Network 18 Media & Investments 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
a. The Audit Committee has reviewed the above results and the Board of Directors has approved the above results and it's release at their respective meetings held on 15th January, 2019. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results.
b. The Company operates in a single reportable operating segment "Media Operations". Hence there are no separate reportable segments in accordance with Ind AS 108 “Operating Segments”.
c. Other income includes net fair value gain/ (loss) on fair valuation of financial assets.
d. The National Company Law Tribunal, Mumbai Bench, has approved the Scheme of Merger by Absorption ("the Scheme") for the merger of the Company’s direct / indirect wholly owned subsidiaries, namely, Digital18 Media Limited, Capital18 Fincap Private Limited, RVT Finhold Private Limited, RRK Finhold Private Limited, RRB Investments Private Limited, Setpro18 Distribution Limited, Reed Infomedia India Private Limited, Web18 Software Services Limited, Television Eighteen Media and Investments Limited, Television Eighteen Mauritius Limited, Web18 Holdings Limited, E-18 Limited and Network18 Holdings Limited (“transferor Companies”) into the Company with appointed date as 1st April, 2016. The Scheme has become effective on 1st November, 2018. The merger has been accounted in accordance with Appendix C of Ind AS 103 ‘Business Combinations’ and accordingly results of all the previous periods have been restated by including results of the transferor companies from the beginning of the previous year i.e. 1st April 2017.
e.The figures for the corresponding previous periods have been regrouped, wherever necessary, to make them comparable.