Here, we report the intriguing movements of an extended liquid meniscus on a silicon substrate under the influence of sinusoidal alternating current (AC) voltages at different operating frequencies. As opposed to droplet electrowetting, wherein the droplet spreads and experiences oscillations at the free surface, the application of AC voltage to a thin liquid film results in distinct and uniform dewetting, in conjunction with augmented wetting. Image analyzing interferometry is used for the precise measurement of the film thickness profile and other associated parameters. We postulate that the classic Young-Lippmann equation fails to explain the dynamics of an extended meniscus and evince that the dynamics of film displacement could be successfully explained by considering the product of the applied electric field and its gradient, as opposed to the existing consideration of a square dependence on the applied voltage. The physics of the hitherto unreported phenomena is elucidated by developing a mathematical model, taking into consideration all of the germane forces governing the dynamics of the thin liquid film. We affirm that the present study would serve as a fundamental background for a fascinating mode of liquid actuation, with inherent application potential in several existing and novel microfluidic systems.