Leading bourses BSE and National Stock Exchange have imposed penalties on DTH operator Dish TV over composition and lack of quorum for its Board meeting, according to a regulatory filing by the company.
The company which is facing a prolonged tussle between the Subhash Chandra-led promoter family and its earlier largest shareholder Yes Bank Ltd (YBL), said the fines amount to Rs 2.75 lakh.
The company has received the notices, imposing fines on August 21, 2023, said Dish TV in a regulatory filing on Tuesday adding “it will be making the payment of the fines and shall also be submitting waiver applications with the Stock Exchanges”.
“The fines have been imposed on the Company for non-compliance of Regulation 17(1) and 17 (2A) of Listing Regulations, pertaining to the composition of the Board and quorum of Board meeting, for the quarter ended June 30, 2023,” it said.
The non-compliance in respect to the reduction in the board strength was primarily on account of non-approval of shareholders for the appointment of directors, which was beyond the control of the board or the company, the Direct-to-Home operator added.
The National Stock Exchange has imposed a total fine of Rs 1.5 lakh, while BSE has imposed a fine of Rs 1.25 lakh for violation of Regulation 17(1) and Regulation 17(2A).