Sebi  asks Dish TV to make Dec AGM results public: What legal experts say

Market regulator has pulled up for non-disclosure of voting results of its annual general meeting (AGM) held on December 30, 2021.

In a letter to the company, the regulator said: “In spite of there being no prohibitory I restraint order from the court, the company has failed to disclose the voting results of the AGM held on December 30, 2021, thereby failing to comply with the provisions of regulation 44(3) of the SESI LODR.

“As this action by the company ultimately affects the shareholders and the investors due to lack of information in the public domain, the Company is once again called upon to disclose the voting results of the AGM held on December 30, 2021, immediately as the disclosure has already been delayed by 37 days. The non-compliance with Regulation 44(3) of the LODR by the Company has been viewed seriously by and it is informed that the continuing non-compliance shall result in initiation of appropriate enforcement action against the Company.”

In a stock exchange filing, said, “The very issue of declaration of results of the AGM conducted is in fact sub-judice before the High Court, which has taken cognizance of the matter, and will be hearing the arguments of the parties shortly, and issue its decision.”

While both Sebi and have opposing views over disclosure of AGM results, here is what legal experts have to say:

Nirav Shah, Partner, DSK Legal

While we have not had a chance to see the pleadings in the matter, as per the order dated December 23, 2021, the High Court has only stated that “the result/outcome of the AGM to be held on 30th December, 2021, will be subject to the outcome of the above Interim Application”. There is no stay on the declaration of the results. Therefore, I think there is merit in what Sebi is saying in its letter.

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Manmeet Singh, Partner, Saraf and Partners

Calling of AGM and disclosure of results thereof is an obligation under law, and in the absence of an injunction the company cannot take shelter of pendency of proceedings to not disclose the results of the AGM held on December 30. It’s not just the interest of Yes Bank, which may be the subject matter of proceedings but also the interest of all other minority shareholders who are vitally interested in the outcome of the AGM, which Sebi is required to protect.

Sonam Chandwani, Managing Partner, KS Legal & Associates

This has brought to the fore compliance problems. The obligations of a listed entity rate are specified by Sebi. Every listed entity is required to stringently abide by all the provisions of the applicable laws. This needs specified disclosures to be made and to abide by the obligations in the interest of all stakeholders. Thus, in totality, the fiasco sees the non-compliance of Dish TV that is emphatically failing to comply with the provisions of regulation 44(3) of the SEBI LODR. However, it will be interesting to observe how the issue plays out and what occurs next.

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