Dish TV Share Price Target Forecast 2022, 2023, 2025, 2030

DECEMBER 1, 2021

Explainer: The saga of Yes Bank and Dish TV and what happened between them

On November 30, the boardroom struggle between satellite TV service provider Dish TV and its largest shareholder, YES Bank, which owns 25.63 percent of the company, took another turn when the Supreme Court delayed police-initiated criminal proceedings against the lender’s managers. To put it another way

Last Monday, the Gautam Buddh Nagar Crime Branch of the Uttar Pradesh Police Department filed a notice freezing Yes Bank’s voting rights in Subhash Chandra’s Essel Group-owned Dish TV. This happened ahead of Dish TV’s annual general meeting, which had been scheduled on November 30 but had been rescheduled to an as-yet-unannounced new date.

Why did the UP Police suspend Yes Bank’s voting rights in Dish TV?

In September of last year, Subhash Chandra filed a case with the Gautam Buddh Nagar police station, stating that former YES Bank MD and CEO Rana Kapoor threatened to cancel loans to Essel Group unless he agreed to the merger. Videocon d2h with Dish TV

On November 5, the Gautam Buddh Nagar Crime Branch issued a notice preventing YES BANK from exercising any rights and/or any rights in more than 445.3 million shares of Dish TV until the investigation is completed or additional orders are made.

What exactly are Chandra’s charges against Rana Kapoor?

According to a report in Mint, Chandra said in his lawsuit that he demanded the merger of Dish TV and Videocon d2h Kapoor after the former YES Bank chairman threatened to rescind a Rs 3,300 crore loan to Essel Group.

The Essel Group also obtained a $50 million (Rs 375 crore) loan, according to Chandra, for which YES Bank received a letter of comfort from Puneet Goenka, MD and CEO of Zee Entertainment, in 2016. Yes Bank had guaranteed Chandra that the letter would not be accepted. The bank will try to discharge the loan in 10 years if Chandra agrees to the Dish TV-Videocon d2h merger.

Chandra apologised to Dish TV’s Managing Director Jawahar Goyal, who is also his younger brother, in an open letter dated January 25, 2019. “My advise to my brother Jawahar Goyal to buy d2h from Videocon was another key blunder that cost both myself and Jawahar,” Chandra said in the letter.

What did the Supreme Court say and what does it signify in its decision?

On November 30, a bench of Justices DY Chandrachud, AS Bopanna, and Vikram Nath heard the Dish TV-YES Bank case and chastised the UP Police for blocking YES Bank’s voting rights, citing the need to receive the findings of civil procedures. It would be necessary to employ the criminal justice system. Be cautious.

The Supreme Court’s judgement was crucial for YES Bank since it would prevent the lender from voting at its annual general meeting on November 30.

After the Allahabad High Court denied Yes Bank’s request to dismiss Chandra’s complaint, the bank appealed to the Supreme Court.

Private lenders were concerned about the Allahabad court judgement, claiming that the police freezing of voting rights would create a precedent that would prohibit them from exercising their rights as lenders.

If Chandra claims that Essel Group was pushed to take loans, any corporate organisations in financial trouble may accuse banks, a retired State Bank of India official told Mint in an interview.

The Dish TV-YES Bank case, according to experts, would not only have determined the destiny of both firms, but it would also have impacted situations in which banks are fighting defaulters for ownership over collateralized shares.

What was the significance of the Dish TV Annual General Meeting?

YES BANK has requested that the Dish TV board be restructured, claiming that the directors were not following proper corporate governance practises.

On September 6, YES BANK filed a notice for the removal and appointment of directors on the board of Dish TV. The company’s plans for director removal and appointment were to be presented to its shareholders at the AGM, which had already been set. The 27th of September.

Dish TV, on the other hand, requested extra time to hold the AGM and it was postponed by two months. The AGM will be place on November 30, the business said in an exchange filing on November 7.

What changes does YES BANK like to see on the Dish TV board of directors?

Rashmi Agarwal, Bhagwan Das Narang, Shankar Agarwal, and Ashok Mathai Kurien, as well as MD and Director Goyal, have been fired by YES BANK.

The lender wanted to appoint new independent directors Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjpe, Narayan Vasudev Prabhutendulkar, and Arvind Nachaya Mapangada.

What is the importance of the YES BANK-Dish TV TV battle?
Dish TV and YES Bank are in a similar situation to Zee Entertainment, another Essel Group company. In both situations, large shareholders have demanded that the board of directors be replaced. Invesco and OFI Global, two of Zee Entertainment’s major shareholders, have proposed board changes.

“I feel that a good degree of responsible shareholder activism is helpful for both management and controlling shareholders, preserving minority shareholders’ interests, and I believe this is healthy for the Indian corporate governance environment,” Krishnakumar Natarajan said. “I believe so.” In a previous interview with CNBC-TV18, a co-founder of IT firm Mindtree discussed the two corporate disputes.

Moneycontrol.com is the source for this information.


23 NOVEMBER 2021

On December 22, the NCLT will hear the Dish TV-Yes Bank case.

The Dish TV – YES BANK case has been adjourned by the National Company Law Tribunal (NCLT) until December 22. The top shareholders of YES BANK and Dish TV were given two weeks to file their responses by a court presided over by Justice Suchitra Kanuparthi.

Dish TV may file a rebuttal, if any, within a week, according to Judge Kanuparthi. He stated, “List the subject for further hearing on December 22.” The NCLT was asked to direct YES BANK, which owns a 25.63 percent stake in Dish TV, to call an Extraordinary General Meeting (EGM) of the board of directors of Dish TV.

The matter was heard on October 27 by the NCLT, Mumbai Bench, in response to an application filed by YES BANK. During the hearing, Dish TV’s lawyer, Navroj Servai, cited to a Bombay High Court ruling in the Zee Entertainment-Invesco case, stating that the order highlighted that the NCLT has no authority to consider such a petition in such instances. has no legal authority.

YES BANK, on the other hand, requested NCLT’s help in either calling Dish TV for an EGM or providing shareholder information to YES BANK so they may call the meeting themselves. Dish TV and its major shareholder, YES BANK, have been at odds since February, when Dish TV approved a Rs 1,000 crore rights offering.

Dish TV issued a press release on May 28 announcing its decision to proceed with the Rs 1,000 crore rights offering, notwithstanding Yes Bank’s request that the business not proceed without addressing key shareholders. On September 3, YES BANK filed an objection to the decision and urged that the board be reconstituted. “The board does not operate in line with acceptable corporate governance norms, and the current important shareholders of the firm are not appropriately represented by the numerous banks and financial institutions owning around 45 percent of the company’s stock,” it added.

On the 23rd of September, YES BANK submitted a letter to Dish TV requesting changes to the board of directors in order to call an EGM. Dish TV, on the other hand, stated in a stock market statement on October 13 that the EGM could not be called.

Moneycontrol.com is the source for this information.


24 OCTOBER 2021

Official: Dish TV’s Rs 1,000 crore rights offer is vital for the company’s existence.

The Rs 1,000-crore rights sale by Dish TV is vital to the DTH business’s future, as it need funding to modernise technology and replace outdated set-top boxes with new-age smart connected devices, otherwise its subscriber base would decline, according to a top company executive.

Dish TV has updated and turned all of its old STBs into smart boxes delivering different services in response to the rapid growth of new distribution platforms such as OTT and the increased penetration of free DTH platforms from state broadcaster Doordarshan. Money is required, according to the official, who requested anonymity.

The official described it as a “reality,” adding that competitors such as Tatasky and Airtel have already jumped ahead of the game by offering Android-powered new-age STBs that allow customers to watch live TV as well as OTT content (when connected to the internet). Viewing is possible. Without having to switch between several HDMI ports, you may use only one device.

“A greater subsidy is needed to replace all of the current devices,” stated a top Dish TV executive. Otherwise, our platform will begin to contract. We must also invest on brand development. The rights offer is being opposed by YES Bank Limited, which has a 25.63 percent interest in Dish TV.

YES Bank had previously stated in a notice that the Rs 1,000 crore rights issuance is only for the purpose of diluting the bank’s ownership, which is the company’s largest stakeholder. According to the source, Dish TV has already seen customer churn in the previous 1.5 years as a result of large bank loan repayments in the last 15 months as a result of decreased capital investment on customer acquisition and lower capital expenditure.

According to the official, fundraising is in the best interests of the firm, its owners, lenders, and other stakeholders, including its workers, since if it fails, the company’s ability would be harmed owing to a decrease in client base. Dish TV’s board of directors rejected YES BANK’s proposal for an Extraordinary General Meeting (EGM) to rebuild the board of the direct-to-home player on technical grounds on October 13, citing the necessity for prior consent.

YES Bank Ltd demanded the dismissal of its Managing Director Jawahar Goyal, as well as four other directors Rashmi Agarwal, Bhagwan Das Narang, Shankar Agarwal, and Ashok Kurien, in a demand notice dated September 21, 2021. YES BANK has also submitted the names of seven persons to be nominated to the company’s board of directors: two non-executive directors and five independent directors.

YES Bank has already notified Dish TV of its intention to reconstitute the board of directors at the company’s annual general meeting (AGM) on September 27, 2021. Dish TV executives commented on the names proposed by YES BANK, saying that running a DTH business requires skill and knowledge, and that the people recommended by YES BANK to be nominated to the board of Dish TV are famous people from various backgrounds who do not have prior experience running a business.

This would destabilise our firm, according to the executive, who also stated that YES BANK will be unable to manage such a complex sector. The executives were particularly taken aback by YES Bank’s position, as it had been one of the company’s most ardent advocates during the lenders’ conference. Dish TV, which had a debt of over Rs 3,300 crore two years ago, has settled the majority of the loan, leaving around Rs 525 crore to be reimbursed, largely to two lenders – RBL Bank and Axis Bank.

“We have never missed a payment to a bank.” In the previous two and a half years, we have paid roughly Rs 2,650 crore to the banks.” He also stated that Yes Bank’s ability to do DTH business is limited by the current Banking Regulation Act 1949, according to the source. According to media sources, Yes Bank may file a complaint with the National Company Law Tribunal, contesting the board of Dish TV’s rejection of its notice to convene the EGM.

Dish TV’s board of directors authorised a Rs 1,000 crore rights issue of equity shares on June 21 at a price of Rs 10 per fully paid-up equity share (including premium of Rs 9 per fully paid-up equity). shares) were distributed to the company’s qualifying equity stockholders. Dish TV recorded a revenue of Rs 1,603.96 crore and a loss of Rs 677.75 crore for the fiscal year ending March 31, 2021. It has a total of 16 million active subscribers.

Moneycontrol.com is the source for this information.


14 SEPTEMBER 2021

Dish TV’s stock remains stuck in the upper echelon; it jumped 69 percent in September on the back of a strong economy. Yes, the bank has issued a notice to rejig the board.

Following a notice issued by YES BANK, a shareholder in the company, to reshuffle the board, Dish TV India’s shares were locked in the upper circuit on September 14, giving huge returns to investors in the month of September. betwixt. On the BSE, the stock closed 10% higher at Rs 21.31 at 12:30 IST, bringing the total profit for September to 69 percent. With a market value of Rs 3,923.71 crore and a combined volume of 1.61 crore equity shares, it traded on the BSE and NSE.

According to data from bulk trades, Hindustan Times purchased 2 crore equity shares of Dish TV India (or 1.15 percent of fully paid-up equity shares) on the NSE on September 13 at a price of Rs 19.22 per equity share. runs. Earlier this month, the business received notification from shareholder YES BANK that five directors, including Dish TV founder-promoter and director Ashok Mathai Kurien, would be removed. YES BANK is a shareholder in Dish TV, owning 47,19,13,990 equity shares, or 25.63 percent of the company’s paid-up equity share capital.

The bank requested that the business consider removing Rashmi Agarwal, Bhagwan Das Narang, Shankar Agarwal, Jawahar Lal Goyal, and Ashok Mathai Kurien as directors and pass them at the 33rd Annual General Meeting, according to a special notice issued on September 4. The company’s next event is slated on September 27, 2021. Dish TV currently has Jawahar Lal Goyal as its Managing Director and Chairman.

“The company received a special notice from YES BANK to pass: I a special resolution for the removal of Rashmi Agarwal (Independent Director) and Bhagwan Das Narang (Independent Director) from the Board of Directors of the company; and (ii) a simple resolution for the removal of Shankar Agarwal (Independent Director of Directors), Jawahar Lal Goel, and Ashok Kurian (Non-Executive Non-In

Ashok Kurian resigned from Zee Entertainment Enterprises as a non-executive non-independent director with immediate effect on September 13th. Shares of Zee Entertainment Enterprises soared 32.68 percent to Rs 247.85 on the BSE at the time of publishing of this piece after shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC, which own 17.88 percent of Zee, demanded Manish’s departure. The firm’s directors are Chokhani and Ashok Kurian.

“The Dish TV board is not working in line with acceptable corporate governance norms and does not have a fair representation regarding the current important shareholders of the firm in various banks and financial institutions,” YES BANK said in explaining why the directors should be removed. Is. He owns around 45 percent of the corporation. The board is purportedly acting at the request of a small group of minority shareholders who own only 6% of the company’s stock.”

The Bank further alleged that the Board has entirely ignored the Bank’s pleas for the Board to be reconfigured by adding Nominee Directors, and that the Board has acted in haste and made arbitrary decisions in order to move the rights issue process along.

YES BANK has suggested seven individuals for appointment to the board of directors of Dish TV in the same notice. “…to appoint Akash Suri as a Non-Executive Non-Independent Director, Sanjay Nambiar as a Non-Executive Non-Independent Director, Vijay Bhatt as an Independent Director, Haripriya Padmanabhan as an Independent Director, Girish Paranjpe as an Independent Director, Narayan Vasudev Offer Prabhutendulkar as an independent director, and Arvind Nachaya as an independent director.”

Moneycontrol.com is the source for this information.


18 MAY 2021

Dish TV lenders sell 5.11 crore shares on the open market after invoking pledged shares.

Dish TV announced on Tuesday that lenders have redeemed 5.11 crore pledged promoter shares, bringing the promoter group firm Direct Media Distribution Ventures Pvt Ltd’s stake down to 2.78 percent.

“5,11,97,105 shares have been summoned by the trustee on behalf of the lenders to whom the shares of Dish are pledged,” Dish TV India stated in a regulatory filing. Between December 30, 2020, and May 12, 2021, these shares were sold in four tranches on the open market.

According to regulatory filings, 2.49 crore shares were sold on May 12, 2021, 92.81 lakh shares on December 30, 2020, 92.64 lakh shares on January 7, 2021, 76.60 lakh shares on January 8, 2021, and 92.81 lakh shares on December 30, 2020. Direct Media Distribution Ventures Pvt Ltd now owns 2.09 percent of Dish TV, down from 4.87 percent before the acquisition.

Moneycontrol.com is the source for this information.


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