Probe diversion of Dish TV funds, say small investors

'Disappointed at directors' failure to ensure strong corporate governance at Dish TV'

- Gopika

A group of minority investors of Dish TV India Ltd has demanded a probe into alleged diversion of funds by Zee Entertainment Enterprises Ltd (ZEE) from a unit of the country’s third-largest satellite TV provider, which was part of the series of transactions that led to Subhash Chandra and Punit Goenka being barred from holding any board positions at any listed company by the market regulator.

In a letter dated 11 July, Dish TV’s minority investors, which together own 10.15%, have reiterated their demand for a special shareholder meeting even as the investors expressed their disappointment at the performance of the two directors in ensuring strong corporate governance standards in the company.

“We would also like to draw your immediate attention to a recent ruling by Sebi against your sister company, Zee TV," Rajeev Sangoi, who calls himself a coordinator for the minority investors of Dish TV, wrote in the letter addressed to Shankar Agarwal and Rashmi Agarwal, the two independent directors.