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A group of minority shareholders of <keyword id="51758" type="General" weightage="100" keywordseo="dish-tv" source="Orion">Dish TV</keyword> has sent a notice to call an Extraordinary General meeting (EGM) of the direct-to-home service provider, raising concerns over corporate governance issues, seeking reconstitution of the board and removal of two independent directors questioning their independence. The notice sent by 77 shareholders of Dish TV, representing 10.15 per cent shareholding, proposed to nominate K Badri Narayanan, <keyword id="17427302" type="General" weightage="50" keywordseo="satis-kumar-yanmandra" source="Orion">Satis Kumar Yanmandra</keyword>, Jeet Sen Gupta as independent directors on the board of the <keyword id="60807" type="General" weightage="80" keywordseo="essel" source="Orion">Essel</keyword> Group firm. Besides, it has also sought the removal of two independent directors -- <keyword id="1624320" type="General" weightage="50" keywordseo="shankar-aggarwal" source="Orion">Shankar Aggarwal</keyword> and Rashmi Aggarwal -- from the board of the company. "The existing independent directors have a long-term association with Dish TV and Essel group which cast doubt over their independence," the shareholders wrote in the notice. Dish TV is embroiled in a tussle between its largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawahar Lal Goel over board representation in the company. The company is unable to pass its annual statements from the last two years and the feud has led to the departure of its former promoter-backed chairman Jawahar Lal Goel. Informing about the development to the stock exchanges, Dish TV said it is examining the communication from the minority shareholders. "... will take necessary steps as per applicable law and procedures," said Dish TV in a regulatory filing. Besides, the minority shareholders have also raised several other issues questioning the investments made by the company such as in its OTT platform Watcho. "Dish TV made a significant investment of Rs 1,218 crore (which is 20 per cent of total netblock of the fixed assets, intangibles, investments and capital WIP of Rs 6,012 crore) in the FY20 (Intangible Assets), for Watcho, its flagship OTT platform," they said. The investments were qualified in FY2020 (the year of the investment itself) and in FY2021. "Upon lenders and investors questioning the investments, the company had made an impairment of Rs 203 crore in FY2022," it said. During FY20, the Essel group companies defaulted with multiple lenders, including bank loans to Essel group companies secured by the pledge of Dish TV Shares, they said. "It is our apprehension, that anticipating a loss of majority shareholding due, to the invocation of pledged Dish TV shares from bank and other lenders, the aforesaid funds may have been diverted by the promoters for other purposes," the letter said. On the removal of the two existing independent directors, the minority shareholders said, "They have long-term association with Dish TV and Essel group which cast doubt over their independence." Rashmi Aggarwal held directorship in other Essel group entities -- Dish Infra, <keyword id="2682539" type="General" weightage="50" keywordseo="zee-media" source="Orion">Zee Media</keyword>, and Essel Forex -- till Feb 2019, while <keyword id="17427303" type="General" weightage="50" keywordseo="shankar-agganval" source="Orion">Shankar Agganval</keyword> held directorship in Essel Infraprojects Ltd till November 2018. Essel Infraprojects is a defaulter entity with YES Bank and several other lenders and his association is a "red flag", the notice added. Besides, they have also raised other corporate governance issues and alleged that the board is not acting in line with good corporate governance standards. It does not have a "fair representation" of the incumbent significant shareholders of banks and financial institutions holding 45 per cent shareholding in the company. "The board is purportedly acting at the behest of certain minority shareholders holding merely 4 per cent of the shares in the company," they alleged. Moreover, they also raised concerns over the continuation of Jawahar Lal Goel as additional director after a proposal for his re-appointment as MD was rejected by the shareholders. "It was only after the intervention of the shareholders that he subsequently resigned as additional director," they said. In December last year, shareholders of Dish TV again rejected the proposal for the adoption of audited standalone and consolidated financial statements for FY21 and FY22 in the AGM. Earlier, the shareholders of the Direct-to-Home service provider had rejected the proposals to approve the balance sheet of the company for the last two fiscals in the 34th AGM conducted on September 26, 2022. In June 2022, shareholders in an extraordinary general meeting rejected the proposal for the reappointment of Goel as its managing director. In September, shareholders of Dish TV rejected four resolutions in the AGM, including the adoption of the company's financial statements for FY21 and FY22, and the appointment of independent director Rakesh Mohan. Dish TV shareholders, on December 30, 2021, also rejected all three proposals, including the adoption of financial statements and the reappointment of Ashok Mathai Kurien as director. Goel resigned from the board of the company on September 19. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/heres-how-indians-paid-for-non-cash-transaction-in-fy22/slidelist/100274422.cms">Here’s how Indians paid for non-cash transactions in FY22</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-transfer-your-whatsapp-chats-without-using-google-drive/articleshow/100270586.cms">How to transfer your WhatsApp Chats without using Google Drive</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a>

Dish TV minority shareholders seek EGM, removal of two independent Directors

New Delhi, Mar 6 () Fair trade regulator CCI is assessing 17 legislations from the competition perspective to ensure that there is no anti-competition impact due to them. Competition Commission of India (CCI) keeps a tab on anti-competitive practices in the marketplace across sectors. CCI Chairman Ashok Kumar Gupta said regulatory and policy framework could inadvertently impede competition. Against this backdrop, he said the watchdog is reviewing various legislations. Speaking at an event here, he said 17 legislations, rules and regulations of various ministries and departments are being assessed from the competition perspective. The assessment is being done by institutions empanelled by the CCI. Details about the legislations that are being assessed could not be immediately ascertained. Gupta also noted that there is often a fine line between good, hard-nosed competition and anti-competitive practices. "We need to balance anti-competitive effects and efficiencies...," he said, adding that the regulator's approach has to match economic realities of the time. According to him, competition enforcement is not to help competitors that have fallen by the wayside but to preserve competitive opportunities for efficient enterprises. RAM BKS ANSANS

CCI assessing legislations for possible anti-competition effects

New Delhi, Dec 5 () Fair trade regulator CCI is mulling issuing a "soft advisory" to e-commerce platforms regarding self-regulation of various aspects of their business activities, including transparency over ranking and rating mechanisms.
 In May, the Competition Commission of India (CCI) started a study on e-commerce market and the findings would be released this month.
 CCI Chairperson Ashok Kumar Gupta has said that as a pre-emptive or precautionary measure, the regulator might issue a "soft advisory to e-commerce platforms to self-regulate certain aspects of their practices to foster trust and a predictable relationship with the business users so that full competitive potential of e-commerce can be harnessed".
 The aspects might include transparency over ranking, data, and review and rating mechanisms, Gupta said in a speech on December 4.
 "These are complex issues and gauging the net impact on competition may not be as simple and straightforward," he noted.
 According to Gupta, the study would allow the regulator to further incorporate the feedback in "our final advisory such that practices of e-commerce platforms promote competition and consumer welfare".
 A copy of the speech titled 'E-commerce and Challenges for Antitrust Enforcement' has been posted on the regulator's website. RAM RVK

Competition Comm mulls issuing 'soft advisory' to e-commerce platforms

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New Delhi, Feb 5 () Creation of large online platforms by way of integration of online markets and their advantage in terms of data collection are among the challenges posed by digital economy to market participants and regulators, according to Competition Commission chief Ashok Kumar Gupta. The challenge for the regulator is to put in place a legal and regulatory framework and also provide for appropriate safeguards, he said on Wednesday. Speaking at an event organised by not-for-profit group CUTS International and CUTS Institute for Regulation and Competition, Gupta said there is an emergence of digital economy characterised by disruptive innovation. Competition Commission of India (CCI) has sent three cases related to digital economy for detailed investigations in the last one year, he added. In cases involving dynamic competition, Gupta said the regulator thrives to strike a balance between short term static efficiencies and long term gains that arise from innovation. Interestingly, users are not paying money to these platforms, instead paying an "implicit price" in the form of personal data, he noted. A platform with a large base of users is able to attract more users and it is known as "user feedback loop". On the other hand, it is able to explore user data to improve advertisement targeting, obtaining additional funds, investing in quality of service and is also able to attract more users. This is termed as "monetisation feedback loop", Gupta said. Further, he said these things make it difficult for a new entrant to compete against an incumbent with a large base of customers. "India's digital economy generates about USD 200 billion annually from existing digital ecosystems and will increase five-fold to USD 1 trillion by 2025. E-commerce in India is expected to reach USD 200 billion by 2026 from USD 28.5 billion in 2017," he said. Corporate Affairs Secretary Injeti Srinivas said it needs to be ensured that the digital economy does not create digital divide as it has the potential to accentuate inequality. "... if we are to become a USD 5 trillion economy, we need to expand our digital economy given that the size of digital economy is approximately USD 30 trillion," he said. He also said the competition law in its present form is capable of addressing issues pertaining to the digital economy. Congress leader and Lok Sabha member Shashi Tharoor said digitisation is capable of creating new inequalities as well as reduce the existing inequalities. Inequality in India has risen, though not as bad as other countries and inequality has also begun appearing in the list of top five topics of discussion in Davos for the first time in the last three to four years. The World Economic Forum (WEF) annual meet happens in Davos, Switzerland. Regarding data protection bill, Tharoor said an individual who generates data should be the owner of that data. Besides, purpose and time frame of surrendering the data should be defined, he added. SRS RAM

Digital economy poses challenges to both market participants, regulators: CCI Chairperson

Mumbai, Nov 30 () Insolvency and Bankruptcy Board of India chairman M S Sahoo on Saturday said work is on to amend the Insolvency and Bankruptcy Code 2016 that will address cross-border insolvency.
On Thursday, Sahoo had said the government is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, which will make India an attractive investment destination, given the increased predictability and certainty of the insolvency process.
"There is proposal to amend the IBC to provide for such cases like cross border insolvency and to address some of the problems that have come up, but I will not be able to say which are these," Sahoo told reporters here on the sidelines of 'Roadshow on Competition Law and Practice' organised by CII here.
The government had on November 15, notified Section 227 of IBC to deal with systemically important financial service providers with over Rs 500 crore assets, excluding banks for bankruptcy and empowered the RBI to do so.
Meanwhile, talking about challenges expected in DHFL being sent to the National Company Law Tribunal by the RBI, Sahoo said: "We should not be afraid of any challenges.... What is required is that willingness to absorb the challenges and address them as quickly as you can....New problems can come up but as when these problems come up it will be addressed at the earliest".
When IBC came in 2016, everything was new, and there was no insolvency professional, IBBI or all members of the NCLT, everything was created afresh, but it worked, he added.
The Reserve Bank of India on Friday had sent the troubled mortgage lender Dewan Housing Finance (DHFL) for bankruptcy proceedings, making it the first financial services player to go to the NCLT for debt resolution.
"RBI today (Friday) filed an application for initiation of corporate insolvency resolution process (with the NCLT Mumbai) against DHFL under Section 227 of the insolvency and bankruptcy code," the apex court said in a statement.
Speaking at the event, Competition Commission of India chairman Ashok Kumar Gupta said CCI has constituted Competition Law Review Committee to study the existing framework to further strengthen it to inter-alia meet new economic challenges.
The committee has submitted its report and there will be progressive amendments to the law very soon, he said.
"The introduction of Green Channel is to enable fast- paced regulatory approvals of mergers and acquisitions to ensure ease of doing business," Gupta added. SM NP BAL

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Dish TV minority shareholders seek EGM, removal of two independent Directors

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