Company Overview and CIRP Status

TV Vision Limited (BSE: 540083, NSE: TVVISION) has been admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT Mumbai Bench effective July 30, 2026. Mr. Alok Kumar Murarka was appointed as Interim Resolution Professional (IRP), resulting in suspension of the Board of Directors' powers and transfer of management control to the IRP under Section 17 of the IBC.

Financial Performance and Audit Qualifications

The company reported a significant net loss of ₹344.72 crore for FY26, with revenue declining 73.42% to ₹14.15 crore from ₹53.24 crore in FY25. Statutory auditors M/s. P. Parikh & Associates issued multiple qualified opinions with substantial financial implications:

Key Audit Qualifications:

  • Non-provision of Interest on Bank Loans: ₹195.50 crore difference between PNB's claim (₹294.43 crore) and company's books (₹98.94 crore), including ₹26.16 crore for FY26
  • Non-provision for Impairment: No impairment provided on Business and Commercial Rights (₹125.04 crore) despite no revenue generation
  • Investment Valuation Issues: No provision for diminution in value of investments in subsidiaries (₹300 lakhs) and associate Krishna Showbiz Services (₹301.20 lakhs)
  • Other Deficiencies: Non-provision for interest on overdue operational costs, lack of actuarial valuation for employee benefits, and unreconciled GST input tax credit

Quantified Impact: If all adjustments were made, the net loss would increase to ₹731.48 crore and net worth would decline to -₹216.92 crore from the reported -₹178.26 crore.

Operational and Governance Challenges

The company faces severe operational challenges with bank accounts declared as NPAs since FY18, current liabilities substantially exceeding current assets, and negative net worth of ₹144.25 crore. Management disputes certain impairment requirements, citing long-term business potential despite current financial distress.

Corporate Structure and Subsidiaries

TV Vision maintains three wholly-owned subsidiaries (HHP Broadcasting, MPCR Broadcasting, UBJ Broadcasting) and holds 48% in associate company Krishna Showbiz Services, which is also undergoing CIRP.

Upcoming Corporate Events

The 19th Annual General Meeting is scheduled for September 29, 2026, to be held virtually to adopt financial statements and reappoint Mr. Ravi Gautam Adhikari as director. Remote e-voting will be available from September 26-28, 2026.

Material Uncertainties

The company faces material uncertainty regarding going concern due to CIRP initiation, substantial operational breakdown, loan recalls by secured lenders, SARFAESI Act notices, recovery proceedings with Debt Recovery Tribunal, and negative total equity position.

Regulatory Framework

This disclosure is made under Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 134 of Companies Act, 2013, reflecting the company's deteriorated financial condition and ongoing insolvency resolution process.