JC Flowers withdraws NCLT plea against Dish TV

New Delhi: In a relief to Dish TV, direct-to-home service provider JC Flowers Asset Reconstruction has withdrawn its petition filed before the NCLT for convening an extraordinary general meeting of the company.

The petition filed by JC Flowers Asset Reconstruction (original applicant being Yes Bank Limited) (Petitioner) against the company before the National Company Law Tribunal, Mumbai, has been withdrawn by the Petitioner at the hearing today, as informed by Dish TV in a regulatory filing.

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The said petition was filed under Sections 98-100 of the Companies Act, 2013, seeking directions for convening an extraordinary general meeting of the company, it added.

The order of the Mumbai bench of the National Company Law Tribunal (NCLT) allowing withdrawal was pronounced in the open court, and a detailed order is awaited, said Dish TV.

"The order of NCLT in the matter is yet to be uploaded, and the Company will update this disclosure, if required, upon receipt of a copy of the said order," said Dish TV.

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The petition was filed in 2021, when Yes Bank, which was the largest shareholder of the company, was having a tussle with Subhash Chandra's family-led promoter and promoter group (holding around 4 per cent share) over the reconstitution of the board.

YBL, which was earlier Dish TV's largest shareholder, has sold its 24.2 per cent stake in the company to JC Flowers Asset Reconstruction Pvt Ltd.

Over the past few occasions, Dish TV shareholders have objected to the company's proposals to approve the new appointments on the board in the EGM.

On three previous occasions, shareholders had rejected several proposals, including the re-appointment of Jawahar Lal Goel as Managing Director in June 2022 and the adoption of financial statements for 2020-21 (April-March) and 2021-22 in September 2022.