Key Financial Figures (Standalone)
- Total Income: ₹24.45 lakhs (Q1 FY27) vs ₹16.87 lakhs (Q1 FY26)
- Total Expenditure: ₹386.80 lakhs (Q1 FY27) vs ₹1,351.80 lakhs (Q1 FY26)
- Loss Before Tax: ₹(362.35) lakhs (Q1 FY27) vs ₹(1,334.93) lakhs (Q1 FY26)
- Loss After Tax: ₹(362.35) lakhs (Q1 FY27) vs ₹(1,334.95) lakhs (Q1 FY26)
- EPS: ₹(0.94) basic and diluted (Q1 FY27) vs ₹(3.45) (Q1 FY26)
- Paid-up Equity Share Capital: ₹3,874.45 lakhs (unchanged)
- Other Equity: Negative ₹(18,299.94) lakhs
Key Financial Figures (Consolidated)
- Total Income: ₹24.45 lakhs (Q1 FY27) vs ₹18.29 lakhs (Q1 FY26)
- Total Expenditure: ₹388.58 lakhs (Q1 FY27) vs ₹1,347.67 lakhs (Q1 FY26)
- Loss After Tax: ₹(364.13) lakhs (Q1 FY27) vs ₹(1,329.38) lakhs (Q1 FY26)
- EPS: ₹(0.94) basic and diluted (Q1 FY27) vs ₹(3.43) (Q1 FY26)
- Other Equity: Negative ₹(21,699.99) lakhs
Corporate Insolvency Resolution Process (CIRP) Details
- NCLT Mumbai Bench admitted application filed by Punjab National Bank (Financial Creditor) on July 30, 2026 under Section 7 of IBC 2016
- PNB claims ₹294.43 crores outstanding as of December 31, 2025
- Company's books show liability to PNB of only ₹98.94 crores as of June 30, 2026
- Difference of ₹195.50 crores represents unrecognized interest/penalty from previous years
- Impact of CIRP proceedings on financial results is not presently ascertainable
Auditor Qualifications and Material Uncertainties
Material Uncertainty Relating to Going Concern:
- Operations substantially reduced compared to earlier years
- Secured lenders have recalled loans
- Current liabilities substantially higher than current assets
- Notices issued under SARFAESI Act 2002
- Recovery proceedings initiated with Debt Recovery Tribunal
- Symbolic possession of mortgaged property
- Invocation of pledged shares and corporate guarantees
- Substantial losses incurred in current and previous financial years
- Negative Total Equity as of June 30, 2026
Basis of Qualified Conclusion:
1. Bank Interest Understatement: Finance costs and accumulated losses understated by at least ₹195.50 crores due to unrecognized interest/penalty on term loans from PNB and Indian Overseas Bank
2. Investment Dimunition: No provision for diminution in value of investments totaling ₹331.20 lakhs in subsidiary and associate companies despite fair value being lower than cost
3. Asset Impairment: No impairment loss provided on Business and Commercial Rights carrying value of ₹884.10 lakhs despite strong indication of impairment
4. Interest on Late Payments: No provision for interest expenses on late payment of carriage fees and operational costs to vendors
5. Employee Benefits: No actuarial valuation obtained for leave encashment and gratuity obligations as required under Ind AS
6. GST Compliance: No reversal of Input Tax Credit for creditors unpaid beyond 180 days, resulting in unaccounted GST liability and interest
Subsidiary Company Highlights
UBJ Broadcasting Private Limited:
- Loss of ₹1.44 lakhs in Q1 FY27
- Negative Total Equity
- Material uncertainty regarding going concern
- Trade creditors of ₹78.44 lakhs unpaid since 2017 with no interest provision
HHP Broadcasting Services Private Limited:
- Loss of ₹0.09 lakhs in Q1 FY27
- Negative Total Equity
- Material uncertainty regarding going concern
MPCR Broadcasting Service Private Limited:
- Loss of ₹0.24 lakhs in Q1 FY27
- Negative Total Equity
- Material uncertainty regarding going concern
Additional Notes
- Company operates in single segment: Broadcasting
- Accounts classified as non-performing asset by banks in previous financial years
- No provision made for interest/penal interest on term loans from date of NPA classification
- Previous years' figures have been reclassified/regrouped where necessary
- Financial results prepared in accordance with Ind AS
Meeting Details
- IRP convened meeting held on August 18, 2026
- Meeting commenced at 1:00 PM and concluded at 3:45 PM
- Results reviewed by statutory auditors P. Parikh & Associates