P) Provisions, contingent liabilities and contingent
assets

The Company recognises provisions when a present
obligation (legal or constructive) as a result of a
past event exists and it is probable that an outflow
of resources embodying economic benefits will be
required to settle such obligation and the amount of
such obligation can be reliably estimated.

The amount recognised as a provision is the best estimate
of the consideration required to settle the present
obligation at the end of the reporting period, taking
into account the risks and uncertainties surrounding
the obligation. When a provision is measured using the
cash flow estimated to settle the present obligation, its
carrying amount is the present value of those cash flows

(when the effect of the time value of money is material).

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
Company or a present obligation that is not recognised
because it is not probable that the outflow of resources
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where there
is a liability that cannot be recognised because it cannot
be measured reliably. The Company does not recognise
a contingent liability but discloses its existence in the
financial statements.

Contingent assets are not recognised in the financial
statements, however they are disclosed where the
inflow of economic benefits is probable. When the
realisation of income is virtually certain, then the related
asset is no longer a contingent asset and is recognised
as an asset.

A provision for onerous contracts is recognised in the
statement of profit and loss when the expected benefits
to be derived by the Company from a contract are lower
than the unavoidable cost of meeting its obligations
under the contract. The provision is measured at the
present value of the lower of the expected cost of
terminating the contract and the expected net cost
of continuing with the contract. Before a provision is
established, the Company recognises any impairment
loss on the assets associated with that contract.

Q) Revenue recognition

Ind AS 115 on 'Revenue from Contracts with Customers’

As per Ind AS 115 "Revenue from contracts with
customers" - A contract with a customer exists only
when the parties to the contract have approved
it and are committed to perform their respective
obligations, the Company can identify each party’s
rights regarding the distinct goods or services to be
transferred ("performance obligations"), the Company
can determine the transaction price for the goods or
services to be transferred, the contract has commercial
substance and it is probable that the Company will
collect the consideration to which it will be entitled
in exchange for the goods or services that will be
transferred to the customer.

Revenues are recorded for the amount of consideration
to which the Company expects to be entitled in

exchange for performance obligations upon transfer of
control to the customer and is measured at the amount
of transaction price net of returns, applicable tax and
applicable trade discounts, allowances, Goods and
Services Tax (GST) and amounts collected on behalf of
third parties.

I Broadcasting revenue - Advertisement revenue
(net of discount and volume rebates) is recognised
when the related advertisement or commercial
appears before the public i.e. on telecast.
Subscription revenue (net of share to broadcaster)
is recognised on time basis on the provision
of television/digital broadcasting service to
subscribers.

II Sale of media content - Revenue is recognised
when the significant risks and rewards have been
transferred to the customers in accordance with
the agreed terms.

III Commission of revenue - Commission of
space selling is recognised when the related
advertisement or commercial appears before the
public i.e. on telecast.

IV Revenue from theatrical distribution of films is
recognised over a period of time on the basis of
related sales reports.

V Revenue from other services is recognised as and
when such services are completed/performed.

VI Interest income is accrued on a time basis, by
reference to the principal outstanding and at the
effective interest rate (EIR) applicable.

VII Dividend income is recognised when the
Company’s right to receive dividend is established.

VIII Rent income is recognised on accrual basis as per
the agreed terms on straight line basis.

R) Retirement and other employee benefits

Employee benefits include salaries, wages, contribution
to provident fund, gratuity, post-retirement medical
benefits and other terminal benefits.

Short-term employee benefits:

Employee benefits such as salaries, wages, short-term
compensated absences, cost of bonus, ex-gratia and
performance linked rewards falling due wholly within

twelve months of rendering the service are classified
as short-term employee benefits and are expensed in
the period in which the employee renders the related
service. The obligations are presented as current
liability in the balance sheet if the entity does not have
an unconditional right to defer the settlement for atleast
12 months after reporting date.

Payments to defined contribution plans viz. Government
administered provident funds and pension schemes
are recognised as an expense when employees have
rendered service entitling them to the contributions.

For defined retirement benefit plans in the form of
gratuity , the cost of providing benefits is determined
using the projected unit credit method, with actuarial
valuations being carried out at the end of each annual
reporting period. Remeasurement, comprising actuarial
gains and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets
(excluding net interest), is reflected immediately in the
balance sheet with a charge or credit recognised in other
comprehensive income in the period in which they occur.
Remeasurement recognised in other comprehensive
income is reflected immediately in retained earnings
and is not reclassified to standalone statement of profit
and loss.. Past service cost is recognised in statement of
profit and loss in the period of a plan amendment. Net
interest is calculated by applying the discount rate at
the beginning of the period to the net defined benefit
liability or asset. Defined benefit costs are categorised
as follows:

I service cost (including current service cost,
past service cost, as well as gains and losses on
curtailments and settlements);

II net interest expense or income; and

III remeasurement

The Company presents the first two components of
defined benefit costs in standalone statement of profit
and loss in the line item 'Employee benefits expense’.
Curtailment gains and losses are accounted for as past
service costs.

The retirement benefit obligation recognised in the
balance sheet represents the actual deficit or surplus
in the Company’s defined benefit plans. Any surplus
resulting from this calculation is limited to the present
value of any economic benefits available in the form
of refunds from the plans or reductions in future
contributions to the plans.

A liability for a termination benefit is recognised at the
earlier of when the entity can no longer withdraw the
offer of the termination benefit and when the entity
recognises any related restructuring costs.

Other long-term employee benefits:

Liabilities recognised in respect of other long-term
employee benefits are measured at the present value
of the estimated future cash outflows expected to be
made by the Company in respect of services provided
by employees up to the reporting date.

S) Transactions in foreign currencies

The functional currency of the Company is Indian
Rupees (T).

I Foreign currency transactions are accounted at
the exchange rate prevailing on the date of such
transactions.

II Foreign currency monetary items are translated
using the exchange rate prevailing at the reporting
date. Exchange differences arising on settlement
of monetary items or on reporting such monetary
items at rates different from those at which
they were initially recorded during the period,
or reported in previous financial statements are
recognised as income or as expenses in the period
in which they arise.

III Non-monetary foreign currency items are
measured in terms of historical cost in the foreign
currency and are not retranslated.

T) Accounting for taxes on income

Current and deferred tax for the year:

Current and deferred tax are recognised in the statement
of profit and loss, except when they relate to items
that are recognised in other comprehensive income or
directly in equity, in which case, the current and deferred
tax are also recognised in other comprehensive income
or directly in equity respectively.

Tax expense comprises of current and deferred tax.

I Current tax:

Current tax is the amount of income taxes payable
in respect of taxable profit for a year. Current tax
for current and prior periods is recognised at the
amount expected to be paid to or recovered from
the tax authorities, using the tax rates and tax laws

that have been enacted or substantively enacted at
the balance sheet date. Management periodically
evaluates positions taken in the tax returns with
respect to situations in which applicable tax
regulations are subject to interpretation and
establishes provisions where appropriate.

Tax assets and tax liabilities are offset where the
entity has a legally enforceable right to offset and
intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.

II Deferred tax:

Deferred tax is recognised on temporary
differences between the carrying amounts of
assets and liabilities in the financial statements
and the corresponding tax bases used in the
computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable
temporary differences. Deferred tax assets are
generally recognised for all deductible temporary
differences to the extent that it is probable that
taxable profits will be available against which
those deductible temporary differences can be
utilised. Such deferred tax assets and liabilities
are not recognised if the temporary difference
arises from the initial recognition (other than in a
business combination) of assets and liabilities in a
transaction that affects neither the taxable profit
nor the accounting profit. In addition, deferred
tax liabilities are not recognised if the temporary
difference arises from the initial recognition of
goodwill.

The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured
at the tax rates that are expected to apply in the
period in which the liability is settled or the asset
realised, based on tax rates (and tax laws) that
have been enacted or substantively enacted by
the end of the reporting period.

The measurement of deferred tax liabilities and
assets reflects the tax consequences that would
follow from the manner in which the Company
expects, at the end of the reporting period, to
recover or settle the carrying amount of its assets
and liabilities.

The Company recognises deferred tax liability for
all taxable temporary differences associated with
investments in subsidiaries and joint ventures,
except to the extent that both of the following
conditions are satisfied:

• When the Company is able to control the
timing of the reversal of the temporary
difference; and

• i t is probable that the temporary difference
will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when
there is a legally enforceable right to offset current
tax assets and liabilities.

III Uncertain Tax positions

Accruals for uncertain tax positions require
management to make judgements of potential
exposures. Accruals for uncertain tax positions are
measured using either the most likely amount or
the expected value amount depending on which
method the entity expects to better predict the
resolution of the uncertainty. Tax benefits are not
recognised unless the tax positions will probably be
accepted by the tax authorities. This is based upon
Management’s interpretation of applicable laws
and regulations and the expectation of how the tax
authority will resolve the matter. Once considered
probable of not being accepted, Management
reviews each material tax benefit and reflects the
effect of the uncertainty in determining the related
taxable amounts.

U) Earnings per share

Basic earnings per share are calculated by dividing
the net profit for the year attributable to equity share
holders by the weighted average number of equity
shares outstanding during the year.

Diluted earnings per share are computed by dividing the
profit after tax as adjusted for dividend, interest and other
charges to expense or income (net of any attributable
taxes) relating to the dilutive potential equity shares
(including FCCBs), by the weighted average number of
equity shares considered for deriving basic earnings
per share and the weighted average number of equity
shares which could have been issued on conversion of
all dilutive potential equity shares.

V) Exceptional Items

An item of income or expense which by its size, type
or incidence requires disclosure in order to improve an
understanding of the performance of the Company is
treated as an exceptional item and the same is disclosed
in the profit or loss and in the notes forming part of the
standalone financial statements.

W) Impairment of non-financial assets

The carrying amounts of the Company’s non-financial
assets, other than inventories and deferred tax assets
are reviewed at each reporting date to determine
whether there is any indication of impairment. If any
indication exists, or when annual impairment testing for
an asset is required, the Company estimates the asset’s
recoverable amount. For goodwill and intangible assets
that have indefinite lives or that are not yet available for
use, an impairment test is performed each year end.

An asset’s recoverable amount is the higher of an asset’s
or Cash Generating Unit’s (CGU) fair value less costs of
disposal and its value in use. In assessing value in use,
the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
current market assessments of the time value of money
and the risks specific to the asset or the cash generating
unit. In determining fair value less costs of disposal,
recent market transactions are taken into account. If
no such transactions can be identified, an appropriate
valuation model is used. These calculations are
corroborated by valuation multiples or other available
fair value indicators. For the purpose of impairment
testing, assets are Companyed together into the
smallest Company of assets that generate cash inflows
from continuing use that are largely independent of the
cash inflows of other assets or Companys of assets (the
'cash generating unit’).

The goodwill acquired in a business combination is, for
the purpose of impairment testing, allocated to cash¬
generating units that are expected to benefit from the
synergies of the combination.

An impairment loss is recognised in the standalone
profit or loss if the estimated recoverable amount of an
asset or its cash-generating unit is lower than it carrying
amount. Impairment losses recognised in respect of
cash-generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the units
and then to reduce the carrying amount of the other
assets in the unit on a pro-rata basis.

An impairment loss in respect of goodwill is not reversed.
In respect of other assets, impairment losses recognised
in prior periods are assessed at each reporting date for
any indications that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been
a favourable change in the estimates used to determine
the recoverable amount. An impairment loss is reversed
only to the extent that the asset’s carrying amount does
not exceed its recoverable amount, nor exceed the
carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment loss
had been recognised.

X) Financial guarantee contracts

Financial guarantee contracts are recognised as a
financial liability at the time the guarantee is issued.
The liability is initially measured at fair value and
subsequently at the higher of:

• the amount determined in accordance with the
expected credit loss model as per Ind AS 109 -
Financial Instruments; and

• the amount initially recognised less, where
appropriate, cumulative amount of income
recognised in accordance with the principles of Ind
AS 115 - Revenue from Contracts with Customers.

The fair value of financial guarantees is determined
based on the present value of the difference in cash
flows between the contractual payments required
under the debt instrument and the payments that would
be required without the guarantee, or the estimated
amount that would be payable to a third party for
assuming the obligations. Where guarantees in relation
to loans or other payables of associates are provided for
no compensation, the fair values are accounted for as
contributions and recognised as part of the cost of the
investment

Y) Impairment of investments

The Company reviews its carrying value of investments
carried at cost (net of impairment, if any) annually.If the
recoverable amount is less than its carrying amount,
the impairment loss is accounted for in the standalone
statement of profit and loss.

Z) Contract balances

Contract balances Contract assets A Contract asset
is the right to consideration in exchange for goods or
services transferred to the customer. If the Company
performs by transferring goods or services to a

customer before the customer pays consideration or
before payment is due, a contract asset is recognised
for the earned consideration that is conditional.

Contract liabilities A contract liability is the obligation to
transfer goods or services to a customer for which the
Company has received consideration (or an amount of
consideration is due) from the customer. If a customer
pays consideration before the Group transfers goods
or services to the customer, a contract liability is
recognised when the payment is made or the payment
is due (whichever is earlier). Contract liabilities are
recognised as revenue when the Company performs
under the contract.

3 KEY ACCOUNTING JUDGEMENTS AND
ESTIMATES

The preparation of the Company’s financial statements
requires the Management to make judgements,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes
that require a material adjustment to the carrying
amount of assets or liabilities affected in future periods.

The key assumptions concerning the future and other
key sources of estimating the uncertainty at the
reporting date, that have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are
described below:

A) Income-taxes

The Company’s tax jurisdiction is India. Significant
judgements are involved in estimating budgeted
profits for the purpose of paying advance tax,
determining the provision for income taxes,
including amount expected to be paid / recovered
for uncertain tax positions.

In assessing the realisability of deferred tax assets,
management considers whether some portion or
all of the deferred tax assets will not be realised.
The ultimate realisation of deferred tax assets is
dependent upon the generation of future taxable
income during the periods in which the temporary
differences become deductible. Management
considers the scheduled reversals of deferred
income tax liabilities, projected future taxable
income and tax planning strategies in making this
assessment. Based on the level of historical taxable

income and projections for future taxable income
over the periods in which the deferred income tax
assets are deductible, management believes that
the Company will realise the benefits of those
deductible differences. The amount of the deferred
income tax assets considered realisable, however,
could be reduced in the near term if estimates of
future taxable income during the carry forward
period are reduced.

B) Property, plant and equipment

Property, plant and equipment represent a
significant proportion of the asset base of the
Company. The charge in respect of periodic
depreciation is derived after determining an
estimate of an asset’s expected useful life and the
expected residual value at the end of its life. The
useful lives and residual values of Company’s assets
are determined by the management at the time
the asset is acquired and reviewed periodically,
including at each financial year end. The lives are
based on historical experience with similar assets
as well as anticipation of future events, which may
impact their life, such as changes in technical or
commercial obsolescence arising from changes or
improvements in production or from a change in
market demand of the product or service output
of the asset.

C) Research and development for internally
generated assets

Research costs are expensed as incurred.
Development expenditures on an internally
generated assets are recognised as an intangible
asset when the Company can demonstrate criteria
specified for capitalisation has been fulfilled.
Significant judgements are involved for assessing
recognition criteria and analyse that the cost
incurred for subsequent development improve the
functionality and enhance the asset’s economic
benefits potential.

D) Impairment of goodwill

Goodwill is tested for impairment on an annual
basis and whenever there is an indication that the
recoverable amount of a cash generating unit is
less than its carrying amount based on a number
of factors including operating results, business
plans, future cash flows and economic conditions.
The recoverable amount of cash generating units
is determined based on higher of value-in-use and
fair value less cost to sell. The goodwill impairment

test is performed at the level of the cash¬
generating unit or Companys of cash-generating
units which are benefitting from the synergies of
the acquisition and which represents the lowest
level at which goodwill is monitored for internal
management purposes.

Market related information and estimates are
used to determine the recoverable amount. Key
assumptions on which management has based
its determination of recoverable amount include
estimated long term growth rates, weighted
average cost of capital and estimated operating
margins. Cash flow projections take into account
past experience and represent management’s best
estimate about future developments.

In estimating the future cash flows / fair value less
cost of disposal, the Company has made certain
assumptions relating to the future customer base,
future revenues, operating parameters, capital
expenditure and terminal growth rate which the
Company believes reasonably reflects the future
expectation of these items. However, if these
assumptions change consequent to change in
future conditions, there could be further favorable
/ adverse effect on the recoverable amount of
the assets. The assumptions will be monitored on
periodic basis by the Company and adjustments
will be made if conditions relating to the
assumptions indicate that such adjustments are
appropriate.

E) Defined benefit obligation

The costs of providing pensions and other
postemployment benefits are charged to the
standalone statement of profit and loss in
accordance with Ind AS 19 on 'Employee benefits’
over the period during which benefit is derived
from the employees’ services. The costs are
assessed on the basis of assumptions selected
by the Management. These assumptions include
salary escalation rate, discount rates, expected
rate of return on assets and mortality rates.

F) Fair value measurement of financial
instruments and ECL on other Financial Assets
When the fair values of financials assets and
financial liabilities recorded in the standalone
balance sheet cannot be measured based on
quoted prices in active markets, their fair value is
measured using valuation techniques, including the

discounted cash flow model, which involve various
judgements and assumptions.

In accordance with Ind AS 109 - Financial
Instruments, the Company applies ECL model for
measurement and recognition of impairment loss
on the trade receivables or any contractual right to
receive cash or another financial asset that result
from transactions that are within the scope of Ind
AS 115 - Revenue from Contracts with Customers.

For this purpose, the Company follows 'simplified
approach’ for recognition of impairment loss
allowance on the trade receivable balances,
contract assets and lease receivables. The
application of simplified approach requires
expected lifetime losses to be recognised from
initial recognition of the receivables based on
lifetime ECLs at each reporting date.

As a practical expedient, the Company uses a
provision matrix to determine impairment loss
allowance on portfolio of its trade receivables.
The provision matrix is based on its historically
observed default rates over the expected life of
the trade receivables and is adjusted for forward¬
looking estimates. At every reporting date, the
historical observed default rates are updated
and changes in the forward-looking estimates are
analysed.

I n case of other assets, the Company determines
if there has been a significant increase in credit
risk of the financial asset since initial recognition.
If the credit risk of such assets has not increased
significantly, an amount equal to twelve months
ECL is measured and recognised as loss allowance.
However, if credit risk has increased significantly,
an amount equal to lifetime ECL is measured and
recognised as loss allowance.

G) Lease

Ind AS 116 - Leases requires lessees to determine the
lease term as the non-cancellable period of a lease
adjusted with any option to extend or terminate
the lease, if the use of such option is reasonably
certain. The Company makes an assessment on
the expected lease term on a lease-by-lease basis
and thereby assesses whether it is reasonably
certain that any options to extend or terminate
the contract will be exercised. In evaluating the
lease term, the Company considers factors
such as any significant leasehold improvements

undertaken over the lease term, costs relating to
the termination of the lease and the importance
of the underlying asset to Company’s operations
taking into account the location of the underlying
asset and the availability of suitable alternatives.
The lease term in future periods is reassessed to
ensure that the lease term reflects the current
economic circumstances.

H) Provisions and contingent liabilities

The Company exercises judgement in determining
if a particular matter is possible, probable or
remote. The Company also exercises judgement
in measuring and recognising provisions and
the exposures to contingent liabilities related to
pending litigation or other outstanding claims
subject to negotiated settlement, mediation,
government regulation, as well as other contingent
liabilities. Judgement is necessary in assessing
the likelihood that a pending claim will succeed,
or a liability will arise, and to quantify the possible
range of the financial settlement. Because of the
inherent uncertainty in this evaluation process,
actual losses may be different from the originally
estimated provision. Provisions are reviewed at
each balance sheet date and adjusted to reflect
the current best estimate. If it is no longer probable
that the outflow of resources would be required to
settle the obligation, the provision is reversed.

I) Estimate of charge for inventories
recoverability of inventories and content
advance

Considering the inherent nature of the industry,
particularly on the changing viewing patterns
of the content and quality of content which
is determined by viewers consuming content,
determination of expected pattern of realisation of
economic benefits and provision for net realisable
value of inventories involves significant judgement
and estimates since it is dependent on both
external and internal factors.

The factors that the Company considers in
determining the consumption has been derived
basis management’s expectation of overall
performance of content on historical trends and
future expectations

For inventory, the management assesses
estimates of future revenue potential. Based on
such assessment if the net realisable value of key
item of inventory is below its carrying value, such

inventories are written down to their net realisable
value in accordance with the requirements of Ind
AS 2, Inventories ('Ind AS 2’)

Refer Note 59 for the changes in estimate for
expensed of movie rights in the current year.

4 RECENT INDIAN ACCOUNTING STANDARDS
(IND AS)

A) Standards issued but not effective

Ministry of Corporate Affairs ("MCA") notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. For
the year ended 31^st March, 2026, MCA has notified
Amendment to following Ind AS, applicable to the
Company w.e.f. 1^st April, 2025.

1) I nd AS - 21 The Effects of Changes in Foreign
Exchange Rates - Lack of Exchangeability

2) Ind AS 12 - Income Taxes relating to
International Tax Reform - Pillar Two Model
Rules - Exception to recognition and
disclosure of deferred tax.

3) Amendments to Ind AS 7 - Cash flow
statement and Ind AS 107 - Financial
Instrument - Disclosures relating to supplier
finance arrangements

4) Ind AS 1-Presentation of Financial Statements-
Classification of Liabilities as current or
non- current and non- current liabilities with
covenants.

The Company has reviewed the new
pronouncements and based on its evaluation
has determined that it does not have any
significant impact on its standalone financial
statements.

New and amended standards issued but not
effective:

The MCA has issued certain amendments
to Indian Accounting Standards which are
not yet effective as at 31^st March, 2026. The
Company has not early adopted any standard,
interpretation or amendment that has been
issued but is not yet effective.

property in India is based on the valuation by a registered valuer as defined under Rule 2 of Companies (Registered Valuers
and Valuation) Rules, 2017. The valuation was arrived at by reference to market evidence of transaction prices for similar
properties.

The fair valuation of the assets is based on the perception about the macro and micro economic factors presently governing
the construction industry, location of property, existing market conditions, degree of development of infrastructure in the
area, demand supply conditions, internal amenities, common amenities, etc.

Due to use of significant unobservable inputs to compute the fair value, it is classified as Level 3 in the fair value hierarchy as
per the requirements of Ind AS 113 on 'Fair value measurement’.

Regional Channel in India

The recoverable amount of this Cash Generating Unit (CGU) is determined based on a value in use. The estimated value in
use of this CGU is based on the future cash flows using a 2% terminal growth rate for periods subsequent to the 5 years
and discount rate of 19%(14.4%). An analysis of the sensitivity of the computation to a change in key parameters (operating
margin, discount rate and long-term growth rate), based on reasonably probable assumptions, did not identify any probable
scenario in which the recoverable amount of the CGU would decrease below its carrying amount.

Online media business

The Company assessed the recoverable amount of Goodwill allocated to the Online Media Business which represent a
separate CGU. The recoverable amount of this CGU was determined by an independent expert based on the fair value less
cost of disposal. The fair value was determined based on revenue multiple of other companies in media industry which was
higher than the carrying value of CGU accordingly no impairment in required.

Due to use of significant unobservable inputs to compute the fair value, it is classified as Level 3 in the fair value hierarchy as
per the requirements of Ind AS 113 on 'Fair value measurement’.

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of ' 1 each. Each holder of equity shares is entitled to
one vote per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

I n the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held
by the shareholders.

c) Details of equity Shareholders holding more than 5 % of the aggregate equity shares

As per the records of the Company, including its register of shareholders/members and other declaration received from
shareholders regarding beneficial interest, there are no shareholders holding equity shares more than 5% of the aggregate
equity shares.

Further, during the previous year ended 31 March 2025, the arbitration between Margo and its network partner had
concluded and the arbitration order had not admitted Company’s claim. The Company had duly reviewed the order and
considering legal effect of the order and to avoid protracted litigation, the Company had recorded a charge of ' 809
million in the Profit and Loss Account for investment/receivables and presented the same under exceptional items.

'During the year, the strike off / dissolution of Margo has been approved by the board of the Company as Margo is non¬
operational. Accordingly, the Company has written off investment in equity of ' 760 million and investment in OCD of '
3,100 million during the year.

b) Current tax expense provision for the quarter and year ended 31 March 2026, includes credit of ' 969 million on account
of write-off of Margo investment, already impaired in the earlier years on account of management assessment which is
supported by tax advice received by the Company that it was for furtherance of business.

*Indirect tax disputes primarily include disputes for the service tax demand, availment of inadmissible input tax credit under Goods and
Service Tax (GST) and others. The Company has filed/in the process of filing submission before the relevant authorities. The Company has
reviewed all its pending indirect tax dispute litigations and proceedings and has adequately provided for where provisions are required and
disclosed as contingent liabilities where applicable, in its standalone financial statements.

During an earlier year, the Company had received show cause cum demand notice (SCN) from Indirect Tax Authorities in relation to availment
of inadmissible input tax credit under Goods and Service Tax (GST) aggregating to ' 1,736 million (inclusive of consequential interest &
penalty) which forms part of contingent liability. The Company had made payments / reversal of input credit of the SCN amount under protest
and to ensure the interest accrual on the same are limited. During the year, Adjudicating Authority has passed orders upholding the demand.
Based on the legal advice, the management believes it has strong case on merits and has accordingly filed appeals against the aforesaid
orders before the Commissioner of Central Tax (Appeals). The management believes that these balances are recoverable.

$Income-tax demands mainly include appeals filed by the Company before various appellate authorities against disallowance of expenses/
claims, non-deduction/short deduction of tax at source, transfer pricing adjustments etc. The Management is of the opinion that its tax cases
are likely to be decided in its favour and hence no provision is considered necessary.

^#The amount represents the best possible estimate arrived at on the basis of available information. The Company has engaged reputed
advocates to protect its interests and has been advised that it has strong legal positions against such disputes.

@The Company has received legal notices of claims/lawsuits filed against it relating to infringement of copyrights, defamation suits etc. in
relation to the programs produced/other matters. In the opinion of the Management, no material liability is likely to arise on account of such
claims/lawsuits.

During the previous year, a class action suit filed against the Company in US Court with respect to digital data protection matter was
dismissed by the Court during the year.

Further, during the year, separate class action suit has been filed against the Company in US Court with respect to digital data protection
matter. Based on the, past favourable order, available information and legal advice, the Management believes that no adjustments are required
to the accompanying statements, as there are reasonable grounds of defence.

36 CAPITAL AND OTHER COMMITMENTS

(a) Estimated amount of contracts remaining to be executed for capital expenditure not provided for (net of advances) is
' 119 Million (' 318 Million).

(b) Other commitments as regards media content and others (net of advances) are ' 14,895 Million (' 15,764 Million).

37 On 26 August 2022, the Company had entered into an agreement with JioStar India Private Limited ("JioStar") (previously
known as Star India Private Limited) which set out the basis on which JioStar would be willing to grant sub-license rights
to the Company in relation to television broadcasting rights of the International Cricket Council’s (ICC) Men’s and Under 19
(U-19) global events for a period of four years (ICC 2024-2027) on an exclusive basis (Alliance Agreement). The Company /
Board had identified this acquisition as being of strategic importance ensuring the Company is present in all segments of the
media and entertainment business. The performance of the Alliance Agreement was subject to certain conditions precedent
including submission of financial commitments, provision of bank guarantee and corporate guarantee/confirmation and
written ICC approval for sub-licensing the television broadcasting rights to the Company.

JioStar had previously sent letters to the Company through its legal counsel alleging breach of the Alliance agreement on
account of non-payment of dues for the rights in relation to first installment of the rights fee aggregating to US $ 203.56

million along-with the payment for bank guarantee commission and deposit interest aggregating ' 170 million and financial
commitments including furnishing of corporate guarantee/ confirmation as stated in the Alliance agreement. Based on the
legal advice, the management believes that JioStar by its conduct has acted in breach of the Alliance Agreement and is in
default of the terms thereof. Since JioStar has acted in repudiatory breach of the Alliance Agreement and accordingly on 8
January 2024 the Company terminated the Alliance Agreement on account of such breach and has also sought refund of
' 685 million paid to JioStar towards bank guarantee commission and interest expense.

JioStar initiated arbitration proceedings before London Court of International Arbitration (LCIA) against the Company through
its Notice of Arbitration dated 14 March 2024 (Arbitration Notice) by which it had sought specific performance of the Alliance
Agreement by the Company or in the alternative compensation from the Company for damages that was not quantified at
the time by JioStar.

Subsequently, JioStar through its communication dated 20 June 2024, terminated the Alliance Agreement and opted to only
seek damages during the Arbitration proceedings.

As per the procedural order of the LCIA Arbitral Tribunal dated 18 July 2024 (Procedural Order), JioStar on 16 September
2024, filed its Statement of Case before the LCIA Arbitral Tribunal, and has inter alia, sought for a ruling that the Alliance
Agreement between JioStar and the Company was validly terminated by JioStar and also filed for damages to be determined
as of the date of the Tribunal’s award (with such damages quantified, as at 31 August 2024 as proxy date of the award, at US$
940 million) along with costs, expenses and applicable interest until full payment. Based on review of the Statement of Case,
no additional legal grounds of claim have been made out.

During the previous year ended 31 March 2025, as per the Procedural Order the Company has filed its Statement of Defence
and Counterclaim on the 23 December 2024 and categorically refuted all claims and assertions made by JioStar including its
claims for damages, and in the counterclaim the Company has claimed the payments made to JioStar aggregating to US $ 8
million plus interest. The Company is taking necessary steps to defend itself against JioStar’s claim in the Arbitration.

During the quarter ended 31 December 2025, due to certain developments/ disclosures made by JioStar, the Tribunal has
adjourned the hearing on Zee’s application. Fresh hearing dates have been confirmed by the Tribunal.

During the quarter and year ended 31 March 2026, in line with Procedural Order of the tribunal the Company has filed further
pleadings with its defence to which JioStar has responded subsequent to the year-end and increasing its damages claim to
US$1.097 billion. The Company is in the process of filing its rejoinder to JioStar’s response and defend the claim.

The Board continues to monitor the progress of aforesaid matter. The management, based on a legal advice and its internal
assessment, has determined that the Company is not in default of the Alliance Agreement and believes that the claims made
by JioStar are unfounded and legally not tenable. The Company has strong and valid grounds to defend any claims in respect
of above matter.

Accordingly, the Company does not expect any material adverse impact with respect to the above as in its view the contract
has been repudiated and no adjustments are required to the accompanying standalone financial statement.

38 The Company in May 2016 had issued a Letter of Comfort (LOC) to the Yes Bank Limited with respect to Company’s support
to ATL Media Limited (ATL), an overseas wholly owned subsidiary of the Company incorporated in Mauritius. The LOC was
provided confirming Company’s intention, among other matters, to support ATL by infusing equity/debt for meeting all its
working capital requirements, debt requirements, business expansion plans, honoring the Put Option, take or pay agreements
and guarantees. ATL had entered into Put Option agreement with Living Entertainment Limited, Mauritius (LEL), a related
party of the Company for acquiring the shares of a subsidiary of LEL.

In earlier years, the Company received communication from the Bank mentioning defaults committed by LEL in repayment of
their loans to the Bank and calling upon the Company to support ATL in connection with honouring the Put Option. However,
the Bank and LEL remained in discussion to settle the borrowing.

The Company is of the view, based on legal advice, that the LOC neither provides any guarantee, commitment or assurance
to pay the Bank. On 26 June 2020, the Bank filed a plaint seeking ad-interim relief in the Hon’ble High Court of Bombay on
the grounds that the aforesaid LOC provided to the Bank is a financial guarantee.

The Hon’ble High Court of Bombay, vide Orders dated 30 June 2020 and 19 August 2020 has refused/dismissed the ad-
interim relief sought by the Bank, including as part of the appeal proceedings filed by the Bank that were in favour of the
Company. The primary suit filed by the Bank on 26 June 2020 is yet to be heard by the Hon’ble High Court of Bombay.

The Management has assessed the nature of the LOC and based on legal advice obtained, the LOC has not been considered
as a financial guarantee by the Management, which would require recognition of a liability in the books of account of the
Company. The Management has determined that the LOC also does not result in any executory contract that is onerous on
the Company which requires any recognition of liability in the books of account of the Company.

39 Electricity and water charges and repairs and maintenance (plant and machinery) are net of recoveries ' 105 Million
(' 161 Million).

40 SEGMENT INFORMATION

The Company operates in a single reporting segment namely 'Content and Broadcasting’. Geographical segment details are
disclosed in consolidated financial statements.

42 EMPLOYEE BENEFITS

The disclosures as per Ind AS 19 on 'Employee Benefits’ are as follows:
a Defined contribution plans

Contribution to provident and other funds’ is recognised as an expense in Note 25 'Employee benefits expense’ of the
standalone statement of profit and loss.

b Defined benefit plans

The present value of gratuity obligation is determined based on actuarial valuation using the Projected Unit Credit
Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation.

VII. The defined benefit plans expose the Company to actuarial risks such as interest rate risk, longevity
risk and salary risk:

Interest risk: A decrease in the bond interest rate will increase the plan liability.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate
of mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan’s liability.

Salary risk: The present value of defined benefit plan liability is calculated by reference to the future salaries of
plan participants. As such, an increase in the salary of plan participants will increase the plan’s liability.

Notes:

1 The current service cost recognised as an expense is included in Note 25 'Employee benefits expense’ as
gratuity. The remeasurement of the net defined benefit liability is included in other comprehensive income.

2 The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation,
seniority, promotion and other relevant factors including supply and demand in the employment market. The
above information is certified by the Actuary.

Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected
salary increase and mortality. The sensitivity analysis above have been determined based on reasonably
possible changes of the respective assumptions occurring at the end of the reporting period, while holding all
other assumptions constant.

43 CORPORATE SOCIAL RESPONSIBILITY (CSR)

a Gross amount required to be spent by the Company is ' 178 Million (' 227 Million)
b Amount spent during the year ended 31 March 2026 on ongoing projects:

44 FINANCIAL INSTRUMENTS

A Capital management

The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the
return to the stake holders through optimisation of debt and equity balance. The Company is not subject to any
externally imposed capital requirements. The Company’s Risk Management Committee reviews the capital structure of
the Company.

The following is net gearing ratio at the end of reporting period: (net debt divided by total 'equity’).Net debt = Total
borrowings (including lease liabilities) less (Cash and cash equivalents Bank balance other than cash and cash
equivalents (excluding balance earmarked for unclaimed dividend) Current investments).

D Financial risk management objective and policies

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose
of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include
investments, loans, unsecured interest free deposits, trade and other receivables and cash and cash equivalents that
are derived directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s Senior Management oversees the
management of these risks.

i Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk such as
equity price risk.

- Foreign Currency sensitivity analysis

The following table details the Company’s sensitivity to a 10% increase and decrease in the rupee against the relevant
foreign currencies. 10% is the sensitivity rate used while reporting foreign currency risk internally to key management
personnel and represents Management’s assessment of the reasonably possible change in foreign exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated in monetary items and adjusts their
translation at the year end for a 10% change in foreign currency rates. A positive number below indicates an increase
in profit where the Rupee strengthens 10% against the relevant currency. For a 10% weakening of the Rupee against the
relevant currency, there would be a comparable impact on the profit and equity and the balance would be negative.

The Company’s investment in debt instruments and loans given by the Company are at fixed interest rates, consequently
the Company is not exposed to interest rate risk.

The Company also invests in debt mutual fund schemes of leading fund houses. Such investments are susceptible
to market price risks that arise mainly from changes in interest rate which may impact the return and value of such
investments. However, given the relatively short tenure of underlying portfolio of the debt mutual fund schemes in which
the Company has invested, such price risk is not significant.

- Other price risk

The Company is exposed to price risks arising from equity investments and mutual funds. The Company’s equity
investments are held for strategic rather than trading purposes.

Price sensitivity analysis:

The sensitivity analysis below has been determined based on the exposure to price risks of the investments at the end
of the reporting period. If the prices had been 10% lower / higher.

ii Credit risk management

Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual
obligations and arises principally from the Company’s receivables, deposits given, loans given, investments made and
balances at bank.

The maximum exposure to the credit risk at the reporting date is primarily from investments made, loans given and
trade receivables.

In case of trade receivables, the Company does not hold any collateral or other credit enhancements to cover its credit
risks. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and
continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal
course of business. On account of adoption of Ind AS 109 on 'Financial Instruments’, the Company uses expected credit
loss model to assess the impairment loss or gain.

Trade receivables are non-interest bearing and the average credit period is 45 days. The Company’s exposure to
customers is diversified and except for one customers, no other customer contributes to more than 10 % of outstanding
trade receivables and unbilled revenue.

Based on historical data, loss on collection of receivables is not material hence no additional provision is considered.
The unsatisfied performance obligation is expected to be completed in one year or less.

The Company considers a financial asset in default when contractual payments are 180 days past due. However, in
certain cases, the Company may also consider a financial asset to be in default when internal or external information
indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account
any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation
of recovering the contractual cash flows.

Trade receivable consists of a large number of customers, spread across diverse industries and geographical areas.

Ongoing credit evaluation is performed on the financial condition of the accounts receivable.

A The Company had provided commitments for funding shortfalls in Debt Service Reserve Account (DSRA guarantee)
in relation to certain financial facilities availed from banks by Siti Networks Limited (SNL), an unrelated entity. During
the year ended 31 March 2023, the Company had reached a settlement with certain lenders of SNL and payments
were made as per agreed terms. The Company has stepped into the shoes of the lenders of SNL as per the
applicable law to recover the amounts from SNL, as confirmed by the Insolvency Resolution Professional (IRP) of
SNL. During the previous year ended 31 March 2025, the Company has assigned and transferred these rights to
a third party for a consideration of ' 220 million. The Company had fully provided for payments made towards
the settlement amounts in earlier years and therefore, the aforementioned consideration of ' 220 million has
been accounted for as a gain and presented under exceptional items. The Company continues to carry adequate
provisions for any remaining DSRA claim. Further, the IRP of SNL has admitted the operational creditor claims of the
Company under the ongoing resolution process.

Considering the financial condition of SNL, the Company without prejudice to its legal rights had fully provided for
the balances recoverable from SNL till the date of admission of claim by IRP and continues to recognise revenue
from SNL on conservative basis.

On 6 September 2025, IDBI Bank Limited has filed application under Section 7 of the Insolvency and Bankruptcy
Code, 2016 before the Hon’ble National Company Law Tribunal, Mumbai Bench for initiation of Corporate Insolvency
Resolution Process against the Company. The Company has filed its detailed reply seeking dismissal of IDBI’s
petition and based on legal advice and precedence believes that the Company has strong case in the matter.

B During the year, the Company has given an Inter-corporate Deposit (ICD) aggregating to ' 350 million carrying
interest rate of 12% p.a. for a period of 4 months.

iii Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The Company’s principal source
of liquidity are cash and cash equivalents and the cash flow generated from operations. The Company consistently
generated cash flows from operations which together with the available cash and cash equivalents and current
investment provides adequate liquidity in short term as well as in the long term. Trade and other payables are non¬
interest bearing and the average credit term is 45 days.

The amount of financial guarantees included in contingent liabilities are the maximum amounts the Company could be
forced to settle under the arrangement for the full guaranteed amount if the amount is claimed by the counterparty to
the guarantee.

45 Final dividend on Equity shares for the year ended 31 March 2025 of ' 2.43 per share (' 1 per share) aggregating to ' 2,334
Million (' 961 Million) was paid during the year.

The Board of Directors of the Company at its meeting held on 19 May, 2026 has recommended a final dividend of ' 2 per
equity share (face value of ' 1 each) aggregating to ' 1,921 Million for the financial year ended 31 March, 2026. The dividend is
subject to shareholders approval at the ensuing annual general meeting of the Company.

46 RELATED PARTY DISCLOSURES

a List of parties where control exists
Subsidiary companies

i Wholly owned (direct and indirect subsidiaries)

Asia Multimedia Distribution Inc.; Asia Today Limited ; Asia Today Singapore Pte Limited; Asia TV USA Limited;
Asia TV Limited; ATL Media FZ-LLC; ATL Media Ltd.; Zee Studios Limited ; OOO Zee CIS Holding LLC; OOO Zee
CIS LLC; Taj TV Limited; Zee TV South Africa (Proprietary) Limited; Z5X Global FZ-LLC; Zee Entertainment UK
Limited (Formerly known as Zee UK Max Limited); Asia TV GmbH (Liquidated on 9 October 2025); Zee Multimedia
Worldwide (Mauritius) Limited; Zee Entertainment Middle East FZ-LLC ; Zee Media Kenya Limited;ZI-IPR Enterprise
Limited (Incorporated w.e.f. 1 October 2025),Rotate Onetouch Limited (Incorporated w.e.f. 28 June 2025); Margo
Networks Private Limited (90% holding up to 01 January 2026)

ii Other subsidiaries

ZBullet Enterprises Limited (Incorporated w.e.f. 12 June 2025) (extent of holding 92%)
b Joint Venture

Media Pro Enterprise India Private Limited (extent of holding 50% through Zee Studios Limited)

c Other Related parties consist of companies controlled by key management personnel and its relatives with
whom transactions have taken place during the year and balance outstanding as on the last day of the year:

Asian Satellite Broadcast Private Limited; Cyquator Media Services Private Limited; Digital Subscriber Management and
Consultancy Services Private Limited; Diligent Media Corporation Limited; Edisons Infrapower & Multiventures Private
Limited; Essel Corporate LLP; Essel Finance Business Loans Limited; Essel Finance Management LLP; Essel Infra Projects
Limited; Elouise Green Mobility Limited (formerly known as Essel Green Mobility Limited); Essel Realty Private Limited;
Essel Utilities Distribution Company Limited; Evenness Business Excellence Services Private Limited (Formerly known
as Essel Business Excellence Services Limited); Konti Infrapower & Multiventures Private Limited; Living Entertainment
Enterprises Private Limited; Omnitrade Marketing Services Private Limited; Pan India Network Infravest Limited; Pan
India Network Limited; Real Media FZ-LLC; Veria International Limited; Widescreen Holdings Private Limited; Play Games
24x7 Private Limited; Kayhan Enterprises Private Limited; Creatorflux Media Private Limited; One Immersive Private
Limited

Directors / Key Management Personnel

Mr. Punit Goenka, CEO (MD & CEO up to 17 November 24); Mr. Rohit Kumar Gupta (CFO up to 18 June 24); Mr Mukund
Galgali, CFO (effective 19 June 24) & Deputy CEO ; Mr. Ashish Agarwal (Company Secretary); Mr. R Gopalan (Independent
Director - Chairman); Uttam Prakash Agarwal (Independent Director); Shishir Babhubhai Desai (Independent Director);
Deepu Bansal (Independent Director); Venkata Ramana Murthy Pinisetti (Independent Director); Mr Saurav Adhikari
(Independent Director- appointed w.e.f. 29 November 24); Divya Karani (Independent Director- appointed w.e.f. 23
January 25)

49 Disclosure required under Section 22 of Micro, Small and Medium Enterprises Development Act, 2006.

The information regarding Micro or Small Enterprises as required by the Micro, Small and Medium Enterprises Development
(MSMED) Act, 2006 has been determined to the extent such parties have been identified on the basis of information available
with the Company, which has been relied upon by the auditors.

48 a The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entity(ies) (intermediaries) with the understanding that the intermediary shall;

i directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Company (ultimate beneficiaries) or

ii provide any guarantee, security, or the like to or on behalf of the ultimate beneficiaries.

b The Company has not received any fund from any other person(s) or entity(ies), including foreign entity(ies) (funding
party) with the understanding (whether recorded in writing or otherwise) that the funding party shall;

i 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

ii provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

c Securities provided

There are no securities provided during the year.

d Loans Given

During the year, the Company has given an Inter-corporate Deposit (ICD) aggregating to ' 350 million carrying interest
rate of 12% p.a. for a period of 4 months. Maximum outstanding is ' 350 million during the year and closing balance as at
31 March 2026 is ' 350 million.

51 The Board of Directors of the Company at its meeting held on 17 April 2026, has approved the investment up to ' 1,160 million
in the Compulsorily Convertible Debentures of Phantom Digital Effects Limited ("Phantom") on preferential allotment basis,
in one of more tranches.

54 ADDITIONAL DISCLOSURE WITH RESPECT TO AMENDMENT TO SCHEDULE III

i The Company has not been declared wilful defaulter by any bank or financial institution or any lender.

ii There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory
period.

iii There are no loans or advances (Other than those already disclosed under Note 46) in the nature of loans granted to
Promoters, Directors, KMPs and their related parties (as defined under Companies Act, 2013), either severally or jointly
with any other person, that are repayable on demand or without specifying any terms or period of repayment.

55 On 21 November 2025, the Government of India notified the four Labour Codes consolidating 29 existing labour laws. The
Ministry of Labour & Employment has also issued draft Central Rules and FAQs to help assess the financial impact of these
changes. Based on internal management assessment and the best information available, and in line with ICAI guidance, the
incremental impact of these changes is not material to the financial results of the Company for the year ended 31 March
2026. The Company continues to monitor the development pertaining to the implementation of the new Labour codes from
the Government on other aspects of the Labour Code and would provide appropriate accounting effect subsequently on the
basis of such developments as needed.

56 The Securities and Exchange Board of India ("SEBI") had passed an ex-parte interim order dated 12 June 2023 and Confirmatory
Order dated 14 August 2023 (SEBI Order) against one of the current Key Management Personnel ("KMP") of the Company for
alleged violation of Section 4(1) and 4(2)(f) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities
Market) Regulations, 2003 ("PFUTP").

On 30 October 2023, the Hon’ble Securities Appellate Tribunal (SAT) set aside the above order passed by SEBI granting relief
to the current KMP. The SAT order also recorded that the SEBI will continue with the investigation.

Pursuant to the above, SEBI had issued various summons and sought comments/ information/explanation from Company, its
subsidiary, directors under period of consideration and KMPs who have been providing information to SEBI from time to time,
as requested.

With respect to the ongoing enquiry being conducted by SEBI, a writ petition challenging the same was filed by an ex¬
director (Petitioner) before the Hon’ble Bombay High Court against SEBI during the quarter ended 31 March 2024, wherein,
the Company was impleaded as a respondent. The Company had filed its reply to the writ petition. The Hon’ble Bombay
High Court vide order dated 26 June 2024, provided certain reliefs to the Petitioner and this order has no implications with
respect to the Company.

During the earlier year, the Company had received a follow-up communication from the Ministry of Corporate Affairs ("MCA")
for the ongoing inspection under section 206(5) of the Companies Act, 2013 against which the Company had submitted its
response.

The management had informed the Board of Directors of the Company ('Board’) that based on its review of records of
the Company / subsidiary, the alleged transactions (including refunds) relating to the Company/ subsidiary were against
consideration for valid goods and services received.

On 23 February 2024, the Board had constituted an "Independent Investigation Committee" (Committee) headed by and
under the chairmanship of Former Judge, Allahabad High Court and comprising of 2 independent directors of the Company,
to review the allegations against the Company/subsidiary with a view to safeguard interest of the shareholders.

The Committee on 08 October 2024 submitted its report to the Board after carrying out an extensive fact-checking
exercise with the help of reputed external experts to verify the documents and information provided by the Company
during the investigations to SEBI. The Board has taken the aforesaid report on record and noted that the transactions under
investigation were found to be a part of normal course of business and no material irregularities were reported within the
same. The Committee did not find any need for further corrective and disciplinary measures, policy changes or legal steps
to be implemented.

Based on approval of Board, the Company had filed settlement application with respect to the ongoing investigation which
had been rejected during the year ended 31 March 2026.

SEBI vide its adjudicating order dated 02 January 2025 has disposed of the proceedings initiated under the show cause
notice (SCN) dated 06 July 2022 and indicates that the content of the SCN will be treated as integral part of the further
investigation report by SEBI.

On 07 August 2025, SEBI has issued a SCN against the Company, a current KMP and an ex-director alleging certain violations
of SEBI Regulations relating to alleged lien on a property for the financial year 2018-19. Further, on 16 January 2026, SEBI
has issued a SCN against the Company, a current KMP and ex-directors alleging certain violations of SEBI Regulations
relating to investment made in inter-corporate deposits made and assigned in earlier years. The aforementioned ICDs
were fully provided in the books of accounts in the earlier years. The Company has furnished its detailed reply denying all
allegations against the Company in the SCNs and the Company through its authorized representative attended hearing /
shall be attending hearing before SEBI in this regard. Further on 12 February, 2026, SEBI issued an SCN against the Company a
current KMP and other noticees alleging certain violations of various Regulations with respect to film advances, related party
transactions and disclosure/control issues relating to earlier periods. The Company believes that it has sufficient evidence
to respond appropriately to the SCN.

The Company has been legally advised that it has adequate grounds of defence case against the SCNs, however to avoid
protracted litigation, the Company has also filed settlement application in the said matters with SEBI in terms of the provisions
of SEBI (Settlement Proceedings) Regulations, 2018 ("Settlement Regulations"), which is under consideration.

The Board continues to monitor the progress of aforesaid matters. Based on the above, the management does not expect
any material adverse impact on the operations and financial statements of the Company / Group with respect to the above
and accordingly, believes that no adjustments are required to the accompanying standalone financial statement.

57 In an earlier year, Zee Studio Limited, a subsidiary had been allotted plot of land on lease for the purpose of construction of
film studio by Rajasthan State Industrial Development & Investment Corporation Limited (RIICO), Jaipur. The subsidiary had
constructed the studio on the aforesaid plot of land. This lease was subsequently cancelled by RIICO primarily on account
of construction related dispute. The cancellation order was challenged by Zee Studios Limited by way of review application
before the concerned authorities which was rejected vide order dated 16 October 2023.

Based on the legal opinion obtained, the subsidiary has taken necessary steps for obtaining relief in the matter and have filed
writ petition at Rajasthan High Court. The management considering the merits and facts of the case including legal opinion
believes it has a strong legal position to protect its rights.

58 The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies,
which uses accounting software for maintaining its books of account, shall use only such accounting software which has
a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of
account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

During the current financial year, the Company 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. Audit trail has been preserved by the
Company in accordance with the statutory requirements for record retention, at both the application and database levels
from the date of activation. Further, for accounting software used for maintenance of digital subscription records, audit trail
feature have not been retained as per statutory requirements for record retention.

Further more, the accounting software used for maintenance of payroll database of the Company is operated by a third-
party software service provider. There is no 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).

Based on management’s assessment, this does not pose any impact, as controls at the application layer are operating
effectively. Additionally, the Company is actively working to enhance the retention capability of audit trail logs for the said
application.

59 The Company has been consistently applying management estimates for recording consumption of inventories based on
future economic benefits expected to be generated from the exploitation of the rights. Accordingly, the cost of movie
rights is recognised as an expense in the statement of profit and loss on a straight line basis over the license period or
60 months from the date of acquisition / rights start date, whichever is shorter. During the year, the Company has revised
its estimates of recording consumption of premiere movies to reflect changing business strategy, inventory utilization,
exploitation and monetization pattern. The cost of inventory continues to be charged in the statement of profit and loss over
the aforementioned period, however, the estimate of consumption has been revised, resulting in higher charge in the initial
periods in the line with the changing business model, market scenarios and utilization of inventories across platforms. Based
on this assessment, carrying value of change in inventory assets is adjusted by recognising an additional charge of ' 3,022
million during the quarter and year ended 31 March 2026, which has been debited in the Operational cost in the Statement
of Profit and Loss. The inventory continues to be carried at the lower of cost / unamortised cost or realisable value.

60 Other than those disclosed elsewhere, there are no other subsequent events that occurred after the reporting date.

61 The standalone financial statements of the Company for the year ended 31 March 2026, were approved for issue by the Board
of Directors on 19 May 2026.