The Securities Appellate Tribunal (SAT) on Wednesday asked Dish TV to file its reply against the SEBI’s order asking the company to disclose the results of the voting held at the last AGM.

A Bench led by Justice Tarun Agarwala said: “We direct the appellant to file their reply by March 20, the whole-time member of SEBI to then pass appropriate orders in the matter, accordingly the matter has been disposed off”.

While Dish TV has released the results of its annual general meeting on Tuesday wherein it was disclosed that the shareholders had voted against all of the propositions, including the re-appointment of director Ashok Kurien, it had approached SAT seeking a stay on certain observations made by SEBI  

SEBI, on March 7, had ordered Dish to disclose its voting results within 24 hours.

Pradeep Sancheti, counsel representing Dish TV, argued that the company had adhered to SEBI’s directive of complying with the order within 24 hours but the company was “compelled to do so”. He informed the tribunal that the company was not disclosing the results since the proposals put forth were not to be made according to the Companies Act. 

Dish, in its appeal to SAT, is seeking a stay on the remarks made by SEBI against the promoters and directors, which it said  will impact other matters pending before various forums like high court and NCLT.

SAT, however, rejected the appeal stating that it found no reason to stay the remarks. 

SAT also rejected Dish’s appeal to stay penalties worth ₹11,000 and ₹10,000 imposed by the Bombay Stock Exchange (BSE) and the National Stock Exchange on the company for not disclosing the AGM outcomes on time.\

Dish TV had not disclosed its AGM results, held on December 30 for more than two months, citing that the meeting results could not be disclosed as the matter was subjudice. The Bombay High Court on the other hand, advised the company to release its AGM results, on February 17.

According to market watchers, the shareholder’s rejection of board proposals at the AGM represents their ire against promoter Jawahar Goel. This would not bode well for the promoters if Yes Bank is able to clear its request for an extraordinary general meeting from the courts, that will allow shareholders to vote on Yes Bank’s proposal to replace Dish’s six board of directors, including Goel.