Is Dish TV Facing Penalties Again from BSE and NSE?

New Delhi, Aug 31 (NationPress) The direct-to-home service provider Dish TV India Limited has been hit with penalties once more by the prominent stock exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), due to its inability to comply with the necessary requirements concerning the makeup and quorum of its board of directors.

In a regulatory announcement, the company disclosed that it had received notifications from both exchanges on August 29, which imposed fines for breaching the stipulations of Regulations 17(1) and 19(1)/(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter that concluded on June 30.

This isn't the first instance of Dish TV encountering such repercussions. The firm had already incurred fines in both 2023 and 2024 for similar infractions, associated with its ongoing boardroom conflict involving promoters and shareholders.

As stated by the exchanges, both BSE and NSE have levied penalties of Rs 5.69 lakh each, which Dish TV is required to settle within 15 days.

The company has confirmed its intention to make the payment and has clarified that “there is no impact on financial, operational or other activities of the company, aside from the monetary fine due.”

Dish TV elaborated that the decrease in board strength stemmed from shareholders not endorsing the appointment of directors, a situation it claimed was beyond the control of the board or management.

The exchanges have also instructed the company to notify its promoters of the non-compliance and present this communication at the next board meeting.

According to Dish TV’s official website, the current board consists of seven members, including Executive Director-Chairperson and CEO Manoj Dobhal, alongside four independent directors, the chief financial officer, and the company secretary.

The company has been embroiled in a governance dispute for several years. The promoter group led by Subhash Chandra, which holds approximately 4 percent of Dish TV, has been at odds with YES Bank regarding board reconstitution.

Previously, YES Bank held the largest stake at 24.2 percent but has since divested its interest to JC Flowers Asset Reconstruction Private Limited.

On multiple occasions, shareholders have rejected board appointments and proposals, including the reappointment of Jawahar Lal Goel as managing director in June 2022 and the endorsement of financial statements for 2020-21 and 2021-22 during the extraordinary general meeting in September 2022.