We have audited the accompanying standalone Financial Statements of Sea TV Network Limited (“the
Company”), which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended, and Notes to
Financial Statements including a summary of the material accounting policies and other explanatory information (herein¬
after referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the
matter described in the Basis for Qualified Opinion section of our report, 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 con¬
formity with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies
Rules, 2015, as amended and accounting principles generally accepted in India, of the state of affairs of the Company as at 31st
March 2025, and the loss (including other comprehensive income), changes in equity and its cash flows for the year then ended.

Basis for Qualified Opinion

The Company had accounted interest expense amounting to Z58.15 lakhs on unsecured borrowings during the first three quar¬
ters of the financial year ended 31 March 2025. However, during the quarter ended 31 March 2025, the Company reversed the
previously accrued interest and also did not recognize any interest expense for the fourth quarter amounting to Z141.59 lakhs.

Management has stated that due to financial constraints, the Company is unable to serve the interest. However, in the absence of
a formal waiver or modification of terms from the lenders, the reversal and non-recognition are not in compliance with the
recognition principles of Ind AS 109 - Financial Instruments.

Had the interest been appropriately recognized, the finance cost would have been higher by Z199.74 lakhs, the loss for the year
would have been higher by the same amount, and current financial liabilities would have been higher by Z199.74 lakhs.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsib ili-
ties for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accord¬
ance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical re¬
quirements that are relevant to our audit of the Standalone financial statements under the provisions of the Act and the Rules
made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our au¬
dit opinion on the standalone financial statements.

Key Audit Maters

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, in addition
to the matter described in basis for qualified opinion section of our report. We have determined following key audit matters
to be communicated in our report:

Management assessment of appropriateness of Going Concern assumptions (as described in Note 31 of the Standalone Ind
AS Financial Statements)

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors are responsible for the preparation of the other information. The other information com¬
prises the information included in the Company’s annual report but does not include the financial statements and our audi¬
tor’s report thereon. The Company’s annual report is expected to be made available to us after the date of this Auditor’s Re¬
port.

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 financial statements, or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have per¬
formed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements

The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, fi¬
nancial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the
accounting principal generally accepted in India including Ind AS specified under section 133 of Act. This responsibility al¬
so includes maintenance of adequate accounting records in

accordance with the provisions of the Act for safeguarding 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 con¬
trols, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the standalone financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone financial statements, Management and Board of Directors are 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 Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

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 as¬
surance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs 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 eco¬
nomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, 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 financial controls relevant to the audit in order to design audit procedures that are ap¬
propriate 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 system in place and the operating effectiveness of such con¬
trols.

• Evaluate the appropriateness of accounting policies used and the reasonable ness of accounting estimates and related dis¬
closures in the standalone Financial Statements by Management and Board of Directors.

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and, based on the audit ev¬
idence 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 a re
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.

• 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 event s in a manner that achieves
fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the au¬
dit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements re¬
garding 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.

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 describ e
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extre mely
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

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in terms
of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report 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 purposes of our audit.

b) 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 Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in
Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the
Act.

e) On the basis of the written representations received from the directors as on 31st March 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March 2025 from being appointed as a director in
terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over fi¬
nancial reporting.

g) 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 has disclosed the impact of pending litigations on its financial position in its standalone finan¬
cial statements - Refer Note 32 to the standalone financial statements;

II. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses as at 31st March 2025;

III. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

IV. (a) The Management has represented that, to the best of its knowledge and belief, as disclosed to the
standalone financial statements no funds (which are material either individually or in the aggregate) have
been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person or entity, including foreign entity (“Intermedi¬
aries”), 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 whatso¬
ever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed to the
standalone financial statements no funds (which are material either individually or in the aggregate) have
been received by the Company from any person or entity, including foreign entity (“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, direct¬
ly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on be¬
half of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on be¬
half of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

V. No dividend has been declared or paid by the company.

VI. Based on our examination which included test checks, except for the instances mentioned below, the com¬
pany has used accounting software for maintaining its books of account, which have a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions rec¬
orded in the respective software except that no evidence was provided to verify audit trail at database level.

Further, where audit trail (edit log) facility was enabled and operated throughout the year for the respective
accounting software, we did not come across any instance of the audit trail feature being tempered with.
However due to the inherent limitation of the accounting software, we are unable to comment whether there
were any instances of the audit trail feature been tempered during the audit period (refer note 40 of the
standalone financial statements). Further the audit trail has been preserved by the company as per the statu¬
tory requirement for record retention.

3. 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.

For Doogar & Associates

Chartered Accountants

Firm’s Registration Number: 000561N

CA. Udit Bansal
Partner

Membership number: 401642
UDIN: 25401642BMJNNR8373

Place: Agra
Date: May 28, 2025