders (of Dish TV) have informed us that they’ve been approached by people who find themselves near the corporate to signal on a petition alleging that the financial institution is appearing in a malafide method and that the financial institution is disrupting the enterprise at Dish TV,” mentioned the manager on the situation of anonymity.
“Below the Corporations Act, 100 shareholders can come collectively and file a grievance in a court docket. To keep away from a re-run of the sooner Gautam Buddh Nagar police station episode, when our proper to vote was put in jeopardy and we needed to method the Supreme Courtroom for a keep on that call, we now have filed a caveat so {that a} court docket that presides on any potential grievance from Dish TV will hear our arguments earlier than passing an order,” the manager mentioned.
Tuesday’s growth marks yet one more dramatic transfer within the 100-day tussle between Dish TV and its largest shareholder, Sure Financial institution.
For buyers and analysts, it has been a roller-coaster trip, from Dish TV suspending its AGM thrice to Sure Financial institution alleging company misconduct to the financial institution being pressured to hunt the Supreme Courtroom’s intervention to adjudicate and free the shares it owned after an area police station in Uttar Pradesh froze the Dish TV shares owned by the financial institution.
Mint has reviewed the draft petition in opposition to Sure Financial institution that was despatched to some retail shareholders and referred to by the manager cited above.
“I’m contemplating submitting a Petition below Part 241-242 of Corporations Act, 2013, to deliver to the discover of the Hon’ble Tribunal / Hon’ble Courtroom the oppression and mismanagement being performed by Sure Financial institution on behest of some unsolicited events for takeover of the Firm and defending the Firm from any such opposed steps (together with change of Board of Administrators) that are prejudicial to the curiosity of the minority shareholders,” reads the draft petition, shared by a retail shareholder in Dish TV.
An e mail despatched to Sure Financial institution went unanswered.
“The corporate doesn’t have any data about any petition,” mentioned a spokesman for Dish TV. “The corporate has not employed any company to undertake any canvassing exercise for the aim referred to in your e mail. The corporate doesn’t have interaction into such actions.”
Dish TV’s AGM on 30 December is essential for 2 causes. First, a listed firm has until 30 December to carry its AGM, with a three-month extension. This implies Dish TV can now not push again the assembly with shareholders in response to regulation.
Second, Dish TV shareholders will vote on three resolutions, the adoption of economic statements for the 12 months ended March 2021, re-appointment of Ashok Kurien as director, and approval of prices to its auditors.
A rejection of the decision of the adoption of economic statements will indicate that Dish TV can’t proceed with its plan to lift ₹1,000 crore by a rights subject, the genesis of the battle between Dish TV and Sure Financial institution.
Earlier this 12 months, Sure Financial institution had repeatedly objected to Dish TV’s plans to lift cash by a rights subject arguing that except it subscribed to the contemporary subject of shares, its holding within the firm would have gotten diluted whereas the promoter possession would have elevated.
Sure Financial institution owns 25.63%, whereas promoters, led by chairman Jawahar Goel, personal 5.93% in Dish TV.
Goel’s elder brother, Subhash Chandra, has agreed to cede management in Zee Leisure Enterprises Ltd after a revolt from the most important shareholder, Invesco, the American asset administration agency, made him merge his agency with Sony Footage Networks India Ltd.
Supply: Live Mint