Tag: Dish TV

Dish TV Q3 results | Consolidated net loss narrows to ₹2.8 crore, revenue dips 15%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Direct-to-home (DTH) operator Dish TV Ltd on Friday (February 9) reported a net loss ₹2.8 crore for the third quarter that ended December 31, 2023.

In the corresponding quarter last year, Dish TV posted a net loss of ₹2.9 crore, the company said in a regulatory filing. The company’s revenue from operations declined 14.8% to ₹470.3 crore as against ₹552.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA dropped 31% to ₹180.5 crore in the third quarter of this fiscal over ₹261.6 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 28.4% in the reporting quarter as compared to 47.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Total expenses in the third quarter were lower at ₹471.82 crore as compared to ₹567.16 crore in the same period a year ago, the company said.

Dish TV India said it continues to gain incremental subscriber market share during the third quarter. However, due to subscribers shifting between platforms, churn rates remained high thus resulting in overall negative net additions during the quarter, it added.

“Our new subscriber additions during the quarter were impressive, not only because the numbers were strong but also because none of those added were lured with unsustainable offers and promotions,” Dish TV India CEO Manoj Dobhal said.

The results came after the close of the market hours. Shares of Dish TV Ltd ended at ₹21.97, up by ₹0.100, or 0.46%, on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV shareholders vote out nearly the entire board in an unusual and unprecedented move

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a groundbreaking turn of events, Dish TV shareholders have etched their names in the annals of corporate history, orchestrating an unprecedented move during the Extraordinary General Meeting (EGM).

With an overwhelming majority, over 71% of shareholders have opted for change, voting out nearly the entire board of the company.

Here’s what went down at the crucial shareholders’ meeting:

Out with the Old

Shareholders firmly rejected the re-appointment of Shankar Aggarwal, the appointment of Rajesh Sahni, Virender Tagra, and Aanchal David, signaling a decisive shift away from the existing board, which now has only Rashmi Aggarwal left.

As a result of almost the entire board being voted out, Dish TV appointed two new members.

The board’s nod to Sunil Khanna as Independent Director and Ravi Bhushan Puri as Executive Director heralds the impact of shareholders’ action at the EGM.

Yet, the tale is not complete. The destiny of these appointments now rests in the hands of the shareholders. Their approval will serve as the final brushstroke on this canvas of change.

This is more than a shift in leadership; it’s a declaration that the power to shape the future lies in the hands of Dish TV shareholders.

Shares of Dish TV are trading 2.3% higher at ₹19.8.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV shareholders reject Veerender Gupta’s appointment as Whole Time Director

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The direct-to-home (DTH) service provider, Dish TV convened its annual general meeting on September 25, 2023 with a focus to secure shareholders’ consent on two matters — appointment of SN Dhawan & Co as statutory auditor and nomination of Veerender Gupta as a Whole Time Director.

Dish TV received a green signal from shareholders for the appointment of the statutory auditor but shareholders decided against the appointment of Gupta as Whole Time Director.

The AGM also witnessed the culmination of Rashmi Aggarwal’s tenure as an Independent Director of the company. Her departure follows earlier efforts by majority lenders to oust her, alongside another Essel Group-affiliated director, Shankar Aggarwal, from the board.

The move, initiated in a letter dated May 15, 2023, urged the board to facilitate the appointment of lender-nominated directors, reflecting the evolving dynamics within Dish TV’s governance.

Dish TV has recently been under the spotlight for multiple reasons. The Bombay High Court rejected a plea by Dish TV’s promoter entity World Crest Advisors that sought to prevent Yes Bank and JC Flowers Asset Reconstruction from transferring or encumbering Dish TV shares.

The legal tussle revolves around the ownership of over 44 crore shares of Dish TV, with Yes Bank asserting its claim as the rightful owner due to loans extended to certain promoters. The battle exemplifies the complex challenges facing Dish TV as it navigates corporate governance issues and financial disputes.

On the financial front, Dish TV reported a 15 percent increase in its consolidated net profit to Rs 20.5 crore for the quarter ending June 2023. However, revenue exhibited a contrasting trend, declining by 18 percent to Rs 500 crore during the same period.

In the stock market, Dish TV shares have gained a percent this year (year-to-date). Importantly, the stock has soared more than 45 percent from its 52-week low of Rs 12.40 per share, recorded in March. The stock currently stands at approximately Rs 19 per share, 26 percent below its 52-week high of Rs 24.40 in December 2022.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV Q1 Results | Net profit rises 15% to Rs 20.54 crore, becomes zero-debt company

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Direct-to-home firm Dish TV India Ltd on Tuesday reported a 15.07 percent increase in its consolidated net profit to Rs 20.54 crore for the April-June quarter of 2023-24 compared to Rs 17.85 crore a year ago.

The company also announced the appointment of Manoj Dobhal as CEO with effect from August 23, 2023, after receipt of approval from the Ministry of Information and Broadcasting.

Dish TV revenue from the operation declined 17.82 percent to Rs 500.16 crore during the quarter under review as against Rs 608.63 crore of the corresponding quarter, Dish TV said in a regulatory filing.

Dish TV’s total expenses in the first quarter of FY2023-24 were down 19.37 percent at Rs 475.46 crore.

Its total income in the June quarter was at Rs 503.20 crore, down 17.94 percent, mainly impacted by a decline in the subscription revenue.

In the June quarter, Dish TV’s Subscription revenues were 27.12 percent lower at Rs 397.4 crore as against Rs 545.3 crore a year ago.

Its subscription revenues contributed 79.4 percent of its total revenue in Q4 of FY23.

However, Dish TV’s revenue from ‘Marketing and promotional fees’ was up two-fold to Rs 82.1 crore, contributing 16.4 percent of the revenue.

Its advertisement revenue was also up 12.34 percent at Rs 9.1 crore.

Moreover, Dish TV has also become a debt-free company. of FY23, Dish TV had reduced its overall debt to Rs 72.5 crore.

“Subsequently, during the first quarter of the current fiscal, Dish TV India paid off the last tranche of its outstanding debt of Rs 72.5 crore to become a zero debt organisation,” it said.

Dish TV India outgoing CEO Anil Dua said: “Compared to a few quarters earlier, the company is now on a stable wicket both financially and from a product offering perspective. With an able and experienced leadership team at the helm, I am confident that Dish TV India Limited would continue to delight its customers while striving to create shareholder value.”

Over the number of subscribers, Dish TV said its gross adds during the quarter were 36 percent higher Year-on-Year. Though the company has not shared any numbers.

Shares of Dish TV India Ltd on Tuesday settled 4.98 percent higher at Rs 17.49 apiece on BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV says minority shareholders’ notice to seek EGM is invalid

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Direct-to-home operator Dish TV India Ltd on Thursday, June 1, informed that the notice issued by Vis Legis Law Practice on behalf of minority shareholders for holding an extraordinary general meeting (EGM) of the company is invalid.

This comes after a group of minority shareholders of Dish TV send a notice to call an EGM of the company, raising concerns over corporate governance issues, seeking reconstitution of the board and removal of two independent directors questioning their independence.

In a regulatory filing, Dish TV said, “The board of directors of the company at the meeting held on June 1 examined the individual requisition notices in terms of numerical and procedural validity of the same and observed that there were defects in several individual requisition notices which formed part of the Notice dated May 15, 2023, because of which the said individual requisition notices were considered invalid.”

The company noted that there are three defects because of which the individual requisition notices were considered invalid. First, four individual requisition notices have not been issued by the shareholders of the company as per the register of members of the company. Second, seven individual requisition notices have been submitted in duplicate and the original of the same were not submitted.

Lastly, no authorisation has been submitted along with the individual requisition notices of 11 entities by their board of directors, authorising such individuals to call for an extraordinary general meeting of the company and send individual requisition notices.

Due to these defects, and the fact that collective shareholding of the valid individual requisitions as on May 15, 2023, does not fulfil the requirement of holding at least 10 percent of the paid-up share capital of the company, the board has decided that the EGM cannot be called due to numerical and procedural invalidity, Dish TV said.

However, these shareholders can send fresh and valid requisition notices, the company added.

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 has been unable to pass its annual statements for the last two years and the feud has led to the departure of its former promoter-backed chairman Jawahar Lal Goel.

Besides, the minority shareholders have also raised several other issues questioning the investments made by the company such as in its OTT platform Watcho.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV CEO Anil Kumar Dua tenders resignation, Manoj Dobhal may take over

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Anil Kumar Dua, the Chief Executive Officer (CEO) of broadcast satellite service provider Dish TV, on Tuesday tendered his resignation from his position in the company, which will take effect after a three-month notice period.

As per the company, the resignation will be effective from the close of business hours on August 22, 2023. Consequently, Dua will no longer hold the position of CEO and will cease to be a Key Managerial Personnel of the company from the same date.

“….we wish to inform that Mr. Anil Kumar Dua has tendered his resignation today from the position of Chief Executive Officer (‘CEO’) of the Company, which resignation shall be effective on expiry of three months from the current date viz. from the close of business hours of August 22, 2023. Consequently, he shall also cease to be a Key Managerial Personnel
of the Company from the close of business hours of August 22, 2023.” Dish TV said in a BSE filing.

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“Mr. Dua has also tendered his resignation from the post of CEO of Dish Infra Services Private Limited (Wholly owned subsidiary of the Company) which is also effective from the close of business hours of August 22, 2023,” the statement added.

Dua joined Dish TV in May 2017 as the Group Chief Executive Officer. He has a vast experience of over 29 years in senior management positions and building renowned brands in India as well as overseas. Prior to joining DishTV, he served as the Managing Director of OTE Group of Companies with operations in Middle East.

He also served as Senior Vice President – Sales, Marketing & Customer Care at Hero MotoCorp (erstwhile Hero Honda) from 2006 to 2014, where he was responsible for Hero MotoCorps business growth and entire gamut of marketing, sales and customer care operations.

Further, Dish TV has also announced that the company is mulling over the appointment of its Chief Operating Officer Manoj Dobhal as its new CEO. The decision will be taken after approval of Ministry of Information and Broadcasting, it said.

“….the Nomination and Remuneration Committee at its meeting held today considered the appointment of Mr. Manoj Dobhal, Chief Operating Officer of  the Company as CEO of the Company in the category of Key Managerial Personnel in place of Mr. Anil Kumar Dua and advised the Management to seek the prior approval of Ministry of Information and Broadcasting, as required under the Uplinking Guidelines, for appointment of Mr. Dobhal as CEO,” the company said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV EGM outcome: Shareholders reject 4 names presented for independent directors by board

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dish TV shareholders have rejected the names of Sunil Gupta, Gaurav Gupta, Madan Mohanlal Varma & Lalit Behari Singhal recommended for the post of Independent Director by the Board at the March 3 extraordinary general meeting. The strength of the board following the EGM has reduced to two. 25.9 percent of shareholders voted in favour of appointment of the 4 Directors whilst 74 percent voted against their appointment.

Dish TV board had appointed Sunil Kumar Gupta, Madan Mohanlal Verma, Gaurav Gupta as Independent Directors of the company as on Dec 6, 2022.

Dish TV board has also said that they shall take necessary steps for complying with the requirement of the Companies Act, 2013 & SEBI Listing Regulations in respect of the number of Directors on the Board. This comes after sources on March 2 told CNBC-TV18 that the Corporate Affairs Ministry has sought clarifications from Dish TV under Section 212 of the Companies Act after Yes Bank had raised complaints against Dish TV to the MCA

Yes Bank sources told CNBC-TV18 on March 1 that Dish TV had proposed names of only 2 out of 6 Independent Directors approved by the I&B Ministry. The proposed 2 additional names were not approved by the Ministry & that Dish TV did not considered any of the 3 Yes Bank nominees approved by the Ministry, sources added

On March 1, Dish TV also released a clarification on a provisional complaint from the Minority Investors Association regarding breach in Corp Governance by the co. ‘All the allegations made out in the Minority Investors Association letter are wrong, malicious, incorrect, and baseless & hence are denied. Company is in compliance with all applicable regulations of SEBI including regulation 30 of SEBI listing regulations. Current composition of the board is in line with requirements of SEBI listing regulations,’ Dish TV clarified

Minority Investors Association in its letter said that the Dish TV board had failed to disclose I&B Ministry’s permission for appointing Directors, Dish TV delayed the appointment of Directors approved by the Ministry. Minority Investors demanded the appointment of approved Directors & wanted the management of the co to be held accountable for non-disclosure

Dish TV reported a loss in Q3 with a 22 percent YoY decline in its revenue, margin slipped more than 1,000 bps. Company’s stock soared on Friday ending with a gain of more than 4 percent and is up more than 7 percent this week.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Centre issues inspection orders on alleged corporate governance issues at Dish TV: Sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Corporate Affairs Ministry has issued inspection orders on alleged corporate governance issues at Dish TV, people in the know told CNBC-TV18.

These orders have been issued under Section 212 of the Companies Act, the sources added. Not appointing government-nominated directors to the board, and the entire fiasco has now brought in fresh trouble for Dish TV.

The DG investigation under the ministry will look into the corporate governance issues as to what kept them from delaying the appointment of directors, why was an AGM not called, the sources said, adding that all these these issues will be dealt with closely once the inspection begins.

On Wednesday, it was reported that Dish TV’s Minority Investors Association has alleged a breach in corporate governance by the company, for failing to disclose the Ministry of Information & Broadcasting’s (MIB) letter approving director nominations on its board to the exchanges, a letter accessed by CNBC-TV18 showed.

The Minority Investors Association has addressed a letter dated March 1, 2023 to the board of directors of Dish TV, and also sent a copy to the capital markets regulator SEBI, stock exchanges and various creditors and stakeholders. CNBC-TV18 has accessed this letter.

Denying the allegations made in the investors’ letter, Dish TV said that the current composition of the board was in line with the requirements of SEBI Listing regulations.

“As regards the content of the communication of Minority Investors Association, at the outset it is submitted that all the allegations made out in the letter are wrong, malicious, incorrect, and baseless and hence are denied. It is submitted that the Company is in compliance with all the applicable regulations of SEBI including Regulation 30 of SEBI Listing Regulations. As submitted above, the NSE has advised the Company to provide its response by or before March 6, 2023, which response shall be submitted accordingly,” it added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV minority shareholders allege breach in corporate governance, company refutes: Exclusive

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dish TV’s Minority Investors Association has alleged a breach in corporate governance by the company, for failing to disclose the Ministry of Information & Broadcasting’s (MIB) letter approving director nominations on its board to the exchanges, a letter accessed by CNBC-TV18 showed.

The Minority Investors Association has addressed a letter dated March 1, 2023 to the board of directors of Dish TV, and also sent a copy to the capital markets regulator SEBI, stock exchanges and various creditors and stakeholders. CNBC-TV18 has accessed this letter.

Denying the allegations made in the investors’ letter, Dish TV said that the current composition of the board was in line with the requirements of SEBI Listing regulations. “As regards the content of the communication of Minority Investors Association, at the outset it is submitted that all the allegations made out in the letter are wrong, malicious, incorrect, and baseless and hence are denied. It is submitted that the Company is in compliance with all
the applicable regulations of SEBI including Regulation 30 of SEBI Listing Regulations. As submitted above, the NSE has advised the Company to provide its response by or before March 6, 2023, which response shall be submitted accordingly,” it added.

The minority shareholders in the letter have stated that they obtained information through a Right to Information (RTI) request. The RTI revealed that the Ministry of Information and Broadcasting (MIB) has approved the list of directors submitted by Dish TV for appointment to the company’s board, as per their letter dated December 26, 2022.

“We believe that the board of directors has committed a serious breach of corporate governance by (1) Failing to disclose the MIB’s permission or letter to the stock exchanges. Although Dish TV had informed the stock exchanges about the request for approval from MIB on August 3 and 30, the board has not notified the exchanges about the approval received from the ministry, and 2) Delaying the appointment of directors approved by MIB,” the shareholders alleged in this letter.

“These breaches are especially serious given that Dish TV’s directors and officers have previously been reprimanded and fined by SEBI and the stock exchanges for multiple violations of corporate governance and listing requirements. In one instance, the independent directors of Dish TV claimed that it was not informed by the management of the company about communication from SEBI to the board. However, this excuse cannot be used again, and we are shocked that the board has taken no action to address the matter,” the letter said.

The letter comes days before Dish TV’s extraordinary general meeting (EGM) on March 3, 2023, where it will seek shareholders approval to nominate four independent directors to its board, including Sunil Kumar Gupta, Madan Mohanlal Verma, Gaurav Gupta, and Lal Behari Singhal.

As per Yes Bank sources, this does not include any of the independent directors’ names that were proposed by the bank, and also approved by the MIB.

Yes Bank holds 24 percent stake in Dish TV, which it has now transferred to the JC Flowers Asset Reconstruction Company, as part of the overall Rs 48,000 crores of loans transferred to the ARC under a deal late last year.

According to people directly involved in the matter, the Ministry of Information and Broadcasting (MIB) approved six names for appointment to the board of Dish TV on December 26, 2022, as proposed between Dish TV and Yes Bank.

These six names include three names proposed by Yes Bank, namely Arvind Nachaya Mapangada, Girish S Paranjpe, and Haripriya Padmanabhan. The other three names approved by MIB proposed by Dish TV include Madan Mohanlal Verma, Uday Kumar Verma, and Sunil Gupta, as per people in the know.

However, for the March 3 EGM, Dish TV has included four names, including two which have not been approved by MIB, as per Yes Bank sources. Dish TV has sought shareholder nod for Sunil Gupta, Madan M Verma’s nomination as independent directors on the board, which were approved by MIB, and additionally proposed Gaurav Gupta and Lal Behari Singhal’s nomination, which have not been approved by MIB. None of the names proposed by Yes Bank have been considered, said a person in the know.

The minority shareholders in their letter to the board have now demanded that the company convene a board meeting and appoint the MIB approved directors and hold the management accountable for not reporting official communication to the board, to protect the rights of all stakeholders, especially minority investors.

CNBC-TV18 has reached out to Dish TV for a response on these allegations. Their response is awaited.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dish TV 34th AGM: Shareholders reject resolution for adoption of FY21, FY22 financial results yet again

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The shareholders of Direct-to-Home operator Dish TV, in the Annual General  Meeting on Thursday, rejected the proposal for the adoption of audited standalone and consolidated financial results for the fiscal 2021 and 2022, a majority of over 70 percent shareholders against the resolutions.

The shareholders had earlier rejected the proposal in the AGM on September 26 with 84.5 percent voting against it. The meeting was thus adjourned sine die.

The first of the two resolution was for the adoption of the financial statement for FY 2021-22. It could only get 26.8 percent votes of the total polled. The second resolution was for the adoption of the financial statement for FY2020-21 and 76.86 percent voted against it.

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The largest shareholder of the company Yes Bank Ltd and promoter family led by former chairman Jawahar Lal Goel had been involved in a legal battle over board representation. YBL has over 24 percent share and was pushing for reconstitution of the Dish TV board and removal of Goel and some others.

The company said in a reported posted on BSE: “Based on the above, Resolution Nos. 1 and 2 have failed to obtain the requisite number of votes in favour by the shareholders under remote e-voting and electronic voting at the Adjourned AGM and the number of votes against these Resolutions are more than those in favour.”

Earlier this month, Dish TV announced appointment of three new independent directors to the company’s board. Earlier in June this year, shareholders in an extraordinary general meeting had rejected the proposal for the reappointment of Goel as its managing director.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow