Dish TV India Ltd.’s annual general meeting results revealed more than just the failure of resolutions that were put to shareholder vote on Dec. 30. It showed that the company and its promoter are up against not just large institutional shareholders, but also smaller investors.
Take the resolution on adoption of audited accounts, for instance. It was overwhelmingly vetoed by institutional shareholders, which is not surprising, given the ongoing battle with lenders-turned-shareholders, such as Yes Bank Ltd.
But 73% of non-institutional public shareholders also voted against the proposal. Similarly, 74% voted against the reappointment of Ashok Kurien, a director liable to retire by rotation—alongside 99% of institutional shareholders.
Founded by the Subhash Chandra family, and part of the Essel Group, Dish TV is now predominantly owned by public non-institutional shareholders, who hold 56.46%.
Institutions own 37.61%, and the promoter stake stands diluted to less than 6%. BloombergQuint