On Dealmaking And 10% Minority Shareholders

In December 2023, the shareholders of Dish TV rejected the appointment of four independent directors to the board of the company, effectively rejigging the board composition of one of India's leading direct-to-home service providers. This move was preceded by a request made in July 2023 to hold an extraordinary general meeting for the appointment of independent directors as well as removal of directors alleged to be working in the sole interest of the company's promotors by minority shareholders with a 10.15% stake in the company's share capital. The request, however, was rejected by the board, citing non-compliances with the procedure laid down in the Companies Act 2013 for shareholders to requisition such extraordinary general meetings.