Dish TV: SAT disposes of Dish TV’s plea against Sebi over disclosure of AGM results

The Securities Appellate Tribunal (SAT) on Wednesday disposed of Dish TV’s plea towards a regulatory order that required the corporate to reveal the outcomes of balloting at its December annual normal assembly.

Earlier on Tuesday, complying with an order of the Securities and Alternate Board of India (Sebi), Dish TV had disclosed the outcomes of the AGM. In that assembly, all three gadgets, together with the reappointment of a director, had did not get the required variety of votes in favour.

In its March 7 order, Sebi had requested Dish TV to reveal the outcomes of the AGM inside 24 hours.

Whereas the DTH firm had moved the SAT, it did not get any reduction throughout the brief deadline.

The matter grew to become infructuous, because the reduction sought was concerning the non-disclosure of the outcomes.

After listening to the matter on Wednesday, a SAR bench headed by justice Tarun Agarwala directed Dish TV to file a reply by March 20. Sebi will then cross applicable orders within the matter. Showing for Dish TV, senior counsel Pradeep Sancheti submitted that Dish TV had adhered to Sebi’s directive because it was “compelled to take action”.

He additionally argued that the rationale for the corporate to not disclose the outcomes was according to the Firms Act and highlighted that the matter on possession of the pledged shares is being determined by the Bombay Excessive Courtroom. Earlier, Sebi had issued notices to Dish TV’s administrators asking why the AGM’s end result was not disclosed, regardless of the regulator’s repeated warnings.