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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

<keyword id="2688212" type="COMPANY" weightage="20" keywordseo="Adani-Transmission-Ltd">Adani Transmission Ltd</keyword> on Saturday said it has entered into a pact with <keyword id="987578" type="PERSON" weightage="20" keywordseo="Essel-Infraprojects">Essel Infraprojects</keyword> to acquire Warora-Kurnool Transmission Ltd (WKTL) for an <keyword id="174605" type="PERSON" weightage="20" keywordseo="enterprise-value">enterprise value</keyword> of ₹3,370 crore. The acquisition is in sync with <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Transmission's strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities, ATL said in a statement. ATL, India's <keyword id="11007517" type="UNKNOWN" weightage="20" keywordseo="largest-private-sector-power-transmission">largest private sector power transmission</keyword> and retail distribution company, has signed definitive agreements with Essel Infraprojects Limited (EIL) for the acquisition, it said. The regulatory approval for substitution of original awardee in the contract by ATL has already been received from the <keyword id="103658" type="COMPANY" weightage="20" keywordseo="Central-Electricity-Regulatory-Commission">Central Electricity Regulatory Commission</keyword>. The lenders consent and other necessary regulatory approvals shall be obtained before closure of transaction, the company said. With this acquisition, which is valued at an enterprise value of ₹3,370 crore, the cumulative network of ATL will reach 17,200 ckt km (circuit kilometres), out of which 12,350 ckt km is already operational and 4,850 ckt km (including this asset) is in various stages of execution. With this enhanced scale of operations, ATL will enjoy substantial benefits in terms of cost optimisation and shared resources and will also fortify its position of being the largest private sector transmission company in the country, the statement said. Anil Sardana, MD and CEO, Adani Transmission Ltd, said, "The acquisition of WKTL will bolster ATL's pan-India presence, consolidating further its position as the largest private sector transmission company in India. This strategic West to South 765 KV interconnector with Substation in Southern India, completes ATL presence in all regions of the country." This asset will not only increase ATL's size and scale but will also take ATL closer to its target of setting up 20,000 ckt km of transmission lines by 2022, he said. "The acquisition is a further demonstration of ATL's drive towards differentiated capability through inorganic growth, successful integration &amp; making such assets value accretive, for long term sustainable value creation for its stakeholders," Sardana said. Warora-Kurnool Transmission Ltd will develop, operate and maintain transmission lines aggregating to 1,750 ckt km. The 765 kV inter-state transmission line links Warora-<keyword id="6357155" type="LOCATION" weightage="20" keywordseo="warangal">Warangal</keyword> and Chilakaluripeta-Hyderabad-Kurnool with a 765/400 kV new sub-station at Warangal. The project was awarded through competitive bidding process on a build, own, operate, maintain basis. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/asteroid-apophis-wont-be-hitting-earth-for-at-least-another-century/articleshow/81719171.cms">‘God of Chaos’ asteroid Apophis won’t be crashing into Earth for at least another century</a> <a href="https://www.businessinsider.in/science/health/news/making-vaccines-available-to-indians-may-not-be-enough-it-depends-on-how-judiciously-we-employ-them/articleshow/81720507.cms">Making vaccines available to Indians may not be enough, it depends on how judiciously we employ them</a> <a href="https://www.businessinsider.in/thelife/article/madhya-pradeshs-kanha-national-park-hosts-a-special-guest-and-no-its-not-the-tiger/articleshow/81721513.cms">Madhya Pradesh’s Kanha National Park hosts a special guest. And, no, it’s not the tiger</a>

Adani Transmission to acquire Warora-Kurnool Transmission for over ₹3,370 crore

New Delhi, May 30 () Yes Bank said it has acquired over 24 per cent stake in Dish TV India following invocation of pledged shares due to debt default by the DTH service provider and other group firms. Yes Bank Limited, pursuant to invocation of pledged shares, has acquired 44,53,48,990 equity shares of Dish TV India Limited constituting approximately 24.19 per cent of the post-issue paid-up share capital as at March 31, 2020, it said in a regulatory filing. Shares were acquired on invocation of pledge subsequent to default/breach of terms of loan to Dish TV India Limited, it said. Further, Yes Bank said there was default/breach of terms of credit facilities sanctioned by it to Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Last Mile Online, Pan India Network Infravest, RPW Projects Private, Mumbai WTR and Pan India Infraprojects. The companies are part of the Subhash Chandra-led Essel Group. Dish TV is a direct to home (DTH) entertainment service provider. It had a consolidated total income of Rs 6,218.28 crore as on March 31, 2019. KPM ABM ABM

Yes Bank acquires 24 pc stake in Dish TV post invocation of pledged shares

New Delhi, Jul 5 () Yes Bank will auction properties of Thapar Group's Avantha Holdings and Oscar Investments Ltd of Singh brothers alongside those of some individuals later this month to recover loan dues of over Rs 1,000 crore. The sale of immovable assets will take place through e-auction on various dates in July under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. In a sale notice to the public in general and in particular to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgager), Yes Bank said it took constructive possession of the property mortgaged to it on February 10, 2020 for recovery of Rs 548.30 crore. "All that office premises bearing Municipal No. B-14 to B-19 on the third (3rd) floor of B-wing of Shangrilla Apartment, Bund Garden Road, Pune - 411 001, admeasuring approx. about 123.56 sq. mtrs. Built-up area, bearing Survey No. 362, Hissa No,3/A and Hissa No. 4(pt), situated at 31 Bund Garden Road, Pune under the name of Shangrilla," the auction notice said describing the mortgaged assets. The loan amount is due since October 31, 2019, along with further interest and cost due to the secured creditor (Yes Bank) from the borrower and mortgager, Yes Bank said. Those interested can inspect the properties from July 10-23. The last date of submitting the earnest money deposit (EMD) is July 24, while the auction will take place on July 27, it said. Separately, it said notice is hereby given to the public in general and in particular to Oscar Investments Ltd (borrower) and RHC Holding Pvt. Ltd (mortgager) that immovable assets mortgaged to the bank will be sold on July 20, 2020 for recovery of Rs 465.29 crore which is due as on June 29, 2020. Yes Bank said the outstanding amounts have been calculated after adjusting monies recovered from sale of other securities. The properties mortgaged to Yes Bank are "Land &amp; building built on land admeasuring 12 Bighas out of Khasra No. 288 (4 Bighas 16 Biswas), Khasra No. 289 (4 Bighas 5 Biswas) and Khasra No. 290 (2 Bighas 19 Biswas) situated in the revenue estate of Village Gadaipur, Tehsil Hauz Khas, Mehrauli, New Delhi". The property will be open for inspection from July 6-17, while the last date to submit bid along with the EMD is July 18. The e-auction will take place on July 20, 2020. Oscar Investments Ltd is promoted by RHC Holding Private Limited (44.47 per cent), which is turn is promoted by Malvinder Mohan Singh and Shivinder Mohan Singh. Apart from this, the bank will also sell individual properties owned by certain borrowers from Ludhiana and Jaipur to recover dues of Rs 30.96 lakh and Rs 24.29 lakh, respectively, on July 20. In earlier auction notices, the bank had announced to sell properties owned by Essel Group firm, Essel Infraprojects, and SKIL Infra to recover dues of Rs 1,368.16 crore. While the auction for Essel Group properties will take place on July 8, SKIL Infra properties will go under the hammer on July 15. KPM RVK

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

PTI

Adani Transmission to acquire Warora-Kurnool Transmission for over ₹3,370 crore

PTI

Yes Bank acquires 24 pc stake in Dish TV post invocation of pledged shares

PTI

Yes Bank puts up for sale properties of Avantha Group, RHC Holdings for recovery of over Rs 1,000 cr

PTI

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