 "Former I&B joint secretary Rakesh Mohan joins Dish TV India board")
Rakesh Mohan, former joint secretary in the ministry of information and broadcasting, was appointed non-executive independent director of Dish TV India on Friday.
Mohan’s appointment was cleared by the ministry of information and broadcasting and the board’s nomination and remuneration committee.
The company is witnessing a battle of management control between the bank and the company’s founder — the Goel family.
As of now, YES Bank owns 24.7 per cent stake in Dish TV while the former promoters own 5.9 per cent stake. Mohan’s appointment is subject to approval of the company’s shareholders.
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YES Bank has been in a battle with the Goels of the Essel group since last year after the direct-to-home broadcaster decided to raise Rs 1,000 crore via a rights issue.
The bank had raised an objection to the proposal, saying the rights issue would dilute its stake.
It then sought removal of five directors, who were close to the Goels, from the board.
Of these, Jawahar Goel and Ashok Kurien have been denied new terms as managing director (MD) and director, respectively on two separate occasions.
Goel’s rejection happened during the extraordinary general meeting (EGM) last month. Kurien’s nomination was rejected in the company’s annual general meeting (AGM) held in December last year.
The Goels moved the Bombay High Court seeking relief but the court ruled in favour of the bank.
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