On Tuesday, shares of Dish TV dropped as much as 10 per cent, a day after shareholders of the broadcast satellite service provider rejected audited statements for the last two fiscals, appointments of a new auditor and an independent director.

Reportedly, the shareholders rejected the appointments of Rakesh Mohan as an independent director and SN Dhawan & Co LLP, Chartered Accountants, as the company’s auditor. Also, Dish TV adjourned its annual general meeting, as the board’s strength had come down to two directors, below the minimum required strength of three.

Yes Bank, holding about a 25 per cent stake in Dish TV, has been pushing for a board reconstitution, citing corporate governance issues. Yes Bank had voted against some of the proposals. Now, the ball is in Yes Bank’s court. It needs to take it up to the next stage of appointing new directors and providing direction to the company.

So far, shares of Dish TV are down 7.9 per cent this year as of last close and had recovered nearly 42 per cent in September after Jawahar Lal Goel’s decision to quit the board.

Founded in 2003, Dish TV is an Indian satellite television provider based in Noida. It was launched by the Zee Group on 2 October 2003. Apart from Yes Bank, its other stakeholders are Deutsche Bank, Essel Group, Housing Development Finance Corporation, IndusInd Bank Ltd, L&T Finance etc.