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Tag: AGM

  • Reliance AGM: Mukesh Ambani unveils JioHotstar’s new AI-led features

    Reliance AGM: Mukesh Ambani unveils JioHotstar’s new AI-led features

    MUMBAI: Reliance Industries chairman Mukesh Ambani  declared at the firm’s annual general meeting held today that JioStar has reshaped India’s media landscape within months of launch. The media and entertainment arm now boasts over 3.2 lakh hours of programming—six times more than its nearest rivals—with 30,000 hours added annually.

    The JioHotstar app has surged to 600m users in just three months, including 75m connected TVs. With 300m paying subscribers, Ambani claimed it has become the world’s second-largest streaming platform, achieved entirely in India. Reliance also commands a 34 per cent share of India’s TV market, equal to the next three networks combined.

    To cement its lead, Ambani unveiled a trio of AI-driven features. Riya, a voice-enabled assistant, promises effortless content discovery across shows, films and sports. Voice Print uses AI voice cloning and lip-sync to let stars “speak” in viewers’ own languages without losing authenticity. And JioLenZ offers multiple, personalised viewing options at the click of a button.

    “We have created an experience that combines the best of content, software and AI,” said Ambani. “JioStar will continue to expand across platforms and geographies as we serve a billion screens.”

  • Singhania as chairman & Kataria as MD get nod from Raymond Lifestyle shareholders

    Singhania as chairman & Kataria as MD get nod from Raymond Lifestyle shareholders

    MUMBAI: In the evening hours of 4 December Raymond Lifestyle – part of the Raymond group– informed the Bombay stock exchange that it had received the required majority from shareholders for the company’s  special resolutions placed before  them at its AGM. 

    Amongst the most important was the appointment of Gautam Hari Singhania as executive chairman. In the  SEBI regulatory filing by the company, it was revealed that 86.85 percent of the 4,17,57,480 votes cast were in favor of the resolution for Singhania’s appointment, while 13.15 percent were against it. Special resolutions, according  to corporate rules,  require 75 per cent or more favourable shareholder votes for them to be deemed to have been approved.

    The shareholders also approved the appointment of CEO Sunil Kataria as its managing director (MD). In Kataria’s case, 89.6631 per cent shareholders were in favor of his new appointment, while 10.3369 were against. 

    Another six special resolutions relating to the appointment of independent directors also sailed through, garnering the required majority from shareholders.
     
    Media reports had expressed concern when some investor groups had lobbied Raymond Lifestyle shareholders to vote against the special resolutions. 

    Raymond Lifestyle had been listed on the stock exchanges on 5 September after demerging and being carved out from Raymond, with Singhania continuing to lead both the entities.

    Later commenting on the development, a Raymond Lifestyle spokesperson said  its shareholders have demonstrated full confidence and voted for Gautam Hari Singhania as chairman and Sunil Kataria as the managing director. 

    “This development has reinforced the fact that the promoter is fully committed towards the organisation’s growth and creating shareholder value,” he  said.

  • Indian Broadcasting & Digital Foundation holds 24 AGM in Delhi

    Indian Broadcasting & Digital Foundation holds 24 AGM in Delhi

    Mumbai: 24 Annual General Meeting (AGM) of the Indian Broadcasting & Digital Foundation (IBDF) was held in Delhi on 31 Oct 2023.

    The following directors were re-elected to the board during the AGM:

    1.  K. Madhavan

    2.  Punit Misra

    3.   I. Venkat

    4.  Rajat Sharma

    The other directors on the Board of Directors of IBDF are:

    1. Rahul Joshi

    2. Aroon Purie

    3. N. P. Singh

    4. Nitin Nadkarni

    5. Punit Goenka

    6. R. Mahesh Kumar

    7. Gaurav Banerjee

    The Office Bearers of the Foundation are:

    1.  K. Madhavan, President-IBDF

    2.  Rajat Sharma, Vice President, IBDF (News & Current Affairs)

    3.  Rahul Joshi, Vice President, IBDF (Govt. & Regulatory Affairs)

    4.  Punit Misra, Treasurer, IBDF

    In the IBDF Board of Directors meeting that followed the AGM, John Brittas and Kevin Vaz were Co-opted to the Board.

    IBDF also hosted a lunch in honour of Shri Anurag Singh Thakur, Hon’ble Minister for Information & Broadcasting.  Shri Apurva Chandra, Secretary, Ministry of Information & Broadcasting and Shri Vikram Sahay, Joint Secretary (P&A), Ministry of Information & Broadcasting also joined the IBDF members on the said occasion.

    Addressing the members during the AGM, IBDF president, K. Madhavan said, “despite the ongoing geo-political issues like Russia’s invasion of Ukraine and the crisis in the Middle East due to the Israel-Hamas war and accompanying economic volatility, the Indian economy in general and the Media & Entertainment industry, in particular, have shown extreme resilience”.  

    He added that “India has firmly embarked on a digital transformation journey with 868 mn broadband users in India, and within a year of launch, 5G services have been rolled out across 97 per cent of Indian cities resulting in internet speeds going up by three times. Connected TV continues to grow with 90 per cent of TV sets sold in India being smart TVs. 2023 will be a defining year for the Indian M&E industry with digital ad revenue expected to surpass ad revenue on traditional media”.

    Madhavan also spoke about the Linear TV penetration in the country and said “With 900 channels,  Linear television continues to enjoy an unparalleled reach of 900 million viewers and is the largest media platform in India. Unlike in other developed markets, there is significant growth potential for Linear TV as one-third of households in India do not have access to television. It will require the collective might of the IBDF members to connect the left out 100mn households to our fold.”

     

  • Reliance 46th AGM 2023: Latest updates & announcements

    Reliance 46th AGM 2023: Latest updates & announcements

    Mumbai: Reliance Industries Ltd. today in its 46th annual general meeting on 28 August 2023, just like in the previous AGMs, investors are anticipating significant revelations during this yearly event. This occasion holds added significance as it marks RIL’s inaugural AGM subsequent to the listing of Jio Financial Services (JFSL) shares on various stock exchanges.

    In latest updates from the AGM, Reliance Foundation chairperson Nita Ambani said, ”I represent the beating heart of Reliance, our beacon of empowerment and transformation – the Reliance Foundation. For us, business and philanthropy complement and reinforce each other as both are guided by same spirit of We Care.”

    “From Culture to Climate, Education and Sports to Women’s Empowerment, Healthcare to Livelihoods, Rural Transformation to Disaster Mgmt, we work in 54,000+ villages. We have so far touched lives of ~70 mn Indians,” she added.

    Speaking on accelerating to achieve net carbon zero by 2035, Mukesh Ambani said,” We have embarked transitioning O2C business into a sustainable and green business.” He added, “the key pillars of this transition are – One, we are accelerating our journey to achieve Net Zero by 2035 through renewables and bioenergy”.

    On collaborating with RIL at the AGM, business giant Bill Gates said, “I am delighted Reliance is collaborating with Gates Foundation and my climate organisation, Breakthrough Energy, on some of world’s toughest challenges – climate change, helping unlock economic power for women and improving health outcomes for poor”.

    Talking about Reliance’s cardinal principles, Mukesh Ambani said, “In pursuit of these dreams, RIL has scrupulously adhered to certain cardinal principles of value creation. These have ensured that your company becomes more valuable, year after year, decade after decade”

    The five cardinal principles are:

    1st, Growth driven by perpetual demand

    2nd, driven by superior customer experience and value

    3rd, Growth driven by the power of disruptive innovation

    4th, Growth driven by business discipline

    5th, Growth driven by global market potential

    Here are some more key highlights from the AGM:

    . Over the past decade, Reliance Industries Ltd has made a total investment of $150 billion, marking the largest investment by any Indian company during this period. During the annual general meeting, Ambani mentioned that Reliance has consistently led the way in shaping the landscape of India’s evolving economy.

    . Providing a status report to stakeholders about the latest developments in its new energy division, Mukesh Ambani, the chairman of Reliance Industries, announced during the company’s 46th annual general meeting (AGM) that their immediate focus is on establishing a battery giga factory by the year 2026.

    . Ambani has unveiled an intriguing update – the launch of the Jio Bharat economical smartphone, available at a mere cost of Rs 999. This device is furnished with a variety of functions intended to address a diverse array of user requirements. Users have the opportunity to partake in live TV, seamlessly stream multimedia content, indulge in digital photography, and effortlessly conduct UPI transactions via JioPay.

    . Highlighting the continued attraction of international investors towards its retail enterprise, Mukesh Ambani, announced to shareholders on Monday that the valuation of Reliance Retail has surged to Rs 8.28 lakh crore at present, marking a significant increase from its 2020 valuation of Rs 4.28 lakh crore.

    . He further announced that Jio, the company’s telecommunications division, is set to deploy one million 5G cells by December 2023. This statement was made during Ambani’s speech at the 46th annual general meeting of Reliance Industries.

  • Dish TV’s Jawahar Lal Goel resigns from the board

    Dish TV’s Jawahar Lal Goel resigns from the board

    MUMBAI: Dish TV, the DTH service provider has announced that director Jawahar Lal Goel has resigned from the board of the company. “Jawahar Lal Goel, Director…. has tendered his resignation from the company’s board of directors and committee/s thereof with effect from the close of business hours of September 19, 2022,” Dish TV informed in a regulatory filing.

    He is no longer the chairman of the company. Goel will vacate his position at the upcoming company’s AGM on 26 September, 2022.

    After the announcement, the share price rose by 10 per cent and hit the upper circuit.

    In June, over 75 per cent of shareholders voted against the reappointment of Goel as board’s managing director at the company’s extraordinary general meeting. After it happened, Goel had agreed to resign as Dish TV chairman ahead of the AGM.

    Yes Bank holds around 25 per cent stake in the company. It had been pushing for a board reconstitution and wanted the promoter family led by Goel to be removed. Yes Bank had cited corporate governance issues and Goel stepped down after engaging in a legal battle for a long time with Yes Bank.

    Earlier this month, Dish TV had agreed to appoint three of the seven independent directors, which were proposed by Yes Bank.

    The Goels own a six per cent stake in the company. They lost control over the company after banks seized the promoter’s pledged shares.

  • Subhash Kamath re-elected as Asci chairman

    Subhash Kamath re-elected as Asci chairman

    Mumbai: The Advertising Standards Council of India’s (ASCI’s) board has elected Subhash Kamath as chairman for a second consecutive term, here on Thursday.

    August One Partners LLP managing director NS Rajan was re-elected as the vice-chairman of the board. The vote, which followed the 35th annual general meeting, ensures continuity for the several initiatives the advertising self-regulator had kickstarted over the past year, Asci said in a statement.

    “We have flagged off important initiatives in the digital space, such as the influencer guidelines and the monitoring of promotional content. We are becoming future-ready in this ever-changing marketing and media landscape. The second term will allow me to push further with these initiatives, which are showing immense promise. As we expand our presence, we are engaging more with consumers as well to increase awareness of their rights,” said Kamath.

    The Asci board was expanded this year with the inclusion of members such as noted academician and social activist Dr Ranjana Kumari,  educationist Dr Indu Sahani, technology entrepreneur Rajesh Patel, and finance sector expert and former editor Rajrishi Singhal – strengthening governance through partnering with external stakeholders and civil society. 

    In a statement, the industry watchdog said it will continue its digitisation efforts on the complaints management system as well as through a new website and learning tools for the industry. It will also focus on consumer, industry, and student education and thought leadership initiatives through collaborations.

    Under Kamath, Asci has launched several initiatives which included Influencer guidelines for labelling promotional content which helped consumers distinguish paid content from organic, Alliance with French digital service provider Reech for monitoring influencer content using artificial intelligence for paid marketing communication and real-money gaming advertising guidelines introduced in collaboration with the ministry of information and broadcasting made it mandatory to inform consumers of the associated risks.

    Asci also escalated more than 200 potentially misleading advertisements based on the advisory on COVID-related advertising by the ministry of Ayush, while also issuing its own COVID advisory for advertisers in October 2020. The industry body’s ‘Chup Na Baitho’ campaign, encouraging consumers to report ads with misleading claims, reached more than one million social media users, making them aware of their rights and how to file complaints, it added.

  • Dish TV Board responds to Yes Bank’s notice, says EGM cannot be called

    Dish TV Board responds to Yes Bank’s notice, says EGM cannot be called

    New Delhi: In the latest turn of events, Dish TV has turned down Yes Bank’s call for an Extraordinary General Meeting (EGM), stating that the meeting cannot be called, as it will be in violation of the extant laws.

    The decision was taken in a Board meeting of the Company held on Wednesday, wherein the members reviewed the requisition notice sent by Yes Bank on 21 September. The Bank which holds a 25.63 per cent stake in Dish TV India Ltd had demanded an EGM to be convened, to oust the current directors and managing director Jawahar Lal Goel from the Company.

    On Wednesday, the Board said that it considered the factual background, as also the legal advice and the opinions received from various legal experts.

    According to the Board, Yes Bank Ltd is a Banking Company and YBL’s shareholding in the Company is a consequence of the invocation of pledges. “Therefore, there are certain embargos under the provisions of the Banking Regulation Act, 1949 read with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, because of which the said resolutions cannot be placed before the shareholders,” the Board stated.

    It further highlighted that resolutions proposed to be placed before the shareholders of the Company as sought by YBL require certain prior steps to be undertaken by YBL under the applicable provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and also prior approval to be obtained by YBL under the Competition Act, 2002; and, require prior approval of the ministry of information and broadcasting in respect of national security clearance as well as that of Company’s Lenders.

    “Accordingly, in view of the above and considering (a) its fiduciary duties and (b) that the Board shall be in violation of extant laws if it acts upon the Notice, the Board unanimously agreed that the EGM cannot be called,” it informed the stock exchange on Wednesday.

    Yes Bank had initially sent a notice to Dish TV on 6 September calling for a resolution for the removal of Rashmi Aggarwal, Shankar Aggarwal, Bhagwan Das Narang, and Ashok Mathai Kurien as directors, along with Jawahar Lal Goel as managing director of the company under Section 169 of the Companies Act, 2013. This would also remove Goel from the post of chairperson of the Company. It also sought the appointment of a new board of directors including Akash Suri, Sanjay Nambiar, Vijay Bhatt, Haripriya Padmanabhan, Girish Paranjape, Narayan Vasudeo Prabhutendulkar, and Arvind Nachaya Mapangada. 

    The proposal was to be tabled at the annual 33rd general meeting, which was to be held on 27 September. However, Dish TV deferred the meeting citing some regulatory approvals, following which Yes Bank sent a requisition notice calling for an EGM on 21 September.

    The Bank had alleged that the current Dish TV Board was “not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the Company which holds about 45 per cent shareholding in the Company.”

  • Siddharth Roy Kapur re-elected as president of Producers Guild of India

    Siddharth Roy Kapur re-elected as president of Producers Guild of India

    Mumbai: Roy Kapur Films founder and MD Siddharth Roy Kapur has been re-elected as president of Producers Guild of India at the 67th annual general meeting (AGM) of the association held virtually on 29 September. Reliance Entertainment’s Shibasish Sarkar was named as vice president of the industry body.

    Another key development was the expansion in ranks of women producers in leadership roles. Emmay Entertainment and Motion Pictures LLP’s Madhu Bhojwani and Netflix India’s Ambika Khurana joined incumbents Apoorva Mehta, Manish Goswami and Sunjoy Waddhwa as vice presidents of the guild while Sol Productions’ Fazila Allana joined incumbent Ashim Samanta as treasurer.

    Kapur, who has been serving for six consecutive years as the president of the guild, announced that he would not be making himself available for re-election next year. With Kapur at the helm, the guild has spearheaded multiple industry initiatives to increase the market size and reach of Indian content and include advocacy of producers interests on matters like legislation, taxation and ease of doing business.

    The ongoing pandemic has thrown unprecedented challenges at the production industry. At the AGM, members were apprised of the key activities and developments during the year, including formulating rigorous SOPs for safe shooting, advocating for shooting resumption, organising vaccination camps for members and facilitating financial assistance to daily wage workers through donations by guild members.

  • IAA India president Megha Tata set for second term

    IAA India president Megha Tata set for second term

    Mumbai: The India chapter of the International Advertising Association (IAA) has unanimously re-elected Discovery Communications India-South Asia MD Megha Tata as president of the body. Tata, therefore, will be returned for the second term, announced IAA at its AGM held here on Friday.

    “It is an honour and a privilege to be leading the India chapter of IAA for the second term,” said Tata. “Along with the wonderful Mancom I hope to continue to strengthen the India chapter and help build a strong ecosystem for the common good of the industry.”

    “In spite of a challenging year, we did many successful events, and am sure the coming year will be even bigger and better,” she added.

    Eros International Media group CEO & executive director Pradeep Dwivedi was elected as vice president and the other office-bearers include Lodestar UM CEO Nandini as honorary secretary and The Free Press Journal director Abhishek Karnani as honorary treasurer.

    Zee Entertainment Enterprises Ltd MD and CEO Punit Goenka will continue to guide the new team as immediate past president, said the association in a statement.

    The members of the managing committee elected include Another Idea founder Jaideep Gandhi; The Indian Express Pvt Ltd executive director Anant Goenka; ABP Network CEO Avinash Pandey; Deshdoot Media Group managing director Janak Sarda, and GroupM CEO-South Asia Prasanth Kumar.

    The co-opted members are Havas Group India CEO Rana Barua; Dentsu Aegis Network CEO-APAC and chairman India Ashish Bhasin; Marketing Amar Ujala Publications president Rajiv Kental; Indira Television Ltd director Rani Reddy, and RK Swamy Hansa and IAA Presidents’ Council chairman and IAA Global immediate past chairman & world president Hansa Srinivasan K Swamy.

    The members invited to the managing committee will be shortly announced.

  • Dish TV seeks more time to convene AGM, defers 27 Sep meeting

    Dish TV seeks more time to convene AGM, defers 27 Sep meeting

    New Delhi: Dish TV has sought additional time to convene the next Annual General Meeting (AGM), which was initially scheduled to be held on 27 September. The company has cited some regulatory approvals, that it needs to obtain before going ahead with the meeting.

    The DTH company has informed the BSE, that its Board of Directors has approved the application for postponing the AGM scheduled on 27 September. The new date of the meeting has not been disclosed yet, however, as per rules, the meeting could happen any time before 30 December.

    Earlier this month, one of its prime shareholders YES Bank, which holds 25.63 per cent stake in Dish TV India Ltd had sent a special notice to the company, seeking the removal of the current directors and managing director. The proposal was to be tabled at the upcoming annual 33rd general meeting.

    In its communique to the stock exchange on Sunday, the company has stated that the proposed changes in the Board are subject to applicable regulatory permissions and also other approvals which the Company requires to obtain. While it has already sent the applications to the Lenders for seeking their consent for the said change in the Board of Directors of the Company under applicable covenants, the approval is still awaited.

    “Accordingly, in order to ensure compliance of all applicable laws and guidelines in respect of the Notices sent by YBL and also to ensure that the Company does not default on any of the regulatory and lender covenants, the Board of Directors of the Company have approved making requisite applications as per provisions of the Companies Act for seeking extension of time under applicable regulatory provisions for convening the AGM of the Company, so that the Company has sufficient time to evaluate, analyse and to ensure compliance of all applicable regulatory, and other approvals as required by the law and avoid any non-compliance to contractual obligations,” it wrote.

    In its special notice to Dish TV, Yes Bank had sought the removal of Rashmi Aggarwal, Shankar Aggarwal, Bhagwan Das Narang, and Ashok Mathai Kurien as directors, along with Jawahar Lal Goel as managing director of the company under Section 169 of the Companies Act, 2013. This would also remove Goel from the post of chairperson of the Company.

    The Bank had alleged that the current Dish TV Board was “not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the Company” which hold about 45 per cent shareholding in the Company.

    In its notice, Yes Bank had also proposed to reconstitute the board with – Yes Bank senior group president and general counsel Sanjay Nambiar, Yes Bank, country head, stressed asset management, Akash Suri, former KPMG executive Viiav Bhatt, litigation counsel Haripriya Padmanabhan,  Wipro’s IT business former Co-CEO Girish Paranjape, independent management consultant Narayan Vasudeo Prabhutendulkar and Arvind Nachaya.

    Dish TV had responded to the notice, stating that the proposed new directors could be appointed only after obtaining approvals from the ministry of information and broadcasting. and other requisite approvals for appointment of new directors, within the statutory timelines.