The company said the approval of the shareholders will be sought in terms of applicable regulatory provisions. It added that the appointment will be valid from the effective date until September 30, 2024.
The appointments will become effective on the date of receipt of the approval of the Ministry of Information and Broadcasting (MIB) or the date on which the number of directors on the board falls below the statutory minimum number of three directors, whichever is earlier.
Dish TV said Puri will not be entitled to any additional remuneration in respect of the aforesaid appointment, and he will continue to draw remuneration as ‘Corporate Head—Broadcasting’ of the company.
Earlier, the National Stock Exchange (BSE) and the Bombay Stock Exchange (BSE) had imposed fines of over Rs 10 lakh on Dish TV for board composition-related violations.
Dish TV’s board strength has been less than the SEBI-mandated six directors since March 3 due to the non-approval of the appointment of four independent directors by the company’s shareholders at the Extraordinary General Meeting (EGM) held on March 3 and the resignation of independent director Zohra Chatterji with effect from June 2.The company had said that it has taken the required steps to ensure compliance with Regulations 17(1) and 19 of the Listing Regulations, and the said non-compliance in the reduction of directors is beyond its control.Dish TV, at its meeting held on September 21, 2023, appointed Aanchal David as Independent Director of the Company with effect from September 26, 2023, subject to shareholders’ approval.
Further, at its meeting held on September 29, 2023, the company appointed Rajesh Sahni and Virender Kumar Tagra as non-executive, non-independent directors of the company with effect from September 29, 2023, subject to shareholders’ approval.
The company also re-appointed Shankar Aggarwal as Independent Director of the Company for a second term of 5 years, with effect from October 25, 2023, subject to shareholders’ approval at its meeting held on October 21, 2023.
Dish TV will be convening an EGM of the shareholders on December 22 at 12:30 pm through video conferencing.
