Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dish-tv-india-ltd" target="_blank" data-smartkarma-citation="entities:7710:1" rel="noopener">Dish TV India (DITV IN)</a> has been under the limelight for quite a while. ever since the legal tussle with shareholders.</li>
<li>The last six months have seen several events happening at the corporate governance level; the trials of churn in board and the required shareholders approvals has troubled the company.</li>
<li>Even though there have been monumental changes in the board such as resignation of Mr.Goel, the battle with the shareholders is still far from the finale.</li>
</ul>



Dish TV India (DITV IN) has been under the limelight for quite a while. ever since the legal tussle with shareholders.
The last six months have seen several events happening at the corporate governance level; the trials of churn in board and the required shareholders approvals has troubled the company.
Even though there have been monumental changes in the board such as resignation of Mr.Goel, the battle with the shareholders is still far from the finale.


<ul>
<li>The legal tussle between promoters of <a href="https://www.smartkarma.com/entities/dish-tv-india-ltd" target="_blank" data-smartkarma-citation="entities:7710:1" rel="noopener">Dish TV India (DITV IN)</a> and <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> has again entered into the limelight.</li>
<li>The promoters of Dish TV, after repeatedly attempting to block Yes Bank from voting, have been left in the dark by the Bombay High Court's verdict. </li>
<li>However, Mr. Goel still continues to sit on the board which irked several investors. This indicates that the story is not over and there are still some grey areas.</li>
</ul>


The legal tussle between promoters of Dish TV India (DITV IN) and Yes Bank (YES IN) has again entered into the limelight.
The promoters of Dish TV, after repeatedly attempting to block Yes Bank from voting, have been left in the dark by the Bombay High Court's verdict. 
However, Mr. Goel still continues to sit on the board which irked several investors. This indicates that the story is not over and there are still some grey areas.


Dish TV: Promoters Left in the Dark, or Is There Something Else?

<ul>
<li>Spat between <a href="https://www.smartkarma.com/entities/dish-tv-india-ltd" target="_blank" data-smartkarma-citation="entities:7710:1" rel="noopener">Dish TV India (DITV IN)</a> promoters and one of the largest shareholder <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> is getting interesting day by day.    </li>
<li>Promoter of the company had multiple times tried to block Yes bank from voting in company's annual general meeting that was held on December 30, 2021.</li>
<li>Bombay high court decision on ownership of stake by Yes bank will be crucial.</li>
</ul>


Spat between Dish TV India (DITV IN) promoters and one of the largest shareholder Yes Bank (YES IN) is getting interesting day by day.    
Promoter of the company had multiple times tried to block Yes bank from voting in company's annual general meeting that was held on December 30, 2021.
Bombay high court decision on ownership of stake by Yes bank will be crucial.


Dish TV: Promoters Repetitive Attempts to Block Yes Bank

Forensic Accounting

In past two years, Indian market has witnessed many fights between promoters and shareholders, of which one of the most famous is Essel group companies. We have already highlighted issues with <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> in our insight <a href="https://www.smartkarma.com/insights/zee-sony-merger-a-cloudy-sky" target="_blank" data-smartkarma-citation="insights:58128" rel="noopener">ZEE-Sony Merger: A Cloudy Sky?</a>. Another erstwhile Essel group company <a href="https://www.smartkarma.com/entities/dish-tv-india-ltd" target="_blank" data-smartkarma-citation="entities:7710:1" rel="noopener">Dish Tv India (DITV IN)</a> in which one of the shareholder i.e. <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> who owns ~24.8% stake is taking management head-on for creating mess in the financial statement and sought conducting extra-ordinary general meeting (EGM) for the removal of chairman &amp; managing director Mr. Jawahar Lal Goel, relative of promoter Mr. Subash Chandra. However, later on October 13, 2021 board of Dish TV has denied request of Yes bank for conducting EGM and called the action of Yes bank as violation of various acts.In this insight we are providing analysis of Dish TV F21 annual report and highlighting the issues in the financial statements.

In past two years, Indian market has witnessed many fights between promoters and shareholders, of which one of the most famous is Essel group companies. We have already highlighted issues with Zee Entertainment Enterprises (Z IN) in our insight ZEE-Sony Merger: A Cloudy Sky?. Another erstwhile Essel group company Dish Tv India (DITV IN) in which one of the shareholder i.e. Yes Bank (YES IN) who owns ~24.8% stake is taking management head-on for creating mess in the financial statement and sought conducting extra-ordinary general meeting (EGM) for the removal of chairman &amp; managing director Mr. Jawahar Lal Goel, relative of promoter Mr. Subash Chandra. However, later on October 13, 2021 board of Dish TV has denied request of Yes bank for conducting EGM and called the action of Yes bank as violation of various acts.In this insight we are providing analysis of Dish TV F21 annual report and highlighting the issues in the financial statements.

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Shareholder activism is on the rise in India. Institutional shareholders are making their vote count. Proxy advisor firms are also playing a role in guiding institutions to leverage their voting rights prudently. Over the past few months, we saw several instances of activism, mostly through adverse voting and complaining on public forums like earnings call. In a couple of cases, large shareholders (&gt;10% ownership) have also used their rights under Companies Act to call an extraordinary general meeting (EGM) to push for change of board and management.
In our detailed insight below, we discuss many such instances that transpired over the past few months. We also discuss our key takeaways for the Indian markets from this uprising activism.

Shareholder activism is on the rise in India. Institutional shareholders are making their vote count. Proxy advisor firms are also playing a role in guiding institutions to leverage their voting rights prudently. Over the past few months, we saw several instances of activism, mostly through adverse voting and complaining on public forums like earnings call. In a couple of cases, large shareholders (&gt;10% ownership) have also used their rights under Companies Act to call an extraordinary general meeting (EGM) to push for change of board and management.
In our detailed insight below, we discuss many such instances that transpired over the past few months. We also discuss our key takeaways for the Indian markets from this uprising activism.

The Rise of Shareholder Activism in India

India

Dish TV India Ltd. offers direct broadcast satellite subscription television service in India.

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Dish TV India (DITV IN)

Dish TV: Finale Still Awaits

Even though there have been monumental changes in the board such as resignation of Mr.Goel, the battle with the shareholders is still far from the...

Nitin Mangal

Dish TV: Promoters Left in the Dark, or Is There Something Else?

Yes Bank's voting in EGM has helped rest of the shareholders to dethrone Mr. Goel from the MD post. However, there are still some grey areas to be...

Nitin Mangal

Dish TV: Promoters Repetitive Attempts to Block Yes Bank

Dish TV promoter failed four times to get restraining order against Yes bank for casting its vote in AGM and Bombay high court will be crucial for...

Nitin Mangal

Dish TV: What Lies Underneath

In this insight we are providing analysis of F21 annual report and highlighting the issues in the financial statements of Dish TV, erstwhile Essel...

Nitin Mangal

The Rise of Shareholder Activism in India

Shareholder activism is on the rise in India with several recent instances where investors have raised concerns through voting rights and EGMs as...

Ankit Agrawal, CFA

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