Dish TV on Tuesday proposed to appoint Manoj Dobhal as the new CEO of the company as incumbent Anil Dua has decided to quit the direct-to-home company.
Dobhal is the current Chief Operating Officer (COO) of the company.
Dish TV is embroiled in a tussle between its largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawahar Lal Goel over board representation in the company.
The company is unable to pass its annual statements from the last two years and get approval from shareholders over the appointment of directors, leaving certain positions vacant.
Leading stock exchanges BSE and NSE have fined ₹10,000 each to the direct-to-home operator Dish TV over non-compliance over the composition of the board, Dish TV said in a regulatory filing.
"BSE Ltd and NSE Ltd had issued communications dated May 22, 2023, to the Company, pertaining to ‘Non-compliance with the requirements pertaining to the composition of the Board’ for the quarter ended March 31, 2023, under which the Stock Exchanges imposed a fine of ₹10,000/- (each exchange) (excluding GST) on the Company," said Dish TV.
Dish TV board
Dish TV has currently six people on its board including its outgoing CEO Anil Dua, as per the data available on stock exchanges.
"After a successful 6-year stint, Anil Dua, CEO, Dish TV India Limited, today put forward his request to move on, to the Board of Directors of the company," said a statement from Dish TV.
In accordance with the Uplinking Guidelines, Dish TV has sought prior approval from the Ministry of Information and Broadcasting (MIB) over the said changes.
Dua would be at the helm for three more months to ensure a smooth transition for Dobhal who would be the CEO-Designate till the requisite regulatory approval from MIB, for his appointment as CEO is received.
Last week, a group of minority shareholders of Dish TV sent a notice to call an Extraordinary General meeting (EGM) of the company, raising concerns over corporate governance issues, seeking reconstitution of the board and removal of two independent directors questioning their independence.