Dish TV India CEO, chairman, board of directors and AGM
NSE: DISHTVBSE: 532839EntertainmentSmall Cap
Share price at the NSE close on 30 Oct 2026. Previous close ₹2.08.
30 Oct: open ₹2.08, high ₹2.11, low ₹2.02
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹374 Cr1,765th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Lossover the last 12 months
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- Net worth zero or below
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business.
- Net worth zero or below
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- Net worth zero or below
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 10,74,73885.9% delivered
Dish TV India's chairperson and chief executive is Manoj Dobhal, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 29 Sep 2026.
Dish TV India board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and chief executiveManoj Dobhal
- Company Secretary and Compliance OfficerBalveer Singh
4 directors3 independent1 executive
- Manoj Dobhal · Chairperson and chief executiveExecutive · joined Mar 2024 · 1 listed board · 2 committee seats
- Arun Kumar KapoorIndependent · joined Aug 2025 · reappointed Aug 2025 · 13 months as independent · 1 listed board · 1 as independent · 3 committee seats, 2 as chair
- Heena Naishadh BhattIndependent · joined Aug 2025 · reappointed Aug 2025 · 13 months as independent · 1 listed board · 1 as independent · 3 committee seats, 2 as chair
- Ashok Anant ParanjpeIndependent · joined May 2026 · reappointed May 2026 · 4 months as independent · 1 listed board · 1 as independent · 1 committee seat
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
4 directors who left
- Mayank Talwar, left 14 Aug 2025: Others
- Gurinder Singh, left 14 Aug 2025: Others
- Amit Singhal, left 12 Dec 2024: Others
- Parag Agarawal, left 12 Dec 2024: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 11 Aug 20264 of 4 present3 independent · 12 days in between
- 29 Jul 20264 of 4 present3 independent · 63 days in between
- 26 May 20264 of 4 present3 independent
Audit Committee
Chair Heena Naishadh Bhatt
Arun Kumar Kapoor, Manoj Dobhal
- 11 Aug 20263 of 3 present2 independent · 76 days in between
- 26 May 20263 of 3 present2 independent
Nomination and remuneration committee
Chair Arun Kumar Kapoor
Heena Naishadh Bhatt, Manoj Dobhal, Ashok Anant Paranjpe
- 11 Aug 20264 of 4 present3 independent · 12 days in between
- 29 Jul 20264 of 4 present3 independent · 63 days in between
- 26 May 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Arun Kumar Kapoor
Heena Naishadh Bhatt, Manoj Dobhal, Ashok Anant Paranjpe
No meeting listed in the filing.
Risk Management Committee
Chair Manoj Dobhal
Arun Kumar Kapoor, Heena Naishadh Bhatt, Ashok Anant Paranjpe
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair Manoj Dobhal
Arun Kumar Kapoor, Heena Naishadh Bhatt, Ashok Anant Paranjpe
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- S N Dhawan & Co. LLPPeer-review certificate valid to Feb 2028
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Dish TV India AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Dish TV India dividend history
Annual general meeting, 29 Sep 2026
3,63,860 shareholders on the register on 23 Sep 2026; present: 15 promoters and 61 others; votes counted by Neelam Gupta / Neelam Gupta & Associates.The company's voting result
- Adoption of the Audited Standalone and Consolidated Financial Statements and Report of the Board of Directors and Auditors thereon for the Financial Year 2025-26Ordinary99.71% for0.29% against
Against: promoters 0.00% · institutions 0.00% · other public 0.36%
Turnout: all 31.32% · promoters 100.00% · institutions 16.18% · other public 29.84%
- Re-appointment of Mr. Manoj Dobhal (Director Identification Number: 10536036), as Director of the Company, liable to retire by rotation, and being eligible, offers himself for re-appointmentOrdinary98.49% for1.51% against
Against: promoters 0.00% · institutions 21.00% · other public 0.40%
Turnout: all 31.33% · promoters 100.00% · institutions 16.27% · other public 29.84%
- Ratification of remuneration of Cost Auditors for the Financial Year 2026-27Ordinary99.71% for0.29% against
Against: promoters 0.00% · institutions 0.00% · other public 0.36%
Turnout: all 31.33% · promoters 100.00% · institutions 16.27% · other public 29.84%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 17 Apr 2026, 3 resolutions
3,69,560 shareholders on the register on 13 Mar 2026; votes counted by Neelam Gupta / Neelam Gupta & Associates.The company's voting result
- APPOINTMENT OF MR. ARUN KUMAR KAPOOR (DIRECTOR IDENTIFICATION NUMBER: 01779523) AS AN INDEPENDENT DIRECTOR OF THE COMPANYSpecial99.50% for0.50% against
Against: promoters 0.00% · institutions 4.65% · other public 0.25%
Turnout: all 33.47% · promoters 100.00% · institutions 19.35% · other public 32.14%
- APPOINTMENT OF MS. HEENA NAISHADH BHATT (DIRECTOR IDENTIFICATION NUMBER: 11049526) AS AN INDEPENDENT DIRECTOR OF THE COMPANYSpecial99.50% for0.50% against
Against: promoters 0.00% · institutions 4.65% · other public 0.25%
Turnout: all 33.47% · promoters 100.00% · institutions 19.35% · other public 32.14%
- APPOINTMENT OF MR. ASHOK ANANT PARANJPE (DIRECTOR IDENTIFICATION NUMBER: 07440788) AS AN INDEPENDENT DIRECTOR OF THE COMPANYSpecial99.50% for0.50% against
Against: promoters 0.00% · institutions 4.65% · other public 0.25%
Turnout: all 33.47% · promoters 100.00% · institutions 19.35% · other public 32.14%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 14 Aug 2025, 7 resolutions
3,85,245 shareholders on the register on 8 Aug 2025; present: 17 promoters and 76 others; votes counted by Neelam Gupta / Neelam Gupta & Associates.The company's voting result
- Adoption of the Audited Standalone and Consolidated Financial Statements and Report of the Board of Directors and Auditors thereon for the Financial Year 2024-25.Ordinary94.38% for5.62% against
Against: promoters 0.00% · institutions 0.00% · other public 7.35%
Turnout: all 38.78% · promoters 99.99% · institutions 40.27% · other public 35.57%
- Re-appointment of Mr. Manoj Dobhal (Director Identification Number: 10536036) as a Director of the Company, liable to retire by rotation, and being eligible, offers himself for re-appointmentOrdinary92.29% for7.71% against
Against: promoters 0.00% · institutions 9.05% · other public 8.54%
Turnout: all 38.79% · promoters 99.99% · institutions 40.34% · other public 35.57%
- Ratification of remuneration of Cost Auditors for the Financial Year 2025-26Ordinary94.38% for5.62% against
Against: promoters 0.00% · institutions 0.00% · other public 7.36%
Turnout: all 38.79% · promoters 99.99% · institutions 40.34% · other public 35.57%
- Appointment of Ms. Neelam Gupta and Associates, Company Secretaries as Secretarial Auditor of the CompanyOrdinary93.49% for6.51% against
Against: promoters 0.00% · institutions 0.00% · other public 8.52%
Turnout: all 38.79% · promoters 99.99% · institutions 40.34% · other public 35.57%
- Approval of appointment of Mr. Mayank Talwar (Director Identification Number: 10864736) as an Independent Director of the CompanySpecialNot passed26.21% for73.79% against
Against: promoters 0.00% · institutions 20.67% · other public 93.02%
Turnout: all 38.79% · promoters 99.99% · institutions 40.34% · other public 35.57%
- Approval of appointment of Mr. Gurinder Singh (Director Identification Number: 01861807) as an Independent Director of the CompanySpecialNot passed26.21% for73.79% against
Against: promoters 0.00% · institutions 20.67% · other public 93.01%
Turnout: all 38.79% · promoters 99.99% · institutions 40.34% · other public 35.57%
- Revision in the remuneration of Mr. Manoj Dobhal, Whole-Time Director of the CompanySpecial93.48% for6.52% against
Against: promoters 0.00% · institutions 0.00% · other public 8.54%
Turnout: all 38.79% · promoters 99.99% · institutions 40.34% · other public 35.57%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 12 Dec 2024, 2 resolutions
- Appointment of Mr. Amit Singhal (Director Identification Number: 10764269) as an Independent Director of the CompanySpecial19.32% for80.68% against
Against: promoters 0.00% · institutions 63.35% · other public 93.42%
Turnout: all 41.37% · promoters 99.99% · institutions 39.89% · other public 38.75%
- Appointment of Mr. Parag Agarawal (Director Identification Number: 10652558) as an Independent Director of the CompanySpecial19.28% for80.72% against
Against: promoters 0.00% · institutions 63.59% · other public 93.43%
Turnout: all 41.36% · promoters 99.99% · institutions 39.89% · other public 38.74%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 13 Sep 2024, 5 resolutions
Present: 17 promoters and 81 others.
- Adoption of the Audited Standalone and Consolidated Financial Statements and Report of the Board of Directors and Auditors thereon for the Financial Year 2023-24Ordinary88.02% for11.98% against
Against: promoters 0.00% · institutions 26.31% · other public 11.28%
Turnout: all 39.90% · promoters 99.99% · institutions 39.13% · other public 37.11%
- To re-appoint Mr. Manoj Dobhal (Director Identification Number : 10536036), as Director of the Company, liable to retire by rotation, and being eligible, offers himself for re-appointment.Ordinary87.19% for12.81% against
Against: promoters 0.00% · institutions 32.95% · other public 11.29%
Turnout: all 39.92% · promoters 99.99% · institutions 39.31% · other public 37.11%
- Ratification of remuneration of Cost Auditors for the financial year 2024-25Ordinary88.03% for11.97% against
Against: promoters 0.00% · institutions 26.19% · other public 11.28%
Turnout: all 39.92% · promoters 99.99% · institutions 39.31% · other public 37.11%
- Appointment of Ms. Garima Bharadwaj (Director Identification Number: 10632970) as an Independent Director of the CompanySpecial19.77% for80.23% against
Against: promoters 0.00% · institutions 71.30% · other public 92.11%
Turnout: all 39.92% · promoters 99.99% · institutions 39.31% · other public 37.11%
- Appointment of Mr. Azeezuddin Mohammad (Director Identification Number: 10647083) as an Independent Director of the CompanySpecial19.77% for80.23% against
Against: promoters 0.00% · institutions 71.30% · other public 92.11%
Turnout: all 39.92% · promoters 99.99% · institutions 39.31% · other public 37.11%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 30 Aug 2024, 1 resolution
- Issuance of securities upto an aggregate amount of Rs. 1000 croreSpecial15.78% for84.22% against
Against: promoters 0.00% · institutions 97.29% · other public 92.52%
Turnout: all 42.23% · promoters 99.99% · institutions 39.44% · other public 39.85%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 14 Jun 2024, 4 resolutions
Present: 16 promoters and 55 others.
- Appointment of Mr. Manoj Dobhal (DIN:10536036) as a Director of the CompanyOrdinary84.25% for15.75% against
Against: promoters 0.00% · institutions 43.73% · other public 13.82%
Turnout: all 40.41% · promoters 99.99% · institutions 34.97% · other public 38.36%
- Appointment of Mr. Manoj Dobhal (DIN:10536036) As Whole Time Director of the CompanySpecial84.25% for15.75% against
Against: promoters 0.00% · institutions 43.73% · other public 13.83%
Turnout: all 40.41% · promoters 99.99% · institutions 34.97% · other public 38.36%
- Appointment of Mr. Mukesh Chand (DIN:10592445) as an Independent Director of the CompanySpecial16.89% for83.11% against
Against: promoters 0.00% · institutions 92.67% · other public 92.29%
Turnout: all 40.40% · promoters 99.99% · institutions 34.97% · other public 38.34%
- Appointment of Mr. Manish Khandelwal (DIN:09725068) as an Independent Director of the CompanySpecial16.89% for83.11% against
Against: promoters 0.00% · institutions 92.67% · other public 92.29%
Turnout: all 40.41% · promoters 99.99% · institutions 34.97% · other public 38.36%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 21 Mar 2024, 4 resolutions
Present: 16 promoters and 42 others.
- APPOINTMENT OF MR. SUNIL KHANNA (DIRECTOR IDENTIFICATION NUMBER: 02496813) AS AN INDEPENDENT DIRECTOR OF THE COMPANYOrdinary13.52% for86.48% against
Against: promoters 0.00% · institutions 99.92% · other public 96.33%
Turnout: all 38.19% · promoters 99.99% · institutions 26.16% · other public 37.17%
- APPOINTMENT OF MR. RAVI BHUSHAN PURI (DIRECTOR IDENTIFICATION NUMBER: 06686381) AS A DIRECTOR OF THE COMPANYOrdinary18.03% for81.97% against
Against: promoters 0.00% · institutions 52.22% · other public 96.33%
Turnout: all 38.19% · promoters 99.99% · institutions 26.16% · other public 37.17%
- APPOINTMENT OF MR. RAVI BHUSHAN PURI (DIRECTOR IDENTIFICATION NUMBER: 06686381) AS WHOLE TIME DIRECTOR OF THE COMPANYSpecial18.03% for81.97% against
Against: promoters 0.00% · institutions 52.22% · other public 96.33%
Turnout: all 38.19% · promoters 99.99% · institutions 26.16% · other public 37.17%
- Appointment of Mrs. Sonal Bankim Parekh (Director Identification Number: 10460277) as an Independent Director of the CompanySpecial18.03% for81.97% against
Against: promoters 0.00% · institutions 52.22% · other public 96.33%
Turnout: all 38.19% · promoters 99.99% · institutions 26.16% · other public 37.17%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.
Mutual fund votes, meeting of 14 Aug 2025, 1 fund house
- Adoption of the Audited Standalone and Consolidated Financial Statements and Report of the Board of Directors and Auditors thereon for the Financial Year 2024-25.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundUnqualified Financial statements. Compliant with Indian Accounting Standards. Governance Concern: High Liabilities & High Contingent liabilities AGAINST a negative Net-Worth poses a significant risk if the liabilities were to materialise.
0 for1 against - Re-appointment of Mr. Manoj Dobhal (Director Identification Number: 10536036) as a Director of the Company, liable to retire by rotation, and being eligible, offers himself for re-appointment1 for0 against
- Ratification of remuneration of Cost Auditors for the Financial Year 2025-261 for0 against
- Appointment of Ms. Neelam Gupta and Associates, Company Secretaries as Secretarial Auditor of the Company1 for0 against
- Approval of appointment of Mr. Mayank Talwar (Director Identification Number: 10864736) as an Independent Director of the Company
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundNo concern w.r.t the merits of the proposed appointees. Non-Compliant with Regulation 17(1C) of the SEBI (LODR) Regulations: Delayed Shareholders’ approval proposed i.e. after lapse of three months from the date of appointment.
0 for1 against - Approval of appointment of Mr. Gurinder Singh (Director Identification Number: 01861807) as an Independent Director of the Company
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundNo concern w.r.t the merits of the proposed appointees. Non-Compliant with Regulation 17(1C) of the SEBI (LODR) Regulations: Delayed Shareholders’ approval proposed i.e. after lapse of three months from the date of appointment.
0 for1 against - Revision in the remuneration of Mr. Manoj Dobhal, Whole-Time Director of the Company1 for0 against
Mutual fund votes, meeting of 12 Dec 2024, 5 fund houses
- Appointment of Mr. Amit Singhal (Director Identification Number: 10764269) as an Independent Director of the Company
Against Aditya Birla Sun Life Mutual Fund, Mirae Asset Mutual Fund
- Aditya Birla Sun Life Mutual FundAmit Singhal, 48, is a chartered accountant and has over 22 years of experience in tax consulting (domestic and international) including transfer pricing matters, RBI and FEMA matters, auditing and assurance services, regulatory compliances, business advisory, company law matters, business valuations and tax litigation matters. Public sources suggest that he is associated with Amit & Nitin, Chartered Accountants as Senior Partner. While his appointment is in line with statutory requirements, we are unable to support the resolution as the company has in the past failed to resolve/ address the concerns raised by its shareholders – the board failed to call for an EGM proposed by shareholders in two instances – previously proposed by Yes Bank (whose stake is now transferred to J C Flowers ARC) and subsequently proposed by a set of minority shareholders, who held aggregate 10.15% equity in the company (this was later resubmitted by investors holding 12.7% equity after rejection of the previous requisition). In both instances, the EGM requisition included the appointment of new directors and removal of several directors. The company must appoint Independent Directors on the board after engaging with its public investors to instill confidence. We do not support the resolution.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
3 for2 against - Appointment of Mr. Parag Agarawal (Director Identification Number: 10652558) as an Independent Director of the Company
Against Aditya Birla Sun Life Mutual Fund, Mirae Asset Mutual Fund
- Aditya Birla Sun Life Mutual FundParag Agarawal, 46, is founder and Partner at Unconsult, which is engaged in providing services with respect to business process mapping, change management, and business growth strategies. He has over 21 years of experience across e-commerce, media, FMCG, healthcare, and education. He has worked with organisations like Shalby Ltd., IndiaMART InterMESH Ltd., Aakash Education Services Ltd., and HT Media group. Prior to Unconsult, he served as Chief Business Officer of Shalby Ltd. While his appointment is in line with statutory requirements, we are unable to support the resolution as the company has in the past failed to resolve/ address the concerns raised by its shareholders – the board failed to call for an EGM proposed by shareholders in two instances – previously proposed by Yes Bank (whose stake is now transferred to J C Flowers ARC) and subsequently proposed by a set of minority shareholders, who held aggregate 10.15% equity in the company (this was later resubmitted by investors holding 12.7% equity after rejection of the previous requisition). In both instances, the EGM requisition included the appointment of new directors and removal of several directors. The company must appoint Independent Directors on the board after engaging with its public investors to instill confidence. We do not support the resolution.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
3 for2 against
Mutual fund votes, meeting of 13 Sep 2024, 4 fund houses
5 proposals
- Adoption of the Audited Standalone and Consolidated Financial Statements and Report of the Board of Directors and Auditors thereon for the Financial Year 2023-244 for0 against
- To re-appoint Mr. Manoj Dobhal (Director Identification Number : 10536036), as Director of the Company, liable to retire by rotation, and being eligible, offers himself for re-appointment.4 for0 against
- Ratification of remuneration of Cost Auditors for the financial year 2024-254 for0 against
- Appointment of Ms. Garima Bharadwaj (Director Identification Number: 10632970) as an Independent Director of the Company
Against Aditya Birla Sun Life Mutual Fund
- Aditya Birla Sun Life Mutual FundMs. Garima Bharadwaj, 44, is a practicing legal professional and handles matters relating to civil law, criminal law, arbitration law, rent law, labour and industrial law, service law, corporate law, commercial law, intellectual property rights law, matrimonial law etc. She practices across multiple courts, including District Courts in Delhi, Original and Appellate sides of High Court of Delhi, Supreme Court of India, National Green Tribunal, and Central Administrative Tribunal. While her appointment is in line with statutory requirements, we are unable to support the resolution as the company has in the past failed to resolve/ address the concerns raised by its shareholders – the board failed to call for an EGM proposed by shareholders in two instances – previously proposed by Yes Bank (whose stake is now transferred to J C Flowers ARC) and subsequently proposed by a set of minority shareholders, who held aggregate 10.15% equity in the company (this was later resubmitted by investors holding 12.7% equity after rejection of the previous requisition). In both the instances, the EGM requisition included the appointment of new directors and removal of several directors. The company must appoint Independent Directors on the board after engaging with its public investors to instill confidence. We do not support the resolution.
3 for1 against - Appointment of Mr. Azeezuddin Mohammad (Director Identification Number: 10647083) as an Independent Director of the Company
Against Aditya Birla Sun Life Mutual Fund
- Aditya Birla Sun Life Mutual FundAzeezuddin Mohammad, 62, is Principal Consultant at CSC e-Governance Services India Limited (CSC) since his retirement from the Life Insurance Corporation of India (LIC). CSC is a special purpose vehicle set up by the Ministry of Electronics & IT to oversee implementation of the CSC (Common Service Centres) scheme. He is responsible for developing CSCs in the North-Eastern states to promote social, financial, and digital inclusivity. Prior to his retirement, he worked with LIC for over 37 years in marketing, customer relations, claim management, legal affairs, finance, and international operations.While his appointment is in line with statutory requirements, we are unable to support the resolution as the company has in the past failed to resolve/ address the concerns raised by its shareholders – the board failed to call for an EGM proposed by shareholders in two instances – previously proposed by Yes Bank (whose stake is now transferred to J C Flowers ARC) and subsequently proposed by a set of minority shareholders, who held aggregate 10.15% equity in the company (this was later resubmitted by investors holding 12.7% equity after rejection of the previous requisition). In both the instances, the EGM requisition included the appointment of new directors and removal of several directors. The company must appoint Independent Directors on the board after engaging with its public investors to instill confidence. We do not support the resolution.
3 for1 against
Mutual fund votes, meeting of 30 Aug 2024, 4 fund houses
1 proposal
- Issuance of securities upto an aggregate amount of Rs. 1000 crore
Against Aditya Birla Sun Life Mutual Fund
- Aditya Birla Sun Life Mutual FundThe board approved a fund raise of Rs. 10.0 bn on 24 July 2024 through issue of equity or debt securities. If the company decides to raise funds by way of equity, the capital infusion will lead to a dilution of ~27.2% on the expanded capital base, which is high. The company had negligible debt on 31 March 2024 and its networth stood at Rs. 27.6 bn (negative). Given the accumulated losses, we recognize the need to secure funds for the company’s DTH and OTT operations. The board also approved incorporation of a new subsidiary for creating a digital distribution platform. However, we raise concern that the company’s board is not compliant with the regulations – the company has one Executive Director (approved by shareholders in June 2024) and two Independent Directors (yet to be ratified by shareholders). Several board appointments have been rejected by shareholders in the last two years - the company has in the past failed to resolve/ address the concerns raised by its shareholders. The board failed to call for an EGM proposed by shareholders in two instances for appointment of new directors and removal of existing directors. To instill confidence, the company must first reconstitute the board after engaging with investors. It must seek approval for a detailed fund-raising plan after consultation with investors. Further, given the company’s losses, we do not expect the company to raise debt; the company should seek separate shareholder approval for debt and equity resolutions.
3 for1 against
Mutual fund votes, meeting of 14 Jun 2024, 3 fund houses
4 proposals
- Appointment of Mr. Manoj Dobhal (DIN:10536036) as a Director of the Company3 for0 against
- Appointment of Mr. Manoj Dobhal (DIN:10536036) As Whole Time Director of the Company3 for0 against
- Appointment of Mr. Mukesh Chand (DIN:10592445) as an Independent Director of the Company
Against Aditya Birla Sun Life Mutual Fund
- Aditya Birla Sun Life Mutual FundMukesh Chand, 61, is a practicing Chartered Accountant. He has 37 years of experience in Finance and taxation. He has experience in representing cases related to Income Tax, GST, FEMA, PMLA, Company Law matters, Merger & Acquisition before regulatory authorities and the Judiciary. The company should have disclosed granular details about his past work experience for shareholders to make an informed decision. Further, we are unable to support the resolution as the company has in the past failed to resolve/ address the concerns raised by its shareholders – the board failed to call for an EGM proposed by shareholders in two instances – previously proposed by Yes Bank (whose stake is now transferred to J C Flowers ARC) and subsequently proposed by set of minority shareholders, who held 10.15% equity in the company (in aggregate). In both the instances, the EGM requisition included the appointment of new directors and removal of several directors. To instill confidence, the company must appoint Independent Directors on the board after engaging with its public investors.
2 for1 against - Appointment of Mr. Manish Khandelwal (DIN:09725068) as an Independent Director of the Company
Against Aditya Birla Sun Life Mutual Fund
- Aditya Birla Sun Life Mutual FundManish Khandelwal, 43, has over 19 years of experience in education sector. He has over 19 years of experience in the education sector. He was associated with Physics Wallah from November 2022 to April 2024. In the past, he has been associated with Modi School, FIITJEE, Brilliant Tutorials, Narayana Institute and Career Point. He holds a B. Tech in Civil Engineering from Indian Institute of Technology (IIT), Kharagpur. While his appointment is in line with statutory requirements, we are unable to support the resolution as the company has in the past failed to resolve/ address the concerns raised by its shareholders – the board failed to call for an EGM proposed by shareholders in two instances – previously proposed by Yes Bank (whose stake is now transferred to J C Flowers ARC) and subsequently proposed by set of minority shareholders, who held 10.15% equity in the company (in aggregate). In both the instances, the EGM requisition included the appointment of new directors and removal of several directors. To instill confidence, the company must appoint new independent directors on the board after engaging with its public investors.
2 for1 against
Mutual fund votes, meeting of 21 Mar 2024, 3 fund houses
4 proposals
- APPOINTMENT OF MR. SUNIL KHANNA (DIRECTOR IDENTIFICATION NUMBER: 02496813) AS AN INDEPENDENT DIRECTOR OF THE COMPANY
Against Aditya Birla Sun Life Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Aditya Birla Sun Life Mutual FundSunil Khanna, 60, is founder of Songdew Media Pvt Ltd. (Songdew), which provides a platform to artists for collaborating, creating, publishing, promoting and distributing their music. He served as CEO of Dish TV from 2004 to 2006. Songdew’s website indicates that Dish TV had collaborated with Songdew to launch a singing contest in 2020. While his appointment is in line with statutory requirements, we are unable to support the resolution as the company has in the past failed to resolve/ address the concerns raised by its shareholders – the board failed to call for an EGM proposed by shareholders in two instances – previously proposed by Yes Bank (whose stake is now transferred to J C Flowers ARC) and subsequently proposed by set of minority shareholders, who held 10.15% equity in the company (in aggregate). In both the instances, the EGM requisition included appointment of new directors and removal of several directors. The company must appoint Independent Directors after engaging with its public investors to instill confidence. We note that at the 2023 December EGM, shareholders rejected the (re)appointment of all the directors of Dish TV - Sunil Khanna was therefore appointed on the board from 22 December 2023 without approval from the Ministry of Information and Broadcasting (MIB), which is permitted under the MIB regulations.
- Groww Mutual Fund, Motilal Oswal Mutual FundAppointment is complaint with law. Governance concern: Past employment in the Company.
0 for3 against - APPOINTMENT OF MR. RAVI BHUSHAN PURI (DIRECTOR IDENTIFICATION NUMBER: 06686381) AS A DIRECTOR OF THE COMPANY3 for0 against
- APPOINTMENT OF MR. RAVI BHUSHAN PURI (DIRECTOR IDENTIFICATION NUMBER: 06686381) AS WHOLE TIME DIRECTOR OF THE COMPANY3 for0 against
- Appointment of Mrs. Sonal Bankim Parekh (Director Identification Number: 10460277) as an Independent Director of the Company3 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines and tax disputes
Reported in the filing for the quarter to Sep 2026.
- Fine or penaltyBSE LimitedSince 25 Aug 2026
SOP fine Imposed of Rs. 4,55,000 for non-compliance of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Non-compliance of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Fine or penaltyNational Stock Exchange of India LimitedSince 25 Aug 2026
SOP fine Imposed of Rs. 4,55,000 for non-compliance of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Non-compliance of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Tax disputeIncome Tax DepartmentSince 10 Aug 2021Pending before CIT (Appeals)
- Tax disputeDepartment of Trade & Taxes, DelhiSince 24 May 2018Pending before Objection Hearing Authority
- Tax disputeDepartment of Trade & Taxes, DelhiSince 10 May 2018Pending before Hon'ble Delhi High Court
- Tax disputeDepartment of CustomsSince 20 Dec 2019Pending before Hon'ble Delhi High Court
- Tax disputeDepartment of CustomsSince 9 Mar 2022Pending before Hon'ble Supreme Court of India
- Tax disputeDepartment of CustomsSince 18 Mar 2026The Customs Department has filed appeal before the Supreme Court of India against CESTAT Order dated 24.09.2025.At the filing before: Pending before Hon'ble Supreme Court of India
1 more
- Tax disputeDepartment of Entertainment Tax, Uttar PradeshSince 17 Mar 2016Pending before Hon'ble High Court of Uttar Pradesh at Lucknow
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- No
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- Yes
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.