Zee Media Corporation Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above unaudited standalone financial results, prepared in accordance with the Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 24 January, 2019.
2. As per approval granted by the Board at the Meeting held on 28 June, 2018, the Company sold its entire equity stake in Ez-Mall Online Limited to a Related party at an aggregate consideration of Rs. 860 Lakhs. Accordingly, Ez-Mall Online Limited ceased to be subsidiary of the Company with effect from 30 June, 2018 and gain on disposal of above investments of Rs. 60 lakhs is recognised during the nine months ended 31 December, 2018 and is included in Other Income.
3. The Company has only one identifiable business segment viz. Television Broadcasting Business.
4. Post acquisition of balance 40% equity stake in its subsidiary, Zee Akaash News Private Limited (ZANPL) became wholly owned subsidiary of the Company with effect from 1 June, 2018.
5. Other income for the year ended 31 March 2018 includes dividend received of Rs. 600 lakhs from its subsidiary ZANPL.
6. Figures of the previous periods have been regrouped and rearranged wherever considered necessary.