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Dish TV India Ltd faced a severe rebuke from shareholders on Friday as a majority of them voted down all three resolutions proposed by the company at its extraordinary general meeting (EGM). Special resolutions such as the ones presented by Dish TV require 75% of minority shareholders to vote in their favour.

For the first time since Dish TV’s founding, the promoter group led by Jawahar Goel will not be in control of its management. However, he will remain a non-executive director on the board, according to the EGM voting results filed by the firm.

The results are a victory for Dish TV’s largest shareholder Yes Bank, which has been trying to oust Goel from management and reconstitute its board since September 2021. As much as 78.9% of shareholders voted against the resolution to reappoint Goel as managing director of the company, while 21% voted in favour.

Chief executive Anil Kumar Dua also failed to receive majority vote in favour of his reappointment as whole-time director. While 73.9% of investors voted in favour of the resolution, 26.1% voted against it.

Rajagopal Venkateish also failed to get majority approval for his re-appointment as independent director. Investors led by Yes Bank were expected to vote against the Dish TV board’s proposal to extend Goel’s term as MD and appoint Venkateish as an independent director, Mint reported on 20 June.

Goel, however, will continue on the board as a non-executive director. “It seems his continuation as non-executive director is on a technical ground which will leave room for a promoter to have sway on board resolutions and outcomes," a lawyer said on condition of anonymity.

Dish TV shares jumped 10.6% on BSE on Friday, closing at 12.04, sharply outperforming a 0.88% rise in the benchmark Sensex index. The voting results were issued after market hours.

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