Dish TV cancels issue of shares to Indivision India Partners

Dish TV India Ltd has informed about the cancellation and withdrawal of the Company's proposal for issue of the following securities in one or more tranches on a Preferential basis to M/s. Indivision India Partners,

- 12,500,000 Equity Shares of Re 1 each for cash at a price of Rs 100/-per share; and

- 9,615,385 equity warrants which would entitle to seek and convert these warrants in to equity shares of Re 1 each for cash at a price of Rs 130/- per share

The Company had obtained all requisite approvals for the said issue, including regulatory approvals:

- Board of Directors on December 05, 2007,

- Shareholders by means of Special Resolution on January 04, 2008

- Ministry of Information and Broadcasting, Government of India (MIB) vide dated January 02, 2008

- Foreign Investment Promotion Board (FIPB) vide dated January 31, 2008

Further the Company has informed that, even though the time limit of 15 days specified under Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 applicable for Preferential Issues Guidelines has expired on February 21, 2008, the Company has not been able to complete the process of allotment of these securities within the specified time limit in the absence of any remittance from the Investor towards subscription to these securities. Under the circumstances, the proposal for issue of the securities on a Preferential Basis to the Investor stands withdrawn and cancelled.