Diligent 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 financial results, prepared in accordance with the Indian Accounting Standards ("Ind As"), the provisions of Companies Act, 2013 and SEBI regulations, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 30th Jan 2019. These results have been subject to limited Review carried out by the Statutory Auditor of the Company.
2. During the previous year ended 31 March 2018, the Company has given effect to the Scheme of Arrangement and Amalgamation, as approved by the Mumbai Bench of Hon'ble National Company Law Board Tribunal vide its Order dated June 08, 2017, involving demerger of Print Media business of Zee Media Corporation Limited and vested with the Company and amalgamation of Mediavest and Pri-Media with the Company with effect from Appointed date of April 1, 2017. Accordinlgy the figures for the quarter and nine months ended 31st December 2017 are after giving effect to the aforesaid scheme.
3. The Company operates in a single reporting segment namely Printing, Publication and Distribution of newspaper(s).
4. In pursuance of the approval granted by the Shareholders at the 13th Annual General Meeting held on September 21, 2018, the Company had entered into Agreement for sale/assignment of non-core asset comprising of leasehold land at Navi Mumbai at an aggregate consideration of Rs.57.32 Crores. As at December 31, 2018, the Company had received part consideration to the extent of Rs. 30 Crores.
5. The previous period figures have been reclassified / regrouped / readjusted wherever necessary to make them comparable.