The shareholders of Dish TV have rejected the appointment of four independent directors at an extraordinary general meeting (EGM) held last week — leaving only one person on its board.

Seeing the number of directors falling below the statutory minimum of three, the company immediately appointed two directors.

In the EGM held on December 22, the shareholders voted against the four resolutions that sought the appointment and re-appointments of independent directors Shankar Aggarwal, Aanchal David, Rajesh Sahni and Virender Kumar Tagra.

The resolutions could win the approval of only around 29 per cent of the total votes polled.

"The Resolution Nos 1 to 4 have failed to receive a requisite number of votes in favour by the shareholders under remote e-voting and e-voting at EGM," said the scrutiniser's report which was disclosed by Dish TV in its regulatory filing.

Following the voting results, all four independent directors resigned.

"We would like to inform you that basis the votes cast by the shareholders of the company at their EGM .. directors of the company have vacated the office of director(s) of the company, with effect from December 22, 2023," Dish TV said.

In a separate filing, it announced the appointment of Sunil Khanna as an independent director and Ravi Bhushan Puri as an executive director, with immediate effect.

The board had approved their appointments on December 18, perhaps expecting shareholders could vote against the resolution on the four directors.

"Consequent to the vacation of the office of the aforesaid directors, the appointment of Sunil Khanna as an independent director and Ravi Bhushan Puri as an executive director, becomes effective immediately i.e. from December 22, 2023," it said.

Zee Learn

Axis Bank has filed a petition against Zee Learn before the National Company Law Tribunal (NCLT) seeking insolvency proceedings against the education services provider firm.

Zee Learn said in a communication to the stock exchanges that it has received a notice from the Mumbai bench of the NCLT.

"A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Ltd to initiate Corporate Insolvency Resolution Process (CIRP) of the Company before the National Company Law Tribunal, Mumbai," it said.