1. We have audited the accompanying standalone financial
statements of Zee Entertainment Enterprises Limited
('the Company’), which comprise the Standalone Balance
Sheet as at 31 March 2026, the Standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in Equity for the
year then ended, and notes to the standalone financial
statements, including material accounting policy
information and other explanatory information.
2. I n our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 ('the Act’) in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
('Ind AS’) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015 and other accounting principles generally
accepted in India, of the state of affairs of the Company
as at 31 March 2026, and its profit (including other
comprehensive income), its cash flows and the changes
in equity for the year ended on that date.
BASIS FOR OPINION
3. We conducted our audit in accordance with the
Standards on Auditing specified under section 143(10)
of the Act. Our responsibilities under those standards
are further described in the Auditor’s Responsibilities
for the Audit of the Standalone Financial Statements
section of our report. We are independent of the
Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India ('ICAI’)
together with the ethical requirements that are relevant
to our audit of the standalone financial statements
under the provisions of the Act and the rules thereunder,
and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code
of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion.
KEY AUDIT MATTERS
4. Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the standalone financial statements of
the current period. These matters were addressed
in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters.
5. We have determined the matters described below to be
the key audit matters to be communicated in our report.
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Key Audit Matters
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How our audit addressed the Key Audit Matters
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(i) Ongoing regulatory investigations by SEBI and MCA
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Our audit in relation to ongoing regulatory inspections
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(Refer note 56 of the standalone financial statements)
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included, but was not limited to, the following procedures:
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The Company, certain subsidiaries, a current key managerial
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• Obtained an understanding of management process
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personnel ('KMP’) and ex-directors are involved in an
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and controls for evaluating the impact of any regulatory
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ongoing investigation being conducted by the Securities
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proceedings and investigations initiated or ongoing against
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and Exchange Board of India ('SEBI’), and an inspection
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the Company;
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being conducted by the Ministry of Corporate Affairs
('MCA’) under Section 206(5) of the Act, with respect to
certain transactions in earlier years with the vendors of the
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• Evaluated the design and tested the operating effectiveness
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of key internal financial controls around above process;
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Company and one of the subsidiary companies.
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• Performed inquiries with the management to understand
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key developments during the year with respect to ongoing
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In connection with the ongoing investigation, the Company
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regulatory inspections, including any new allegations raised
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has received summons and show cause notices (SCNs) from
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by authorities;
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SEBI alleging irregularities in relation to certain transactions
entered into by the Company in earlier years with respect
to alleged lien on property of the Company, violations of
SEBI regulations in connection with investments made
in inter-corporate deposits, film advances, related party
transactions and disclosure/control issues for earlier
periods.
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• Obtained and reviewed the various correspondence
between the Company with SEBI and MCA to corroborate
above understanding such as SCNs, orders, letters,
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summons and follow up requests received from SEBI and
MCA, and corresponding replies/submissions from the
Company, its subsidiary and KMPs;
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Key Audit Matters
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How our audit addressed the Key Audit Matters
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The Board of Directors ('Board’) of the Company had
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• Reviewed underlying documents such as agreements,
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constituted an "Independent Investigation Committee"
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MOUs, purchase orders, cancellation letters (where
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(Committee) (IIC) to review the allegations against the
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applicable), invoices, bank statements, Board approvals
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Company, which concluded the investigation, and the
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and other required approvals, for transactions highlighted
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report was placed before the Board of Directors, noting
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in the SCNs and summons received by the Company/
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no material irregularities and that the transactions (under
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subsidiaries, to validate management’s response to the
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investigation) were conducted in normal course of
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allegations raised during inspection process;
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business.
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• Verified conclusion of the erstwhile statutory auditors and
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The Board and the management , based on review of
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internal auditors including Advisory report submitted by
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records of the Company and its subsidiary, determined
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SEBI based on examination carried out in earlier years on
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the transactions (including refunds) were against
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the same transactions in earlier years;
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consideration for valid goods and services received.
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• Evaluated the reports submitted by the IIC and
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The Board continues to monitor the progress of aforesaid
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other experts engaged by management, noting their
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matters. The Company has furnished/is in the process
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observations and conclusions, with respect to allegations
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of submitting its reply based on legal advice denying
allegations and has also filed settlement applications,
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raised during inspection process;
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which are under consideration by SEBI.
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• Reviewed and evaluated the legal opinion obtained by the
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management on the ongoing regulatory actions against
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Based on legal assessment, the management does not
expect any material adverse impact on the operations
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the Company; and
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and standalone financial statements of the Company with
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• Evaluated the adequacy of disclosures in the standalone
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respect to the aforesaid matters.
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financial statements.
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Considering the significance of amounts involved for
underlying transactions being subject to investigation,
uncertainty associated with the ultimate outcome of these
investigations and significance of management judgement
involved in assessing the outcome of these investigations
and determining the required disclosure, this matter has
been considered as a key audit matter in the audit of the
standalone financial statements.
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Further, we have also determined this matter to be
fundamental to the user’s understanding of the standalone
financial statements.
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(ii) Litigation with JioStar India Private Limited ('JioStar')
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Our audit in relation to JioStar litigation matter included, but
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for the ICC Contract
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was not limited to, the following procedures:
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(Refer note 37 of the standalone financial statements)
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• Obtained an understanding of the management’s process
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1 n March 2024, JioStar initiated an arbitration against the
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followed by the Company for identification of legal
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Company before London Court of International Arbitration
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matters initiated against the Company, assessment and
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('LCIA'/'Arbitral Tribunal’) in relation to the Alliance
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determination of the amount of provisions and disclosure
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Agreement for broadcasting rights of the International
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as contingent liabilities required under Ind AS 37;
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Cricket Council’s ('ICC’) men’s global events for a period
of four years in respect of which JioStar had claimed
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• Evaluated the design and implementation, and tested
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damages of USD 1,097 million, along with costs, expenses
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operating effectiveness of key internal financial controls
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and applicable interest until full payment, from the
Company.
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around aforesaid process;
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• Obtained an understanding of the Alliance agreement
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The Company had filed Statement of Defence, a
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along with the conditions mentioned therein and
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counterclaim of USD 8.06 million along with interest
thereon before the Arbitral Tribunal.
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management’s compliance with those conditions;
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Key Audit Matters
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How our audit addressed the Key Audit Matters
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During the current year, the Company has filed additional
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• Obtained and reviewed the correspondence between the
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pleadings while maintaining each of the defences as
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Company and JioStar along with the notices/letters from
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submitted earlier, against which JioStar has also filed its
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legal counsels of both the parties and all legal documents
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responses.
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filed by both parties as part of the ongoing arbitration;
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The management, based on a legal opinion and its internal
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• Performed inquiries with the management to understand
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assessment, has determined that the Company is not in
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key developments during the year and obtaining orders of
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default of the Alliance Agreement and believes that the
claims made by JioStar are unfounded and legally not
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Arbitral Tribunal received during the current year.
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tenable. The Company has strong and valid grounds to
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• Reviewed and evaluated the external legal opinion
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defend any claims in respect of above matter.
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obtained by management and legal note prepared
by management’s in-house legal counsel, supporting
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Considering the significance of amount involved,
uncertainty associated with the ultimate outcome of the
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management’s assessment on the matter;
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arbitration proceedings and significance of management
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• Corroborated conclusions of management’s external
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judgement involved in assessing the outcome of these
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legal counsel with an independent opinion received from
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proceedings and determining the required disclosure, this
matter has been considered as a key audit matter in the
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auditor’s legal expert in the previous year; and
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audit of the standalone financial statements.
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• Evaluated the adequacy of disclosures given in the
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standalone financial statements.
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Further, we have also determined this matter to be
fundamental to the user’s understanding of the standalone
financial statements.
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(iii) Provisions and contingent liabilities relating to
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Our audit procedures included, but were not limited to, the
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litigations, other claims and settlements
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following procedures:
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(Refer note 35, 37, 38, 44D(ii)(A), 44D(ii)(C), 56 and 57 of
the standalone financial statements)
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• Assessed the appropriateness of the Company’s
accounting policies relating to provisions and contingent
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As at 31 March 2026, in addition to the SEBI and ICC
matters as covered above, the Company is also involved
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liabilities, in accordance with the applicable accounting
standards;
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in various litigations, arbitrations and claims with/against
various authorities, banks, related parties, vendors and
erstwhile related parties of the Company that are pending
with various statutory authorities.
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• Obtained an understanding of the management’s process
followed by the Company for identification, of legal and tax
matters initiated against the Company, assessment and
determination of the amount of provisions and disclosure
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Most of these litigations involve complex underlying legal
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as contingent liabilities under Ind AS 37;
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issues. The management, assisted by their external legal
counsels, assesses the need for, and the quantum of, any
provisions or disclosure as contingent liabilities, that may
be required to be made in the financial statements, on a
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• Evaluated the design and implementation, and tested
operating effectiveness of key internal financial controls
around aforesaid process;
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case-to-case basis considering the underlying facts and
legal jurisprudence related to each litigation.
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• Obtained understanding of the developments during
the year in each existing litigation, and understanding of
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As at 31 March 2026, the amounts involved are significant.
The provisions and contingent liabilities are subject to
changes in the outcomes of litigations and claims and the
positions taken by the Company.
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the new litigations initiated against the Company during
the year by inquiry with the management, inspection of
related documents such as notices, orders, etc.
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Key Audit Matters
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How our audit addressed the Key Audit Matters
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Considering the materiality of amount involved, significant
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• Assessed management’s conclusions through discussions
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judgements and inherent high estimation uncertainties
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held with the Company’s in-house legal counsel, obtaining
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involved in establishing whether a liability/provision
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understanding of precedents in similar cases, obtaining
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should be recognised or disclosed as a contingent liability
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and evaluating independent confirmations from the
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in the standalone financial statements basis accounting
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legal and tax consultants representing the Company
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principles as given under Ind AS 37, 'Provisions, Contingent
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before various authorities including examination of
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Liabilities and Contingent Assets’ ('Ind AS 37’), the matter
is considered to be a key audit matter in the current year.
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correspondences connected with the cases;
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• Obtained settlement agreements/assignment agreement/
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litigation orders/show cause notices/other relevant
documents in respect of certain matters and assessed
the management conclusion on accounting implications,
if any, based on such agreements/ orders;
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• I nvolved auditor’s experts, wherever necessary, to assess
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the appropriateness of Company’s interpretation/
positions basis application of relevant laws and technical
merits and for confirming the likelihood of the outcome
of the said litigations and potential impact on financial
statements;
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• Recomputed the management’s determination of
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provisions and contingent liabilities basis aforesaid legal
assessment in accordance with the requirements of Ind
AS 37; and
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• Evaluated the adequacy of disclosures given in the
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standalone financial statements, including disclosure of
exceptional items, litigation matters, contingent liabilities
and provision for liabilities in accordance with applicable
accounting standards .
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(iv) Recoverability of content advances and media content
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Our audit included, but was not limited to the following
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inventory valuation
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procedures:
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(Refer note: 2M, 3I, 11, 12, 24 and 59 of Standalone financial
statements)
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Content advances
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The Company held inventories aggregating ' 57,248 million
as at 31 March 2026 comprising of raw tapes, media
content (i.e. programmes, film rights, music rights) and
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• Obtained an understanding of management’s process for
authorisation of content advances and its recoverability
assessment;
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under production-media contents.
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• Evaluated the design, implementation and tested the
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Further, the Company also pays advances for acquiring
content from production houses out of which ' 2,267
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operating effectiveness of key controls that the Company
has in relation to aforesaid process;
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million are outstanding as at 31 March 2026 (net of
provision of ' 339 million).
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• Obtained supporting documents for the sample of
movie advances paid during the year which includes the
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These advances are paid on the basis of Memorandum
of Understanding (MOU) and/or agreements entered into
with the respective production houses.
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MOU/agreement executed between the Company and
production houses;
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Key Audit Matters
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How our audit addressed the Key Audit Matters
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The cost incurred on purchase of inventories is consumed
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• Obtained supporting documents for refund/adjustment/
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based on consumption pattern on estimated future
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assignment of advances for other content on sample
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revenue potential as estimated by the management. The
factors that the Company considers in determining the
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basis;
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consumption charge has been derived basis historical
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• Obtained direct confirmation from the production houses
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trends and management’s expectation of revenue earning
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confirming the outstanding balances as at the year-end
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potential of such media content.
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including identification of the films against which the
advances were given and the manner of utilisation of the
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During the year, the Company has recorded an
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advances by such production houses, where considered
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consumption expense of ' 38,027 million (including
impact of ' 743 million for net realisable value),
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necessary in our professional judgement; and
• Evaluated management’s assessment of stage of
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At each reporting period end, management assesses
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completion of projects for which the advances were given,
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the recoverability of (i) content advances which involves
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and related judgement in determining the adequacy of
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significant judgment on part of management with regard
to status of completion of the project for which advances
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provision for doubtful advances.
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are given, and (ii) inventory which involves determining
whether there is any objective evidence indicating that
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Inventory valuation
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the net realisable value of any item of inventory is below
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• Obtained an understanding of process followed for
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its carrying value. If so, such inventories are written
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identifying consumption pattern of inventory and
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down to their net realisable value in accordance with the
requirements of Ind AS 2, Inventories ('Ind AS 2’).
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estimating its net realisable value;
• Evaluated the nature, source and reliability of all the
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Considering the inherent nature of the industry,
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information used by the management for arriving at the
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particularly on the changing viewing patterns of the
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estimates for consumption pattern and provision for net
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content and quality of content as identified by end-
users, determination of appropriate consumption charge
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realisable value of inventories;
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and provision for net realisable value involves significant
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• Discussed with respective business heads in the
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judgement and estimates by the management and
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Company on expectations for performance of content to
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accordingly, the recoverability of content advances and
inventory valuation has been considered as key audit
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corroborate the forecasts;
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matter for the current period audit.
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• Evaluated the appropriateness of related accounting
policies adopted by the Company in accordance with the
requirements of Ind AS 2;
• Assessed the projected sale estimates made by the
management in respect of balance inventory of aforesaid
specific media content that is expected to be sold in the
near future, for its appropriateness basis past trends and
market conditions;
• Obtained understanding of management’s assessment
of the parties/ entities and association with whom such
contracts has been entered;
• Tested mathematical accuracy in respect of amortisation
and provision for doubtful advances and provision for net
realisable value recorded in the books;
• Evaluated appropriateness of disclosures made in the
standalone financial statements
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INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR'S REPORT
THEREON
6. The Company’s Board of Directors are responsible for
the other information. The other information comprises
the information included in the Annual Report, but does
not include the standalone financial statements and our
auditor’s report thereon. The Annual Report is expected
to be made available to us after the date of this auditor’s
report.
Our opinion on the standalone financial statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the
other information is materially inconsistent with the
standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be
materially misstated.
When we read the Annual Report, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance.
RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR THE
STANDALONE FINANCIAL STATEMENTS
7. The accompanying standalone financial statements have
been approved by the Company’s Board of Directors.
The Company’s Board of Directors are responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these
standalone financial statements that give a true and
fair view of the financial position, financial performance
including other comprehensive income, changes in
equity and cash flows of the Company in accordance
with the Ind AS specified under section 133 of the Act
and other accounting principles generally accepted in
India. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.
8. In preparing the standalone financial statements, the
Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.
9. The Board of Directors is also responsible for overseeing
the Company’s financial reporting process.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENTS
10. Our objectives are to obtain reasonable assurance
about whether the standalone financial statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Standards on
Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these standalone financial statements.
11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of the
Act we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
override of internal control;
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act we are also responsible
for expressing our opinion on whether the
Company has adequate internal financial controls
with reference to financial statements in place and
the operating effectiveness of such controls;
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management;
• Conclude on the appropriateness of Board of
Directors’ use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Company’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
cause the Company to cease to continue as a
going concern; and
• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
12. We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
13. We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
to communicate with them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, related
safeguards.
14. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
15. As required by section 197(16) of the Act, based on our
audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read
with Schedule V to the Act.
16. As required by the Companies (Auditor’s Report) Order,
2020 ('the Order’) issued by the Central Government
of India in terms of section 143(11) of the Act we give in
the Annexure I, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
17. Further to our comments in Annexure I, as required by
section 143(3) of the Act based on our audit, we report,
to the extent applicable, that:
a) We have sought and obtained all the information
and explanations which to the best of our knowledge
and belief were necessary for the purpose of our
audit of the accompanying standalone financial
statements;
b) Except for the matters stated in paragraph 17(i)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended), in our opinion, proper books of account
as required by law have been kept by the Company
so far as it appears from our examination of those
books;
c) The standalone financial statements dealt with
by this report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;
e) The matters described in paragraph 5(i) and 5(ii)
under the Key Audit Matter (also Emphasis of
Matter), in our opinion, may have an adverse effect
on the functioning of the Company;
f) On the basis of the written representations
received from the directors and taken on record
by the Board of Directors, none of the directors
is disqualified as on 31 March 2026 from being
appointed as a director in terms of section 164(2)
of the Act;
g) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 17(b) above on reporting
under section 143(3)(b) of the Act and paragraph
17(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended);
h) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March 2026
and the operating effectiveness of such controls,
refer to our separate report in Annexure II wherein
we have expressed an unmodified opinion; and
i) With respect to the other matters to be included
in the Auditor’s Report in accordance with rule 11
of the Companies (Audit and Auditors) Rules, 2014
(as amended), in our opinion and to the best of
our information and according to the explanations
given to us:
i. the Company, as detailed in note 35, 37,
38, 44D(ii)(A), 44D(ii)(C), 56 and 57 to
the standalone financial statements, has
disclosed the impact of pending litigations on
its financial position as at 31 March 2026.
ii. the Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2026.;
iii. there has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company during the year ended 31 March
2026;
iv. a. The management has represented
that, to the best of its knowledge and
belief, as disclosed in note 48(a) to the
standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
securities premium or any other sources
or kind of funds) by the Company to or
in any person(s) or entity(ies), including
foreign entities ('the intermediaries’),
with the understanding, whether
recorded in writing or otherwise, that the
intermediary shall, whether, directly or
indirectly lend or invest in other persons
or entities identified in any manner
whatsoever by or on behalf of the
Company ('the Ultimate Beneficiaries’)
or provide any guarantee, security or the
like on behalf the Ultimate Beneficiaries;
b. The management has represented that,
to the best of its knowledge and belief, as
disclosed in note 48(b) to the standalone
financial statements, no funds have been
received by the Company from any
person(s) or entity(ies), including foreign
entities ('the Funding Parties’), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
('Ultimate Beneficiaries’) or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and
c. Based on such audit procedures
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.
v. The final dividend paid by the Company during
the year ended 31 March 2026 in respect of
such dividend declared for the previous year
is in accordance with section 123 of the Act to
the extent it applies to payment of dividend.
As stated in note 45 to the accompanying
standalone financial statements, the Board
of Directors of the Company have proposed
final dividend for the year ended 31 March
2026 which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with section 123 of the Act to the
extent it applies to declaration of dividend.
vi. As stated in Note 58 to the standalone financial
statements and based on our examination
which included test checks, except for the
instance mentioned below, the Company, in
respect of financial year commencing on 1
April 2025, has used accounting software for
maintenance of revenue, digital subscription,
payroll and other accounting records,
which have a feature of recording audit trail.
(edit log) facility and the same have been
operated throughout the year for all relevant
transactions recorded in the software.
Further, during the course of our audit, we
did not come across any instance of audit
trail feature being tampered with, where such
feature was enabled. Furthermore, other than
the exception given below, the audit trail has
been preserved by the Company as per the
statutory requirements for record retention
from the date audit trail was enabled:
(a) The audit trail logs available are retained
only for seven days for the said software
used for digital subscription records at
the database level.
(b) The accounting software used for
maintenance of books of accounts of
the Company is operated by a third-
party software service provider. In the
absence of any information on existence
of audit trail (edit logs) for any direct
changes made and preservations of
the audit trail logs at the database
level in the 'Independent Service
Auditor’s Assurance Report on the
Description of Controls, their Design
and Operating Effectiveness’ ('Type 2
report’ issued in accordance with ISAE
3402, Assurance Reports on Controls at
a Service Organisation), we are unable to
comment on whether audit trail feature
with respect to the database of the said
software was enabled and operated
throughout the year.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm’s Registration No.: 001076N/N500013
Ashish Gupta
Partner
Place: Mumbai Membership No.: 504662
Date: 19 May 2026 UDIN: 26504662JFFZRC2296
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