Dish TV Resolves SEBI Listing Norms Breach with Rs 11.72 Lakh Settlement

dia Ltd has settled regulatory proceedings with the Securities and Exchange Board of India (SEBI) by paying Rs 11.72 lakh, closing a case involving alleged violations of listing obligations related to the continuation of Jawahar Lal Goel as a non-executive director. The settlement, finalized without admission or denial of guilt, stems from SEBI’s observation that Dish TV failed to secure prior shareholder approval for Goel’s role as non-executive director between June 25 and September 19, 2022. This followed shareholders’ rejection of his reappointment as managing director, breaching Regulation 7(1C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. SEBI had initiated action with a show-cause notice on January 17, 2025, under Section 15HB of the SEBI Act, seeking reasons why penalties should not be imposed for the non-compliance. Opting for an amicable resolution, Dish TV filed a settlement application during the ongoing proceedings. An Internal Committee assessed and recommended a settlement amount of Rs 11.72 lakh, which was endorsed by SEBI’s High-Powered Advisory Committee and approved by the Panel of Whole-Time Members. In the final order, adjudicating officer Sudeep Mishra stated, “The amount proposed by the Applicant was consistent with the amount communicated by the IC, therefore, the case was recommended for settlement.”