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
uncertainities 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 occurance or
non-occurance 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 revenue - Commision 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 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 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.

The Company recognises compensation expense relating
to share-based payments in net profit using fair-value in
accordance with Ind AS 102, Share-Based Payment. The
estimated fair value of awards is charged to statement of profit
and loss on a straight-line basis over the requisite service
period for each separately vesting portion of the award as if the

award was in-substance, multiple awards with a corresponding
increase to share based payment reserves.

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 associates, 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

• it 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 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 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 cashgenerating 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 statement of profit and loss.

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 post-employment
benefits are charged to the 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 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) Media content, including content in digital form

The Company has several types of inventory such as general
entertainment, movies and music. Such inventories are expensed/
amortised based on certain estimates and assumptions made
by Company, which are as follows:

i Reality shows, chat shows, events, game shows and
sports rights: are fully expensed on telecast/upload which
represents best estimate of the benefits received from the
acquired rights.

ii The cost of program (own production and commissioned
program) are amortised over a period of three financial
years over which revenue is expected to be generated from
exploitation of programs.

iii Cost of movie rights - The Company's expectation is that
substantial revenue from such movies is earned during
the period of five years from the date of acquisition of
license to broadcast / upload on digital platform. Hence, it
is amortised on a straight line basis over the license period
or sixty months from the date of acquisition/rights start
date, whichever is shorter.

IV The cost of educational content acquired is amortised on
a straight line basis over the license period or 60 months
from the date of acquisition/right start date, whichever is
shorter.

V Films produced and /or acquired for distribution/sale of
rights:

Cost is allocated to each right based on management
estimate of revenue. Film rights are amortised as under :

a Satellite rights - Allocated cost of right is expensed
immediately on sale.

b Theatrical rights - Amortised in the month of
theatrical release.

c intellectual Property Rights (IPRs) - Allocated cost of
IPRs are amortised over 5 years from release of film.

d Music and Other Rights - allocated cost of each right
is expensed immediately on sale.

H) 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.

I) 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.

J) Recoverability of inventories and content advance

The Company uses the acquisition method of accounting to
account for business combinations. The acquisition date is the
date on which control is transferred to the acquirer. Judgement
is applied in determining the acquisition date, determining
whether control is transferred from one party to another and
whether acquisition constitute a business or asset acquisition.
Control exists when the Company is exposed to, or has rights to
variable returns from its involvement with the entity and has the
ability to affect those returns through power over the entity. in
assessing control, potential voting rights are considered only if
the rights are substantive.

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

For inventory, the management assesses estimate 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').

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 March 31,
2025, MCA has notified Ind AS - 117 Insurance Contracts
and amendments to ind AS 116 - Leases, relating to sale
and leaseback transactions which is not applicable to the

Company w.e.f. April 1, 2024. The Company has reviewed
the new pronouncements and based on its evaluation has
determined that it does not have any impact in its financial
statements.

New standards and amendments to existing Standards
which are issued but are not yet effective and have not
been early adopted by the Group.

There are no new and amended standards that are issued,
but not yet effective.

B) Social security Code

The Code on Social Security, 2020 ('Code') relating
to employee benefits during employment and post¬
employment benefits received Presidential assent in
September 2020. The Code has been published in the
Gazette of India. However, the date on which the Code will
come into effect has not been notified. The Company will
assess the impact of the Code when it comes into effect
and will record any related impact in the period the Code
becomes effective.

Nature and purpose of reserves

I Capital redemption reserve is created on redemption of redeemable preference shares issued,

ii Capital reserve Is related to merger / demerger / acquisition of business undertakings,

iii General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.

iv Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends, or other
distributions paid to shareholders. It includes impact of remeasurement gain / (losses) net of taxes on defined benefit plans on account
of changes In actuarial assumptions or experience adjustments within the plans,

v. Equity portion of Foreign Currency Convertible Bonds: The equity portion is the residual amount after deducting the fair value of the
financial liability portion from the net proceeds of the FCCBs.

* 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.

Further, during the 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 have been
made under protest and to ensure the interest accrual on the same are limited. The Management based on legal advice, believes that these
balances are recoverable and is taking the necessary legal recourse to challenge the SCN under the available law which have been initiated.

$ 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/law suits.

A class action suit has been filed against the Company in US Court with respect to digital data protection matter. Based on the 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 ' 318 Million ('
304 Million).

b Other commitments as regards media content and others (net of advances) are ' 15,764 Million (' 26,410 Million).

37 On 26 August 2022, the Company had entered into an agreement with Star india Private Limited ("Star") for setting out the basis on which Star
would be willing to grant sub-license rights 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 of strategic importance ensuring the Company is present in all 3 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 and pending final ICC approval for sub-licensing to the Company.

During the previous year, Star had 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 USD 203.56 Million (' 16,934 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 Star by its conduct has acted in breach of the Alliance Agreement and is in default of the terms thereof. Consequently, Star has acted in
repudiatory breach of the Alliance Agreement and accordingly on 8 January 2024 the Company has terminated the Alliance Agreement on
account of such breaches and has also sought refund of ' 685 Million paid to Star.

During the previous year, Star had 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 had sought to compensate Star for damages that was not quantified by Star.

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

As per the procedural order of LCIA dated 18 July 2024 (Procedural Order), Star on 16 September 2024, filed its Statement of Case before
the LCiA Arbitral Tribunal, has inter alia, sought to declare that the Alliance Agreement between Star and the Company has been validly
terminated by Star 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.

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 Star including its claims for damages, and in the Counterclaim the Company has claimed the
payments made to Star aggregating to US $ 8 Million plus interest. The Company is taking necessary steps to defend Star's claim in the
Arbitration. Currently, the arbitration is at its initial stage and the LCiA Arbitral Tribunal is yet to determine if the Company is liable in any
manner. The Company will, on merits continue to strongly contest all claims by Star and reserves all its rights.

The arbitration is presently in the phase of document production. Star will now be filing its Reply and Defence to Counterclaim on 6 June 2025
and the Company is required to file its Rejoinder to Reply to Defence to Counterclaim on 1 August 2025.

The Board continues to monitor the progress of aforesaid matter. The management, based on a legal advise and its internal assessment, has
determined that the Company is not in default of the Alliance Agreement and believes that the claims made by Star 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 adDinterim 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. Further, based on an
independent valuation of ATL obtained, 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 off recoveries ' 161 Million (' 147 Million).

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 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 ' 227 Million (' 307 Million)

b Amount spent during the year ended 31 March 2025 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),

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale,

There have been no transfer between Level 1, Level 2 and Level 3 for year ended 31 March 2025 and 31 March 2024.

Financial instruments measured at amortised cost.

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable
approximation of their fair values, since, the Company does not anticipate that the carrying amounts would be significantly different
from the values that would eventually be received or settled,

C Fair value measurement

The following table provides the fair value measurement hierarchy of the Company's assets and liabilities,

Quantative disclosures of fair value measurement hierarchy for assets and liabilities as at:

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 risk

The Company undertakes transactions denominated in foreign currencies, consequently exposures to exchange rate fluctuations
arise, The Management has taken a position not to hedge this currency risk,

The carrying amounts of financial assets and financial liabilities are denominated in currencies other than its functional currency
are as follows:

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 is mainly exposed to USD currency fluctuation risk.

The Company's sensitivity to foreign currency assets has decreased during the current year mainly due to overall decrease in
assets in foreign currency.

The Company's sensitivity to foreign currency liabilities has increased during the current year mainly on account of overall
increase in liabilities in foreign currency.

interest rate risk

The borrowing of the Company includes FCCB and vehicle loan which carries fixed coupon rate and consequently the Company
is not exposed to interest rate risk.

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.

I n 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.

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 paid the settlement
amounts. Full payments have been made in accordance with the terms of settlement and 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 year 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 had accepted operational creditor claims of the Company and the same will be settled as part of the
overall 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.

B The Company, in an earlier year, had given an Inter-corporate Deposit (ICD) aggregating ' 1,500 Million. On account of delays
in recovery of the amount, the ICD was assigned to certain related parties (refer note 46) to secure payment of ' 1,706
Million (including accrued interest up to the date of assignment). Further, since there are delays in receiving payment from
these related parties, the aforesaid amount has been provided during an earlier year. The Company has initiated arbitration
proceedings against the said parties for recovering the amounts and the the arbitrator granted an award in favour of the
Company. During the year, the Company has filed execution application to enforce the award.

C The carrying amount of allowance for credit impaired of current financial assets as below:

Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks and financial
institutions with high credit ratings assigned by credit rating agencies. The credit risk on mutual funds is limited with high
credit ratings assigned by credit rating agencies. Further, no major investments in external non-convertible debentures and
other debt instruments.

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 table below provides ageing of trade payables outstanding from due date of payments as at 31 March 2025.

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 (formerly known as Essel Vision Productions Limited); Expand Fast Holdings
(Singapore) Pte. Limited (stuck off on 4 September 2023); OOO Zee CIS Holding LLC; OOO Zee CIS LLC; Taj TV Limited; Zee TV
South Africa (Proprietary) Limited; Zee Unimedia Limited (ceased to be subsidiary w.e.f. 17 August 2023); Z5X Global FZ-LLC; Zee
Entertainment UK Limited (Formerly known as Zee UK Max Limited) (Incorporated on 28 September 2023); Asia TV GmbH; Zee
Multimedia Worldwide (Mauritius) Limited; Zee Entertainment Middle East FZ-LLC ; Zee Media Kenya Limited

ii Other subsidiaries

Margo Networks Private Limited (extent of holding 90%)
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; Creantum Security Solutions Private Limited (Upto
31 March 2024); 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 ; 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; Zen Cruises Private Limited (upto 31 March 2024), E-City Digital Cinemas Private Limited (upto 31 March 2024); Play Games
24x7 Private Limited.

d Directors / Key Management Personnel

Mr. Punit Goenka, CEO (MD & CEO upto 17 November 2024); Mr. Rohit Kumar Gupta (CFO upto 18 June 2024); Mr Mukund Galgali (CFO
effective 19 June 2024) & Deputy CEO; Mr. Ashish Agarwal (Company Secretary); Mr. R Gopalan (Independent Director - Chairman);
Mr. Adesh Kumar Gupta (Non-Executive Director - ceased to be a Director w.e.f. 16 December 2023); Mr. Piyush Pandey (Independent
Director - resigned w.e.f. 23 March 2023); Ms. Alicia Yi (Independent Director - ceased to be a Director w.e.f. 13 July 2023); Mr. Sasha
Mirchandani (Independent Director - ceased to be a Director w.e.f. 24 December 2023 ); Mr. Vivek Mehra (Independent Director -
ceased to be a Director w.e.f. 24 December 2023); Mr. Uttam Prakash Agarwal (Independent Director - appointed w.e.f. 17 December
2023); Mr. Shishir Babhubhai Desai (Independent Director - appointed w.e.f. 17 December 2023); Ms. Deepu Bansal (Independent
Director - appointed w.e.f. 13 October 2023); Mr. Venkata Ramana Murthy Pinisetti (Independent Director - appointed w.e.f. 17 December
2023); Mr. Saurav Adhikari (Independent Director - appointed w.e.f. 29 November 2024); Ms. Divya Karani (Independent Director -
appointed w.e.f. 23 January 2025).

e Relatives of Key Management Personnel

Amit Goenka

None of the aforesaid companies are related parties in accordance with related party definition as per Section 2(76) of the Companies Act,
2013.

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.

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.

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 The Board of Directors of the Company, at Its meeting on 21 December 2021, had considered and approved the Scheme of Arrangement
under Sections 230 to 232 of the Companies Act, 2013 (Scheme), whereby the Company and Bangla Entertainment Private Limited (BEPL)
(an affiliate of Culver Max Entertainment Private Limited (Culver Max) (formerly known as Sony Pictures Networks India Private Limited) shall
merge In Culver Max In accordance with terms of Merger Corporation Agreement (MCA),

During the previous year, on 22 January 2024, Culver Max and BEPL had issued a notice to the Company purporting to terminate the MCA
entered Into by the parties In relation to the Scheme and had sought termination fee of USD 90,000,000 (United States Dollars Ninety
Million) on account of alleged breaches by the Company of the terms of the MCA and initiated arbitration for the same before the Singapore
International Arbitration Centre (SIAC),

On 23 May 2024, the Company issued the notice of termination of the MCA to Culver Max, BEPL and Sony Pictures Entertainment ('SPE') on
account of Culver Max, BEPL's failure to have good-faith negotiations and to remedy their breach of MCA terms and made a counter claim for
termination fee of USD 90,000,000 (United States Dollars Ninety Million) and continues to be entitled to claim damages for losses sustained
by the Company and Its stakeholders,

Pursuant to the approval of the Board of Directors, the Company had entered Into a non-cash settlement agreement with CMEPL and BEPL
inter alia for settling all disputes related to the MCA and the Composite Scheme of Arrangement including withdrawal of all application(s),
claim(s) and/or counterclaim(s) before the SIAC and relinquish all rights to file claim(s) and/or counterclaim(s) against each other including
for USD 90 Million termination fee and other costs, Accordingly, the Scheme cannot be made effective In terms thereof,

Under the terms of the settlement, none of the parties will have any claims or continuing obligations or liabilities to each other,

Pursuant to the above settlement, the Company had obtained approval from the NCLT vide order dated 05 September 2024 effecting recall
of the order dated 10 August 2023. Further, The Company, CMEPL and BEPL had on 30 August 2024 withdrawn its application and its rights to
file claim(s) and/or counterclaim(s) before SIAC and the arbitration proceedings is terminated vide SIAC, order dated on 17 September 2024.

In light of the above, no adjustments are required to the accompanying standalone financial statements with respect to aforesaid matter.

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 KMP of the Company for alleged violation of Section 4(1) and 4(2)(f) of SEBI (Prohibition
of Fraudulent and Unfair Trade Practices (FUTP) relating to Securities Market) Regulations, 2003,

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 has 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 been 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 has been 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,

The management has Informed the Board of Directors that based on Its review of records of the Company / subsidiary, the transactions
(Including refunds) relating to the Company/ subsidiary were against consideration for valid goods and services received,

Based on approval of Board, the Company has filed settlement application with respect to the ongoing investigation which subsequent to the
year-end has been rejected,

SEBI vide Its adjudicating order dated 02 January 2025 has disposed of the proceedings Initiated under the SCN dated 06 July 2022 ('SCN')
and indicates that the content of the SCN will be treated as integral part of the further investigation report by SEBI,

The Board of Directors continues to monitor the progress of aforesaid matters, Based on the above, the management does not expect any
material adverse Impact on the Company / Group with respect to the above and accordingly, believes that no adjustments are required to
the accompanying Financial Statement,

During the previous 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,

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 ZSL by way of review application before the concerned authorities which has been rejected vide order dated 16
October 2023,

Based on the legal opinion obtained, the subsidiary has Initiated the process for further necessary action for obtaining appropriate relief
(including filing of appeal at appropriate forums). The management considering the merits and facts of the case including legal opinion
believes it has a strong legal position and there is no impairment of the investment in the subsidiary,

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 was not enabled at database level up to 16 October 2024 and audit
logs have not been retained as per statutory requirements for record retention, 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 Other than those disclosed elsewhere, there are no other subsequent events that occurred after the reporting date,

60 The standalone financial statements of the Company for the year ended 31 March 2025, were reviewed by the Audit Committee on 7 May
2025 and subsequently approved for Issue by the Board of Directors at their respective meeting held on 8 May 2025,

In terms of our report attached For and on behalf of the Board of Directors

For Walker Ohandiok & Co LLP R Gopalan Uttam Prakash Agarwal Punit Goenka

Chartered Accountants Chairman Director CEO

Firm Registration no, - 001076N/N500013 DIN: 01624555 DIN: 00272983

Ashish Gupta Mukund Galgali Ashish Agarwal

Partner Deputy CEO and Company Secretary

Membership No. 504662 Chief Financial Officer

Place: New Delhi Place: Mumbai

Date: 8 May 2025 Date: 8 May 2025