Dear Members,
The Board of Directors of Zee Media Corporation Limited
(ZMCL' or Company') take pleasure in presenting the Twenty Fifth (25th)
Annual Report of the Company, on the business and operations of the Company, together with
Audited Standalone and Consolidated Financial Statements and the
Auditor's Report thereon, for the Financial Year ended March 31,
2024.
1. FINANCIAL HIGHLIGHTS
A summary of the financial performance of the Company for the Financial
Year ended March 31, 2024, is as below:
Particulars |
Standalone - Year ended |
Consolidated - Year ended |
|
March 31, 2024 |
March 31, 2023 |
March 31, 2024 |
March 31, 2023 |
Total Revenue |
4,762.12 |
5,375.62 |
6,630.27 |
7,397.40 |
Total Expenses |
5,859.46 |
5,433.95 |
7,865.44 |
7,763.36 |
Profit / (Loss) before Tax,
Share of Profit / (Loss) of Associates & Exceptional Items |
(1,097.34) |
(58.33) |
(1,235.17) |
(365.96) |
Exceptional Items |
(32.15) |
(388.64) |
(34.98) |
(309.94) |
Share of Profit / (Loss) of Associates |
- |
- |
2.82 |
(51.70) |
Profit / (Loss) before Tax |
(1,129.49) |
(446.97) |
(1,267.33) |
(727.60) |
Tax Expenses (Net) |
(269.62) |
3.02 |
(283.09) |
(39.57) |
Profit /(Loss) after Tax |
(859.87) |
(449.99) |
(984.24) |
(688.03) |
There are no material changes and commitments that occurred after the
close of the financial year till the date of this report which affects the financial
position of the Company, except as mentioned in this report.
Based on internal financial control framework and compliance systems
established in the Company and verified by the external professional firms and statutory
auditor and reviews performed by the management and/or the Audit Committee of the Board,
your Board is of the opinion that Company's internal financial controls were adequate
and effective during the Financial Year 2023-24.
2. DIVIDEND
In view of the need to conserve financial resources, your Directors
have not recommended any dividend for the Financial Year 2023-24.
The Board of Directors of the Company had approved and adopted a Policy
on Distribution of Dividend, as amended from time to time, to comply with Regulation
43A of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations'). The said
Policy of the Company sets out the parameters and circumstances that will be taken into
account by the Board in determining whether or not to distribute dividend to its
shareholders, the quantum of profits and/or retained profits to be distributed as dividend
etc. The policy is available on the website of the Company viz.
www.zeemedia.in.
3. BUSINESS OVERVIEW
Your Company is amongst the key player in the media and broadcasting
sector, boasting with largest and diverse portfolio of Television channels and Digital
properties. With a wide-reaching network of news bureaus, correspondents and stringers
throughout the nation, the Company ensures extensive media coverage. Deploying
cutting-edge technology for content development, assembly and distribution, the Company
further strengthens its position in the competitive landscape of both Television and
Digital Media segments.
ZEEMEDIA
The Company has a diversified portfolio of 20 News Channels comprising
of 16 TV News channels (1 Global,
4 National and 11 Regional channels), 4 digital-only News channels and
more than 30 digital brands. In order to harness and tap the vast opportunities and
expansion within the digital media space, the Company's digital publishing operations
have been consolidated into a distinct Wholly Owned Subsidiary Company viz.
Indiadotcom Digital Private Limited (IDPL).
The Company has progressively broadened its array of digital offerings,
establishing a presence through a basket of channels such as websites, social media
platforms and mobile applications. In attracting its audience, the Company employs a
strategy similar to its television segment, aiming to capture a wide market while also
providing offerings tailored to specific niche audiences. Its digital portfolio
encompasses numerous websites dedicated to specialized channels, each featuring a range of
language options, sub-brands and sections designed to appeal to diverse audiences. The
Company has also forged strong connections with several national and international news
agencies. Leveraging this network, the Company is able to work with correspondents
worldwide, enabling on-the-spot and live coverage, which significantly broadens the
international footprint of its channels, with WION in particular benefiting from this
extensive reach.
The global media and entertainment industry is projected to grow at a
CAGR of 7.80% over the forecast period 2024-29, with the market size expected to rise from
its current estimate of USD 29.88 billion to USD 43.55 billion in five years, as per Modor
Intelligence. Technological advancements have reshaped the media and entertainment
landscape, paving the way for new entrants and driving growth across the board. The rise
of social media has significantly influenced the industry, prompting traditional companies
to adopt digital platforms and resulting in increased advertising expenditures. The
adoption of digital platforms has greatly impacted the industry by streamlining content
creation, distribution and access.
The FICCI-EY report estimates that the Indian Media
& Entertainment (M&E) sector grew by 8% in 2023, reaching 2.3
trillion (US$27.9 billion), surpassing its 2019 pre-pandemic levels by 21%. New media is
responsible for 70% of this growth and now comprises 38% of the market share.
Television revenues are forecasted to grow at a CAGR of 3.2%, reaching
765 billion by 2026, which is about half the rate of expected inflation. The digital
segment, with a 13.5% CAGR, is set to hit 955 billion by 2026 and is anticipated to
surpass television as the largest segment. Digital advertising is predicted to grow at a
13.5% CAGR, reaching 842 billion, driven by improved governance. Advertising from
long-tail and SMEs is expected to grow from 208 billion in 2023 to 304 billion by 2026.
Advertising revenue for OTT platforms in sports and entertainment is projected to generate
80 to 90 billion by 2026, while e-commerce advertising is set to grow the fastest,
reaching 150 billion. Over the past year, the Company has adapted to changes, pioneered
innovations and reinforced its dominant role in the ever-evolving media industry. The
Company ventured into new territories by launching Zee Tamil News, Zee Malayalam News and
Kesar TV. It also fortified its leadership by rebranding Zee Hindustan as Zee Bharat -
aligned with the Ram Temple inauguration in Ayodhya to expand its reach and rebranded Zee
Salaam as Salaam TV. The company's diverse language and multi-platform offerings
delivered news in unique formats, adding value for viewers and stakeholders.
Key Highlights:
Elections: The Company revolutionized election forecasting by
delivering most accurate prediction of Voting Trends with the use of cutting-edge
artificial intelligence technology.
Zeenia: The Company launched its first AI anchor during the
General Elections Exit Poll.
DNA: DNA, our flagship program and the flagbearer of news
analysis in the industry, continues its legacy of excellence undeterred with more insights
and more content enrichment.
Chandrayaan 3: Our live streams on Facebook and YouTube during
the Chandrayaan-3 landing garnered record-breaking viewership.
Ganga Kinare: The initiative celebrated the cultural richness of
Varanasi and raise awareness about the significance of the holy river Ganga. It was also
aimed to spread awareness on clean Ganga.
Zee Real Heroes: We celebrated and recognized the inspirational
personalities across various fields, through our prestigious award Zee Real Heroes.
WION and Zee Business Collaboration: WION and Zee Business
hosted InSight,' a conference to discuss the future of various industries in
2024. Thought leaders gathered to share insights and explore trends shaping the business
landscape.
The Cricket Show: This program captivated viewers during the
Cricket World Cup, demonstrating our ability to deliver captivating sports content.
Switch: We created a unique content platform specifically for
Gen Z, showcasing our commitment to understanding and reaching new demographics.
Petuz: We ventured beyond news, launching an app dedicated to
all things concerning food, catering to a wider audience.
Ananya Samman: The network hosted Ananya Samman awards, an
initiative that aims to recognize and celebrate the achievements of individuals who have
worked hard to make a positive impact in their respective fields.
Mission Sustainability: We launched "Mission
Sustainability," an initiative promoting environmental awareness.
Critics Choice Award: Instituted the first-ever Critics Choice
Award, acknowledging excellence in the media industry.
The Company boasts an extensive social media presence, with a reach of
410 million on Facebook and 262.4 million on YouTube. During FY24, the network achieved
widespread reach across all its platforms and domains, with video views totaling 760.1
million and 7,448.9 million page views, along with 227.8 million user views on its
websites.
Awards & Accolades
WION won 12 esteemed awards for its cutting-edge programming and
digital reporting at the NT Awards 2023.
Financial Performance
The Consolidated Operating Revenue decreased by 11.4% (from 7,206.25
million in FY'23 to 6,382.90 million in FY'24) and the EBITDA stood at
656.12 million in FY'23 as against EBITDA loss of 391.80 million in FY'24).
The Finance Costs decreased by 18.6% (due to repayment of a significant portion of the
NCDs during the year) and Depreciation and Amortization Expenses reduced by 5% in
FY'24 as compared to FY'23. The Net loss was 984.24 million in FY'24 as
compared to net loss of 688.03 million in FY'23.
Consequent to the invocation of the Corporate Guarantee issued by the
Company in relation to the non-convertible debentures of Diligent Media Corporation
Limited (DMCL') and subsequent to the discharge of the liability by the Company
under the said Corporate Guarantee, an amount of 2,900 million was recoverable by the
Company from DMCL, in addition to other receivables of 193.03 million. Post discussions,
the Company and DMCL proposed to settle the entire outstanding amount of 3,093.03
million, by - transfer / assignment of Identified Trademarks of DMCL valued at 1,700
million, cash payment of 120 million and writing off of the balance amount of 1,273.31
million. The Board of Directors of both the companies had approved the Settlement
Agreement inter-alia containing the detailed terms of Settlement. The said
settlement terms were approved by the shareholders of the Company and were also approved
by the shareholders of DMCL. Upon receipt of the requisite approvals, the Company, during
the year ended March 31, 2023, had entered into the Settlement Agreement with DMCL, which
was subject to transfer of all rights, clear title and interest in the identified
trademarks of DMCL to the Company. As per the said Settlement Agreement, the Company had
received the payment of 120 million from DMCL and written off receivables during the
year ended March 31, 2023. Subsequently, the Companies executed addendums / documents with
respect to the settlement agreement, affirming that the Company will have exclusive rights
over the Identified Trademarks and DMCL shall take all steps to transfer the clear title
pertaining to the Identified Trademarks to the Company in a phased manner. Basis the
execution of aforementioned documents, the Company has recognised the Identified
Trademarks as an intangible asset during the year ended March 31, 2024.
4. SUBSIDIARIES & ASSOCIATE COMPANIES
As on March 31, 2024 your Company has 2 (Two) Wholly Owned Subsidiaries
in India (WOS') viz. Zee Akaash News Private Limited and Indiadotcom
Digital Private Limited and 2 (Two) Associate entities, viz. Today Merchandise
Private Limited and Today Retail Network Private Limited.
Wholly Owned Subsidiaries: Zee Akaash News Private Limited
Zee Akaash News Private Limited is a WOS of the Company incorporated in
the State of Maharashtra. The Company is, inter alia, engaged in the business of
broadcasting of satellite television channels namely - Zee 24 Ghanta in Bengali Language.
The Company is a material unlisted subsidiary as on March 31, 2024, as per the thresholds
laid down under the Listing Regulations. In compliance with the provision(s) of Regulation
24 of the Listing regulations, Mr. Raj Kumar Gupta, Director of the company is apponted as
Independent Director on the Board of Zee Akaash News Private Limited (material unlisted
subsidiary).
Indiadotcom Digital Private Limited
With a rationale for projected substantial growth of the digital
publishing business division and with an objective to unlock the digital value and focus
on growth of the digital publishing business across the globe, post necessary approvals,
Rapidcube Technologies Private Limited (Rapidcube') was incorporated as a
wholly owned subsidiary of the Company on October 29, 2020, to undertake the digital
publishing business. Rapidcube Technologies Private Limited changed its name to
Indiadotcom Digital Private Limited' (IDPL') for a better reflection
of its current business proposition.
The Company is a material unlisted subsidiary as on March 31, 2024, as
per the thresholds laid down under the Listing Regulations. In compliance with the
provision(s) of Regulation 24 of the Listing regulations, Ms. Swetha Gopalan and Mr. Raj
Kumar Gupta, Directors of the company are apponted as Independent Directors on the Board
of IDPL.
Post closure of the financial year under review, IDPL had, post
requisite approval, entered into an Agreement dated April 12, 2024, for making an
investment of upto 8,76,00,000/- (Rupees Eight Crore Seventy Six Lakh Only), in
tranches, in Vyomeen Media Private Limited (Newsreach'), a company inter-alia
engaged in the field of PR, media and advertising. The said investment shall be made by
subscribing to equity shares and/or convertible equity-linked instruments (Optionally
Convertible Redeemable Preference Shares) of Newsreach. The said strategic investment aims
to bolster IDPL's presence in the digital publishing sector and unlock value in the
expanding media landscape.
Associates:
Today Merchandise Private Limited and Today Retail Network Private
Limited are the associate companies of your Company. Today Merchandise Private
Limited's objects include handling customer acquisition, marketing, procurement,
sales promotion, brand management, website hosting and other ancillary activities. Today
Retail Network Private Limited's objects include trading of merchandise like
international books, apparels, footwear etc. through internet promotions. Your
Company funds its subsidiary(ies), from time to time, as per the fund requirements, to
meet the working capital and other business requirements, in compliance with applicable
regulatory provisions. During the year ended March 31, 2023, the Company had converted
unsecured loan along with trade receivables aggregating to 1,100.00 million into 110
number of, 0.01% Optionally Convertible Debentures (OCDs') of 10.00 million
each, of its wholly owned subsidiary (WOS) viz. IDPL. The said OCDs are convertible
into equity shares of 10 each in the ratio of 1:1,000,000, within 9 years or at the
option of the IDPL, whichever is earlier. Simultaneously during the same financial year,
the Company's other WOS viz. Zee Akaash News Private Limited also converted
the unsecured loan of 200.00 million into 20 number of, 0.01% Optionally Convertible
Debentures (OCDs') of 10.00 million each, of IDPL at same terms of issuance.
Further, during the financial year ended March 31, 2024, Zee Akaash News Private Limited
also converted additional unsecured loan of 200.00 million into 20, 0.01% Optionally
Convertible Debentures (OCDs') of 10.00 million each, of IDPL, at same terms.
In addition to the above, the status of new subsidiaries established /
incorporated and closed during the year under review and till the date of this report is
as follows:
- Post receipt of requisite approvals, the Company had incorporated a
WOS under the name of Zee Media Americas LLC' on February 27, 2023, in the
State of Delaware, United States of America. The said subsidiary was incorporated for the
distribution of Company's linear channels, digital properties and in-house content.
During the year under review, post approval of the Board dated October 31, 2023, the said
subsidiary was closed/struck off on December 30, 2023.
- Upon the approval of the Board at its meeting held on March 29, 2024,
the Company on April 4, 2024, established a WOS named Zee Media Inc' in the
State of Delaware, United States of America to undertake the business of dissemination of
the Company's content on all distribution platforms, including linear and digital
platforms and to undertake targeted award and event functions.
- Upon the approval of the Board at its meeting held on February 12,
2024, the Company on July 3, 2024, established a WOS named Pinews Digital Private
Limited' in India, to undertake the business of mainstream media, through Hyper Local
App, by intelligently driven Artificial Intelligence.
- The Board at its meeting held on June 13, 2024, approved
incorporation of a WOS of the Company in India to inter-alia engage in the business
of bringing forth ancient knowledge of scriptures intersecting with modern science,
focusing on spirituality, mindfulness and wellbeing through the launch of appropriate
digital and alternative media properties in the infotainment space. The incorporation of
the said WOS is under process.
During the year, there have been no material changes in the nature of
business of the subsidiaries. All subsidiaries and associates of the Company are managed
by their respective Board of Directors in the best interest of those Companies and their
shareholders.
Apart from the above, the Company does not have any Subsidiary /
Joint-venture / Associate Company.
Audited Accounts of Subsidiary Company
Your Company has prepared the Annual Audited Consolidated Financial
Statements in accordance with Section 129(3) of the Companies Act, 2013 (Act')
read with the applicable Indian Accounting Standards and Listing Regulations. As required
under the Indian Accounting Standards (Ind AS), notified under Section 133 of the Act and
applicable provisions of the Listing Regulations, the Audited Consolidated Financial
Statements of the Company reflecting the Consolidation of the Accounts of its Subsidiaries
are included in this Annual Report. Further, a Statement containing the Salient Features
of the Financial Statements of Subsidiaries/Associate Companies pursuant to sub-section 3
of Section 129 of the Act in the prescribed Form AOC-1 is appended to this Board Report.
In accordance with Section 136 of the Act, the Annual Audited Financial
Statements including the Consolidated Financial Statements and related information of the
Company and Annual Audited Accounts of the Subsidiaries are available on the investor
section on the website of the Company viz. www.zeemedia.in. Your Company also has a
policy in place for determining Material Subsidiaries in terms of the applicable
regulations. The Policy for determining Material Subsidiaries is available on the
Company's website viz. www.zeemedia.in.
5. CAPITAL STRUCTURE
During the year under review, there was no change in the Capital
Structure of the Company. Accordingly, as at March 31, 2024, the Capital structure stand
as follows:
The Authorised Share Capital of the Company is 1,93,00,00,000/-
(Rupees One hundred and ninety three crores only) divided into 1,770,000,000 (One hundred
and seventy seven crores) Equity Shares of 1/- (Rupee One) each and 160,000,000 (Sixteen
crores) Preference Shares of 1/- (Rupee One) each.
The Paid-up Equity Share Capital of the Company is 62,54,28,680/-
(Rupees Sixty two crore fifty four lakhs twenty eight thousand six hundred and eighty
Only) divided into 625,428,680 (Sixty two crore fifty four lakhs twenty eight thousand six
hundred and eighty) Equity Shares of 1/- (Rupee one only) each.
In order to meet the growth trajectory / future business expansion
plans and to meet its working capital, capital expenditure and general corporate purpose
requirements, the Board at its meeting held on November 12, 2021, upon a request received
from a promoter group entity expressing its support / intention to invest in the Company,
approved the issuance of upto 135,000,000 (Thirteen Crores and Fifty Lakhs only) Warrants
at a Price of 12.20/- per Warrants (Warrant Issue Price'), aggregating up to
1,647,000,000/- (Rupees One Hundred Sixty Four Crores and Seventy Lakhs Only), in terms
of applicable regulatory provisions.
Further, the Board at its meeting held on January 5, 2022, in
furtherance to the approval of the shareholders and other requisite approvals and upon
receipt of an upfront amount of 3.05/- (Rupees Three decimal point zero five
Only) for each Warrant, aggregating to 41,175,000/- i.e. 25% of Warrant Issue
Price, allotted 135,000,000 Warrants on preferential basis to Asian Satellite Broadcast
Private Limited, a Promoter Group Entity. The said Warrants were inter-se
transferred from Asian Satellite Broadcast Private Limited to another Promoter Group
Entity named Elitecast Media Limited (Elitecast'). In terms of the applicable
provisions and terms of the offer, the payment of Warrant Exercise Price (being 75% of
Warrant Issue Size) was due on or before July 5, 2023. Elitecast informed the Company that
pursuant to the Order(s) passed by Hon'ble Delhi High Court and other courts,
Elitecast had been directed to maintain status quo in respect of the said Warrants.
The Board, at its meeting held on July 5, 2023, while taking on record the communication
of Elitecast, advised the management to file appropriate application with Securities and
Exchange Board of India (SEBI') to seek relaxation / extension for receiving
the Warrant Exercise Price from Elitecast. Accordingly, the Company filed an Exemption
Application under Regulation 300 of the SEBI ICDR Regulations seeking relaxation of strict
enforcement of Regulation 162 (1) read with 169(3) of the SEBI ICDR Regulations, with
SEBI. SEBI vide its communication dated August 24, 2023, has advised the company
that it may seek the said relaxation / extension post final Order of Hon'ble DRT in
the said matter and Company to abide by directions of the Hon'ble DRT in this regard.
Listing of Company's Securities
Your Company's equity shares continue to be listed and traded on
National Stock Exchange of India Limited (NSE') and BSE Limited
(BSE'). Both these Stock Exchanges have nationwide trading terminals and hence
facilitate the shareholders/investors of the Company in trading the shares. The Company
has paid the annual listing fee for the Financial Year 2024-25 to the said Stock
Exchanges.
Depositories
Your Company has arrangements with National Securities Depository
Limited (NSDL') and Central Depository Services (India) Limited
(CDSL'), the Depositories, for facilitating the members to trade in the equity
shares of the Company in Dematerialized form. The Annual Custody fees for the Financial
Year 2024-25 have been paid to both the Depositories.
6. FUND RAISING
Subsequent to closure of the financial year, the Board at its meeting
held on June 26, 2024, considered and granted its In-Principal approval to raise funds
through permissible means under applicable laws including but not limited to, by way of,
issue of equity shares/ convertible bonds/ debentures/ warrants/ preference shares/
foreign currency convertible bond (FCCB) / any other equity linked securities and/ or any
other securities, for an amount not exceeding 200 crores, in one or more tranches,
subject to such approvals as may be required. The Board has also approved the conducting
of Postal Ballot process for seeking approval of the Shareholders for raising of funds as
mentioned above. Postal Ballot process through E-voting commenced on Friday, July 12,
2024, at 9:00 A.M. (IST) and will end on Saturday, August 10, 2024, till 5:00 P.M. (IST).
In accordance with Secretarial Standard on General Meetings (SS-2), issued by the
Institute of Company Secretaries of India, if approved with requisite majority, the
Resolution shall be deemed to have been passed on the last date specified by the Company
for E-Voting i.e. Saturday, August 10, 2024.
7. APPROVAL THROUGH POSTAL BALLOT
During the year under review, no resolution was passed through postal
ballot.
Subsequent to closure of the financial year, upon the approval of the
Board on June 26, 2024, the Company had initiated the process to seek the approval of the
Shareholders by way of a Special Resolution through notice of postal ballot dated June 26,
2024, for Issuance of Securities for an amount not exceeding 200 Crores. The E-voting
period commenced on Friday, July 12, 2024, at 9:00 A.M. (IST) and will end on Saturday,
August 10, 2024, till 5:00 P.M. (IST). The Shareholders of the Company, holding equity
shares either in physical form or in dematerialized form, as on the cut-off date i.e.
Friday, July 5, 2024, were eligible to cast their vote by Remote E-Voting on the said
resolution.
The Resolution, if approved with requisite majority, shall deemed to
have been passed on the last date specified by the Company for E-voting i.e. August
10, 2024. The voting results, in compliance with Regulation 44(3) of the Listing
Regulations and the Scrutinizer's Report as per Section 108 of the Companies Act,
2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014, will be
submitted to the Stock Exchanges and shall also be uploaded on the website of the Company,
within the stipulated timelines after the close of the e-voting.
8. EMPLOYEES STOCK OPTION SCHEME
The Employee Stock Option Scheme (ZNL ESOP-2009') approved
by the Members at the Annual General Meeting held on August 18, 2009, has not been
implemented and no Stock Options were granted under the said ESOP Scheme till date. In
view of this, particulars as required under applicable provisions of Securities and
Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
are not provided.
9. CREDIT RATING
Subsequent to the closure of the financial year, Credit Analysis and
Research Limited (CARE') vide its letter dated July 9, 2024, has revised
Credit ratings for the financial facilities availed by the Company which revision is as
under:
- Fund-based Long Term - Cash Credit facility of the Company of
50 Crores are rated as CARE BB; Negative; and
- Withdrawal of rating for its Fund-based Long Term - Term Loan,
upon repayment of term loan in full.
10. REGISTERED OFFICE
The Registered Office of the Company is presently situated at 135,
Continental Building, 2nd Floor, Dr. Annie Besant Road, Worli, Mumbai
400 018, Maharashtra.
11. REGISTRAR & SHARE TRANSFER AGENT
The Registrar & Share Transfer Agent (RTA') of the
Company is Link Intime India Private Limited. The Registered office of Link Intime India
Private Limited is situated at C-101, 247 Park, LBS Marg, Vikhroli (West), Mumbai - 400
083, Maharashtra.
12. CORPORATE GOVERNANCE & POLICIES
The fundamental principle of Corporate Governance is achieving
sustained growth ethically and in the best interest of all stakeholders. It is not a mere
compliance of laws, rules and regulations but a commitment to values, best management
practices and adherence to the highest ethical principles in all its dealings to achieve
the objects of the Company, enhance stakeholder value and discharge its social
responsibility.
In terms to the requirements of Regulation 34 read with Schedule V of
the Listing Regulations, a detailed report on Corporate Governance along with Compliance
Certificate issued by Ms. Neelam Gupta, Practicing Company Secretary, proprietor of Neelam
Gupta & Associates, is attached and forms an integral part of this Annual Report.
Management Discussion and Analysis Report and Business Responsibility and Sustainability
Report as per Listing Regulations are presented in separate section forming part of this
Annual Report. In compliance with the requirements of the Act and the Listing Regulations,
your Board has approved various Policies including Code of Conduct for Board of Directors
and Senior Management, Policy for determining material subsidiaries, Policy for
preservation of documents & archival of records on website, Policy on Distribution of
Dividend, Policy for determining material events, Policy for fair disclosure of
unpublished price sensitive information, Corporate Social Responsibility Policy, Whistle
blower
& Vigil mechanism Policy, Related Party Transaction Policy etc.
These policies and codes are reviewed by the Committees / Board from time to time. These
policies and codes along with brief on Directors' familiarization
ZEEMEDIA
program and terms and conditions for appointment of independent
directors are available on the Investor Section on the Company's website viz.
www.zeemedia.in In compliance with the requirements of Section 178 of the Act, the
Nomination and Remuneration Committee (NRC') of your Board has fixed the
criteria for nominating a person on the Board which inter-alia include desired size
and composition of the Board, age limits, qualification/experience, areas of expertise,
requisite skill set and independence of individual. Further, in compliance with the
Securities and Exchange Board of India (Prohibition of Insider Trading)Regulations, 2015
(PIT Regulations'), on prevention of insider trading, your Company has a
comprehensive Code of Conduct for regulating, monitoring and reporting of trading by
Insiders. The said Code lays down guidelines, which advise Insiders on the procedures to
be followed and disclosures to be made in dealing with the shares of the Company and
cautions them on consequences of non-compliances. Your Company has further put in place a
Code of practices and procedures of fair disclosures of unpublished price sensitive
information. The said codes are applicable to all Directors, Key Managerial Personnel
(KMPs') and other Designated Persons, as identified in the Code, who may have
access to unpublished price sensitive information of the Company. The codes are available
on Company's website viz. www.zeemedia.in The Audit Committee of the Board has
been vested with powers and functions relating to Risk Management which inter-alia
includes (a) review of risk management policies and business processes to ensure that the
business processes adopted and transactions entered into by the Company are designed to
identify and mitigate potential risk; (b) evaluation of internal financial controls and
risk management systems; (c) laying down procedures relating to Risk assessment,
minimization and monitoring risk management plan.
The Risk Management Committee of the Board assesses the Company's
risk profile, acceptable level of risk, access cyber security, develop and maintain risk
management framework, measures of risk mitigation and business continuity plan. The said
Committee also performs such other functions as may be entrusted to it by applicable
regulatory provisions and the Board, from time to time.
13. DIRECTORS' & KEY MANAGERIAL PERSONNEL
Your Company has an appropriate mix of Executive, Non-Executive
Non-Independent and Independent Directors, representing a blend of professionalism,
knowledge and experience which ensures that the Board independently perform its governance
and management functions. The Company professes the importance of diversity at the Board
and at all levels within the organization.
As on March 31, 2024, the Board comprised of 7 (Seven) Directors which
include 1 (One) Executive Director, 3 (Three) Non-Executive Non-Independent Directors and
3 (Three) Independent Directors including 1 (One) Woman Independent Director.
No change in the composition of the Board of Directors took place
subsequent to the closure of the Financial Year. Pursuant to provisions of Section 152(6)
of the Act, Mr. Surender Singh (DIN: 08206770) retires by rotation at this Annual General
Meeting and, being eligible, has offered himself for re-appointment. The Board at its
meeting held on August 7, 2024, upon recommendation of the Nomination and Remuneration
Committee, has considered and recommended his re-appointment to the shareholders of the
Company.
As required under Regulation 36(3) of the Listing Regulations,
particulars of Director seeking reappointment at this AGM are given in the Annexure to the
AGM Notice.
Your Company has obtained a Certificate from Ms. Neelam Gupta,
Practicing Company Secretary, proprietor of Neelam Gupta and Associates, pursuant to
Regulation 34(3) read with Schedule V para C clause
10 (i) of the Listing Regulations, confirming that none of the
Directors on the board of the Company have been debarred or disqualified from being
appointed or continuing as Directors of Companies by the Board/ Ministry of Corporate
Affairs or any such Statutory Authority.
Key Managerial Personnel (KMP')
As on March 31, 2024, the following were the KMP of the Company
pursuant to sections 2(51) and 203 of the Companies Act, 2013 read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014: (a)
Mr. Dinesh Kumar Garg, Executive Director - Finance & Chief Financial Officer; (b) Mr.
Abhay Ojha, Chief Executive Officer; and (c) Ranjit Srivastava, Company Secretary and
Compliance Officer Post closure of Financial Year till the date of this report, the
following were the changes in the KMP's of the Company: (a) Mr. Abhay Ojha ceased to
be the Chief Executive Officer of the Company with effect from May 4, 2024; and (b) Mr.
Karan Abhishek Singh appointed as the Chief Executive Officer of the Company, with effect
from July 10, 2024.
Chairman of the Board
Mr. Susanta Kumar Panda, Non-Executive Independent Director, is the
Chairman of the Board, who was appointed as Chairman with effect from September 1, 2020.
Board Diversity
Adequate diversity on the Board is essential to meet the challenges of
business globalisation, rapid deployment of technology, greater social responsibility,
increasing emphasis on corporate governance and enhanced need for risk management. The
Board enables efficient functioning through diversity in perspective and skill and fosters
differentiated thought processes at the back of varied industrial and management
expertise, knowledge and geographical backgrounds. The Board recognizes the importance of
a diverse composition and has adopted a board diversity policy which sets out its approach
to diversity. The Company recognizes and embraces the importance of a diverse Board in its
success.
Board Meetings
The meetings of the Board are scheduled at regular intervals to discuss
and decide on matters of business performance, policies, strategies and other matters of
significance. Notice of the meetings is circulated in advance, to ensure proper planning
and effective participation. In certain exigencies, decisions of the Board are also
accorded through circulation and through meeting(s) convened at shorter notice. The
Directors of the Company are given the facility to attend meetings through video
conferencing, in case they so desire, subject to compliance with the specific requirements
under the Act.
The Board met 7 (Seven) times during the Financial Year 2023-24, the
details of which are given in the Corporate Governance Report which forms part of this
Annual Report. The intervening period between any two Board Meetings was within the
maximum time permissible under the Act and Listing Regulations.
Declaration by Directors / Independent Directors
All Directors of the Company have confirmed that they are not debarred
from holding the office of Director by virtue of any SEBI Order or order of any other such
authority. The Directors, Key Managerial Personnel and Senior Management have affirmed
compliance with the Code of Conduct laid down by the Company.
Independent Directors provide declarations, both at the time of
appointment as well as annually, confirming that they meet the criteria of independence as
defined in Regulation 16(1)(b) of the Listing Regulations and Section 149(6) of the Act
along with Rules framed thereunder. In terms of Regulation 25(8) of the Listing
Regulations, the Independent Directors have confirmed that they are not aware of any
circumstances or situation which exists or may be reasonably anticipated that could impair
or impact their ability to discharge their duties. Based on the declarations received from
the Independent Directors, the Board has confirmed that they meet the criteria of
independence as mentioned under Section 149(6) of the Act and Regulation 16(1)(b) of the
Listing Regulations and that they are independent of the management.
A declaration on compliance with Rule 6(3) of the Companies
(Appointment and Qualification of Directors) Rules, 2014, regarding the requirement
relating to enrollment in the Data Bank for Independent Directors as stipulated under
Section 150 of the Act, has been received from all the Independent Directors, along with
declaration made under Section 149(6) of the Act.
There are no pecuniary relationships or transactions between the
Independent Directors and the Company, except for the payment of Sitting Fee and
Commission.
Separate Meeting of the Independent Directors
In accordance with the provisions of Schedule IV to the Act and
Regulation 25(3) of the Listing Regulations, a separate meeting of the Independent
Directors of the Company was held on March 29, 2024. The Independent Directors reviewed
the performance of Non-Independent Directors and the Board as a whole, performance of the
Chairperson of the Company, after taking into account the views of Executive Directors and
Non-Executive Directors and assessed the quality, quantity and timeliness of flow of
information between the Company Management and the Board, which is necessary for the Board
to effectively and reasonably perform their duties.
Board Evaluation
In line with the Corporate Governance Guidelines of your Company and in
accordance with the criteria laid down by Nomination and Remuneration Committee
(NRC'), a formal evaluation of the performance of the Board, its Committees,
the Chairman and the Individual Directors was carried out by the Board during the
Financial Year 2023-24. The Board evaluation framework has been designed in compliance
with the requirements specified under the Act, the Listing Regulations and in accordance
with the Guidance Note on Board Evaluation issued by Securities and Exchange Board of
India (SEBI'). The evaluation process was carried out based on an assessment
sheet structured in line with ICSI guidance note and the guidance note issued by SEBI in
this regard. The Independent Directors of your Company, in a separate meeting, evaluated
the performance of the Chairman and other Non-Independent Directors along with the
performance of the Board based on various criteria recommended by the NRC and
Guidance Note on Board Evaluation' issued by the SEBI. A report on such
evaluation done by the Independent Directors was taken on record by the Board and further
your Board, in compliance with requirements of the Act, evaluated performance of all the
Directors, Board as a whole, based on various parameters including attendance,
contribution etc.
The Board and the NRC reviewed the performance of individual directors
on the basis of criteria such as the contribution of the individual director to the board
and committee meetings like preparedness on the issues to be discussed, meaningful and
constructive contribution and inputs in meetings, etc.
At the Board meeting that followed the meeting of the Independent
Directors and meeting of NRC, the performance of the Board, its committees and Individual
Directors was also discussed. Performance evaluation of independent directors was done by
the entire Board, excluding the Independent Director being evaluated. The Board of
Directors have opined that they are satisfied with regard to the integrity, expertise and
experience (including proficiency) of the Independent Director of the Company.
The details of the evaluation process are set out in the Corporate
Governance Report which forms part of this Report.
Policy on Directors' Appointment and Remuneration
In compliance with the requirements of Section 134(3) (e) and Section
178(3) of the Act, the Nomination & Remuneration Committee (NRC'), had
fixed the criteria for nominating a person on the Board which, inter-alia, include
desired size and composition of the Board, age limit, qualification / experience, areas of
expertise, skill set and independence of individual.
Further, pursuant to provisions of the Act, the NRC has formulated the
Nomination and Remuneration Policy for the appointment and determination of remuneration
of the Directors, Key Management Personnel, Senior Management and other Employees of your
Company, salient features whereof are annexed to this report. The NRC has also developed
the criteria for determining the qualifications, positive attributes and independence of
Directors and for making payments to Executive Directors of the Company. The policy is
available at the Investor Section on the website of the Company at viz.
www.zeemedia.in The NRC takes into consideration the best practices in the industry while
fixing the terms of the appointment including remuneration packages. Further, the
compensation package for the Director, Key Managerial Personnel, Senior Management and
other employees is designed based on the set of principles enumerated in the said policy.
The remuneration paid to the Directors, Key Managerial Personnel, Senior Management and
other employees is as per the Nomination and Remuneration Policy of your Company.
The applicable remuneration details of the Key Managerial Personnel,
along with details of ratio of remuneration of Director to the median remuneration of
employees of the Company for the financial year under review are provided as Annexure to
this Report.
Familiarization Program for Directors
All Independent Directors are taken through an induction and
familiarization program when they join the Board of your Company. The induction program
covers the Company's history, background of the Company and its growth over the last
few years, various milestones in the Company's existence, the present structure and
an overview of the business and functions. Independent Directors of the Company have also
been familiarized with their roles, rights and responsibilities.
During the year under review in addition to management presentation on
key changes in regulatory framework and industry updates, a detailed familiarization
program was conducted for the Board members by Ernst & Young LLP on - Key amendments
in Companies Act, 2013 and Listing Regulation, related party transactions and Independent
Directors Duties, Responsibilities and Liabilities.
The Board including all Independent Directors are provided with
relevant documents, reports and internal policies to enable them to familiarize with the
Company's procedures and practices from time to time besides regular briefing by the
members of the Senior Management Team.
The details of Familiarization Program can be viewed in the Investor
section of Company's website at www. zeemedia.in
Committees of the Board
In compliance with the requirements of the Act,
Listing Regulations and for smooth functioning of the Company, your
Board has constituted various Board Committees including Audit Committee, Nomination &
Remuneration Committee, Stakeholders Relationship Committee, Corporate Social
Responsibility Committee, Risk Management Committee, Finance Sub-Committee, Corporate
Management Committee and Disciplinary Committee.
(a) Audit Committee
Your Company has a duly constituted Audit Committee and its composition
as well as charter is in line with the requirements of the Act and Listing Regulations.
Composition
In compliance with Section 177 of the Act read with rules made thereto
and Regulation 18 of the Listing Regulations, the Audit Committee of the Board as on March
31, 2024, comprised of 3 (Three) members, with Mr. Raj Kumar Gupta, Independent Director
as its Chairman, Mr. Susanta Kumar Panda, Independent Director and Mr. Dinesh Kumar Garg,
Executive Director - Finance as its members. Subsequent to the closure of the Financial
Year and as on the date of this report, there has been no change in the composition of the
Committee. The Company Secretary acts as the Secretary of the Committee.
(b) Nomination and Remuneration Committee
The Company has a duly constituted Nomination and Remuneration
Committee (NRC') which, inter-alia, identifies and recommends persons
who are qualified to become Directors and reviews and recommends the remuneration and
other employment terms and conditions of Directors and Senior Management.
Composition
In compliance with Section 178 of the Act read with rules made thereto
and Regulation 19 of the Listing Regulations, the NRC of the Board as on March 31, 2024,
comprised of 3 (Three) members, with Mr. Raj Kumar Gupta, Independent Director as its
Chairman,
Mr. Susanta Kumar Panda, Independent Director and Mr. Surender Singh,
Non-Executive Non-Independent Director as its Members. Subsequent to the closure of the
Financial Year and as on the date of this report, there has been no change in the
composition of the Committee. The Company Secretary acts as the Secretary of the
Committee.
(c) Stakeholders Relationship Committee
The Company has a duly constituted Stakeholders Relationship Committee
which inter-alia looks into various aspects of interests of shareholders and
debenture holders including investors' grievances arising out of issues regarding
share transfers, dividends, dematerialization and related matters, evaluating performance
and service standards of the Registrar and Share Transfer Agent and takes requisite
actions to redress the same.
Composition
In compliance with Section 178 of the Act read with rules made thereto
and Regulation 20 of the Listing Regulations, the Stakeholders Relationship
Committee' of the Company as on March 31, 2024, comprised of Mr. Amitabh Kumar,
Non-Executive Non-Independent Director as Chairman, Mr. Raj Kumar Gupta, Independent
Director and Mr. Dinesh Kumar Garg, Executive Director - Finance as its Members. After the
closure of the Financial Year and as on the date of this report, there has been no change
in the composition of the Committee. The Company Secretary acts as the Secretary of the
Committee.
(d) Corporate Social Responsibility Committee
The Company has a duly constituted Corporate Social Responsibility
(CSR') Committee which is responsible for formulation, recommendation of the
CSR policy of the Company and monitoring of the CSR spent by the Company.
Composition
In compliance with Section 135 of the Act read with rules made thereto,
the CSR Committee of the Board as on March 31, 2024, is comprised of 3 (Three) members,
with Mr. Surender Singh, Non-Executive Non-Independent Director as its Chairman, Mr. Raj
Kumar Gupta, Independent Director and Mr. Dinesh Kumar Garg, Executive Director - Finance
as its Members. After the closure of the Financial Year and as on the date of this report,
there has been no change in the composition of the Committee. The Company Secretary acts
as the Secretary of the Committee.
(e) Risk Management Committee
The Company has a duly constituted Risk Management Committee
(RMC') which, inter alia, focus on risk management including
determination of Company's risk appetite, risk tolerance, risk assessments (risk
identification, risk evaluation, risk management and mitigation) etc. including
cyber security.
Composition
In compliance with Regulation 21 read with Part D of Schedule II of the
Listing Regulations, the RMC of the Board as on March 31, 2024, comprised of 3 (Three)
members with Mr. Susanta Kumar Panda, Independent Director, as its Chairman, Ms. Swetha
Gopalan, Independent Director and Mr. Dinesh Kumar Garg, Executive Director Finance
& Chief Financial Officer, as its members. The Company Secretary acts as the Secretary
of the Committee. After the closure of the Financial Year and as on the date of this
report, there has been no change in the composition of the Committee.
(f) Finance Sub-Committee
The Board has constituted a Finance SubCommittee which has been
delegated the functions of monitoring and expediting any debt fund raising process,
approve financing facilities offered and/ or sanctioned to the Company by various Banks
and/or Indian Financial Institutions from time to time, in the form of Term Loans, Working
Capital facilities, Guarantee Facilities, etc., including the acceptance of terms and
conditions of such facilities being offered. As on March 31, 2024 and as on the date of
this report, the Finance Sub-Committee comprised of Mr. Surender Singh, Non-Executive
Non-Independent Director as its Chairman, Mr. Dinesh Kumar Garg, Executive Director
Finance
& Chief Financial Officer and Mr. Amitabh Kumar, Non- Executive
Non-Independent Director, as its members. The Company Secretary acts as the Secretary of
the Committee. After the closure of the Financial Year and as on the date of this report,
there has been no change in the composition of the Committee.
(g) Corporate Management Committee
The Board has constituted a Corporate Management Committee comprising
Senior Executives of the Company to review, approve and/or grant authorities for managing
day-to-day affairs of the Company within the powers delegated by the Board.
As on March 31, 2024, the Corporate Management Committee comprised of 3
(Three) members with Mr. Dinesh Kumar Garg, Executive Director Finance & Chief
Financial Officer as Chairman, Mr. Ranjit Srivastava, Company Secretary and Mr. Abhay
Ojha, Chief Executive Officer as its members. Consequent to the cessation of Mr. Abhay
Ojha as the Chief Executive Officer of the Company and appointment of Mr. Karan Abhishek
Singh, as Chief Executive Officer of the Company, the Corporate Management Committee of
the Company was reconstituted on August 7, 2024, wherein Mr. Karan Abhishek Singh, Chief
Executive Officer of the Company, was inducted as a member of the said Committee.
Accordingly, as on the date of this report, the Corporate Management Committee comprises
of 3 (Three) members namely Mr. Dinesh Kumar Garg, Executive Director Finance &
Chief Financial Officer, Mr. Karan Abhishek Singh, Chief Executive Officer and Mr. Ranjit
Srivastava, Company Secretary, as its members.
(h) Disciplinary Committee
The Board of Directors had constituted a Disciplinary
Committee' for considering and finalizing the action(s) to be taken by the Company in
case of any violation of Company's Insider Trading
Code read with SEBI (Prohibition of Insider Trading) Regulations, 2015
and the charter laid down by the Board.
As on March 31, 2024 and as on the date of this report, the
Disciplinary Committee is comprised of Mr. Susanta Kumar Panda, Independent Director as a
Chairman, Mr. Dinesh Kumar Garg, Executive Director Finance & Chief Financial
Officer and Mr. Ranjit Srivastava, Company Secretary of the Company as its members.
(i) Executive Board
Upon the recommendation of the NRC, the Board approved the constitution
of an Executive Board' consisting of key business executives to strategize and
drive the business operations of the Company in the current competitive environment as
well as to draw synergies from various business functions of the Company. The Executive
Board reports to the Board of the Company and makes periodic presentations on the business
operations. The Executive Board is responsible for finalizing and implementing the
Editorial, Marketing and Sales strategy and for driving synergies for the businesses. The
Executive board periodically evaluates the policies of the Company, review any Legal issue
/ Litigation / Regulatory issue and is solely responsible for the business operations and
Budget of the assigned function. As on the date of this report, the Executive Board
comprises of Dr. Idris Memon Loya (Chief Executive Officer of Company's wholly owned
subsidiary viz. Indiadotcom Digital Private Limited), Ms. Mona Jain, Chief Revenue
Officer, Mr. Pankaj Rai, Chief Business Officer WION and Zee Business and Mr. Rahul
Sinha, Managing Editor Zee News.
Details of constitution of the Board Committees, which are in
accordance with regulatory requirements, have been uploaded on the website of the Company viz.
www.zeemedia.in. Details of scope, constitution, terms of reference, number of meetings
held during the year under review along with attendance of Committee Members therein form
part of the Corporate Governance Report annexed to this report.
During the year, all the recommendations made by the Committees of the
Board including the Audit Committee, which were mandatorily required, were accepted by the
Board.
Vigil Mechanism / Whistle Blower Policy
Your Company is committed to the highest standards of ethical, moral
and legal business conduct. Accordingly, the Board of Directors has formulated a Vigil
Mechanism / Whistle Blower policy which provides a robust framework for dealing with
genuine concerns & grievances. The policy provides access to Directors / Employees /
Stakeholders of the Company to report concerns about unethical behavior, actual or
suspected fraud of any Director and / or Employee of the Company or any violation of the
Code of Conduct. The policy safeguards whistleblowers from reprisals or victimization, in
line with the Regulations. Any incidents that are reported are investigated and suitable
action is taken in line with the Policy. During the year under review, one case was
reported under the Vigil Mechanism. The said complaint was duly investigated wherein it
was revealed that the allegations were not substantiated and accordingly the complaint was
closed during the year under review without any further action. The Whistle Blower Policy
is available at the Investor Section on the website of the Company at viz.
www.zeemedia.in
Directors and Officers (D&O) Liability Insurance
Your Company has taken D&O Insurance for all of its Directors
(including Independent Directors) and Senior Management for such quantum and risks as
determined by the Board.
Cost Records
Your Company is required to maintain the Cost Records as specified by
the Central Government under sub-section (1) of Section 148 of the Act read with
applicable notifications thereto. Your board at its meeting held on May 29, 2024, had
re-appointed Chandra Wadhwa & Co., (Firm Registration No. 000239), Cost Accountants,
to carry out Audit of Cost Records of the Company for the Financial
Year 2024-25. The Company has been making and maintaining the Cost
Accounts and Records, including for the Financial Year 2023-24, as required under
applicable provisions. The Cost Auditors have issued their unqualified report for the
Financial Year 2023-24, which has been taken on record by the Audit Committee / Board of
the Company at its meeting held on August 7, 2024.
In accordance with the provisions of section 148 of the Act read with
the Companies (Audit and Auditors) Rules, 2014, since the remuneration payable to the Cost
Auditor for financial year 2024-25 is required to be ratified by the members, the Board
upon the recommendation of the Audit Committee, recommends the same for confirmation &
ratification by members at the ensuing AGM.
14. CORPORATE SOCIAL RESPONSIBLITY
In terms of the applicable regulatory provisions, the Board of
Directors of your Company has constituted a Corporate Social Responsibility
(CSR') Committee. CSR at Zee Media is all about creating sustainable programs
that actively contribute to and support the social and economic development of society and
participation in educational initiatives. The CSR projects are identified and recommended
for consideration by CSR Committee and upon approval, the funds are remitted for
utilization towards approved CSR Projects. The Committee monitors and reviews utilization
of CSR funds.
A brief outline of the CSR Philosophy, salient features of the CSR
Policy of the Company, the CSR initiatives undertaken during the financial year 2023-24
together with progress thereon and the report on CSR activities in the prescribed format,
as required by the Companies (Corporate Social Responsibility Policy) Rules, 2014, is
appended to this Board Report. Further, the Chief Financial Officer confirms that
the CSR spends are utilized for the purpose and in the manner approved by the Board of
Directors of the Company.
The Company has a Corporate Social Responsibility (CSR) Policy in
accordance with the provisions of the Act and Rules made there under. The contents of the
CSR
Policy are disclosed on the website of the Company viz.
www.zeemedia.in Details of the CSR Committee composition, role and meetings, etc. have
been provided in the Report on Corporate Governance.
15. AUDITORS
Statutory Auditors: Ford Rhodes Parks & Co. LLP, Chartered
Accountants (ICAI Firm Registration No. 102860W/W100089) were re-appointed as the
Statutory Auditors of the Company at the 23rd Annual General Meeting
(AGM') of the Company held on September 30, 2022, for a second term of 5 (five)
consecutive years. Accordingly, they shall hold office till the conclusion of the 28th
Annual General Meeting of the Company. The report of the Statutory Auditors forms part of
the Annual Report. The said report is self-explanatory and does not contain any
qualification, reservation, adverse remarks or disclaimer.
Secretarial Auditor: In terms of Section 204 of the Act and the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Secretarial Audit for the Financial Year ended March 31, 2024, was carried out by Ms.
Neelam Gupta, Practicing Company Secretary (holding ICSI Certificate of Practice No.
6950), proprietor of Neelam Gupta & Associates. Secretarial Audit report (in MR-3
format) inter alia confirming compliance with applicable regulatory requirements by
the Company during FY 2023-24 is appended to this Board Report. The said report does not
contain any qualifications, reservations or adverse remarks or disclaimer.
Zee Akaash News Private Limited and Indiadotcom Digital Private
Limited, the unlisted material subsidiaries (wholly owned) of your Company, had also
appointed Ms. Neelam Gupta, Practicing Company Secretary (holding ICSI Certificate of
Practice No. 6950), proprietor of Neelam Gupta & Associates, as its Secretarial
Auditor to conduct the Secretarial Audit for the FY 2023-24 The said Audit has been
conducted in accordance with Section 204 of the Act, the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 made thereunder and in compliance to
applicable regulatory provisions. The said Reports are also annexed to this Annual Report
and does not contain any qualifications, reservations or adverse remarks.
Additionally, in compliance with the requirements of Regulation 24A(2)
of Listing Regulations, the Annual Secretarial Compliance Report duly signed by Ms. Neelam
Gupta, Practicing Company Secretary, proprietor of Neelam Gupta & Associates has been
submitted to the Stock Exchanges within the prescribed timelines. The reports of Statutory
Auditor and Secretarial Auditor forms part of this Annual report. The said report does not
contain any qualifications, reservations or adverse remarks or disclaimer.
Further, the Board at its meeting held on May 24, 2024, had
re-appointed Ms. Neelam Gupta, Practicing Company Secretary (holding ICSI Certificate of
Practice No. 6950), proprietor of Neelam Gupta & Associates, as the Secretarial
Auditor of the Company for the Financial Year 2024-25.
Cost Auditor: Your Company is required to maintain the Cost Records
as specified by the Central Government under sub-section (1) of Section 148 of the Act.
In compliance with the requirements of Section 148 of the Act read with
Companies (Cost Records and Audit) Rules, 2014, Chandra Wadhwa & Co., (Firm
Registration No. 000239), Cost Accountants, were re-appointed as Cost Auditor to carry out
Audit of Cost Records of the Company for the FY 2023-24. The Cost Auditor have issued
unqualified report for the Financial Year 2023-24, which has been taken on record by the
Audit Committee and the Board of the Company at their meeting held on August 7, 2024.
Further, the Board, on the recommendation of Audit Committee, at its
meeting held on May 24, 2024, had approved the re-appointment of Chandra Wadhwa & Co.,
(Firm Registration No. 000239), Cost Accountants, as Cost Auditor to carry out Audit of
Cost Records of the Company for the Financial Year 2024-25.
Requisite proposal seeking ratification of remuneration payable to the
Cost Auditor for the Financial Year 2024-25 by the Members as per Section 148 read with
Rule 14 of Companies (Audit and Auditors) Rules, 2014, forms part of the Notice of
convening the Annual General Meeting.
Internal Auditor: The Board, on the recommendation of Audit
Committee, appointed SS Kothari Mehta & Company' as the Internal Auditor of
the Company for FY 2023-24. At the beginning of each Financial Year, an audit plan is
rolled out with approval by the Audit Committee. The said plan is devised in consultation
with the Statutory Auditors. The plan is aimed at evaluating the efficacy and adequacy of
internal control systems and compliance thereof, robustness of internal processes,
policies and accounting procedures and compliance with laws and regulations. Based on the
reports of internal audit, process owners undertake corrective action in their respective
areas. Audit observations and corrective actions are periodically presented to the Audit
Committee of the Board.
The Board, on the recommendation of the Audit Committee, at its
meetings held on May 24, 2024, approved the re-appointment of SS Kothari Mehta &
Company', as the Internal Auditor of the Company for the Financial Year 2024-25.
Reporting of Frauds by Auditors
During the year under review, there were no frauds reported by the
Statutory Auditors, Secretarial Auditors and Cost Auditors to the Audit Committee or the
Board under Section 143(12) of the Act.
16. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT & MANAGEMENT
DISCUSSION AND ANALYSIS
A detailed Business Responsibility and Sustainability Report for the
Financial Year 2023-24, in terms of the provisions of Regulation 34 of the Listing
Regulations forms part of the Annual Report.
The Management Discussion and Analysis report is separately attached
hereto and forms an integral part of this Annual Report. The said report gives details of
the overall industry structure, economic developments, performance and state of affairs of
your Company's business and other material developments during the FY under review.
17. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company is inter-alia into the business of Broadcasting of
News and Current Affairs Television
Channels. Since this does not involve any manufacturing activity, most
of the Information required to be provided under Section 134 (3)(m) of the Act, read with
Rule 8(3) of the Companies (Accounts) Rules, 2014, is not applicable. However, the
information as applicable is given hereunder: Conservation of Energy: Your Company,
being a service provider, requires minimal energy consumption and every endeavor has been
made to ensure optimal use of energy, avoid wastages and conserve energy as far as
possible in all the offices, studios and news bureaus of the Company across the country.
Technology Absorption: In its endeavor to deliver the best to its
viewers and business partners, your Company has been constantly active in harnessing and
tapping the latest and best technology in the industry. The company's Studios,
broadcasting facilities and news collection and dissemination processes use the best
in-class technology.
Foreign Exchange Earnings and Outgo: During the year under review,
your Company had foreign exchange earnings of 21.73 Million and outgo of 130.46
Million.
18. HUMAN RESOURCE MANAGEMENT
Human Resource Management has been one of the key priorities for your
company. While harmonizing people's practices, the strategic approach had been to
adopt best aspects, align to the market-best practices and build a future ready
organization.
The Company believes that the key to excellent business results is a
committed talent pool. Human resources are the most critical element responsible for
growth and the Company acknowledges their contribution and works towards their
satisfaction as a top priority. The HR policies continually strive towards attracting,
retaining and developing the best talent required for the business to grow. Regular
training is conducted for the employees to ensure skill upgradation and personal
development throughout the various organizational levels.
The Company values its talent pool and works hard to retain its best
talent by providing ample opportunities to grow. The Company focuses on providing
opportunity for the development of and enhancing the skill sets of its employees at all
levels of the business. Several workshops have been conducted for employees across the
country, so they understand and exhibit the values of the Company in their work and
behavior. Continuous training program / sessions are provided which helps in keeping the
optimization and moral of the Organisation at a higher level.
Your Directors place on record their appreciation for the significant
contribution made by all employees, who through their competence, dedication, hard work,
cooperation and support, have contributed to the business operations of the Company.
Particulars of Employees
As on March 31, 2024, the total numbers of permanent employees of the
Company were 1,774. The information required under the provisions of Section 197 of the
Act read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 along with the statement showing names and other particulars of top 10
employees including employees drawing remuneration in excess of the limits prescribed
under the said rules is annexed to this report.
19. DISCLOSURES i. Particulars of loans, guarantees and investments:
Particulars of loans, guarantees and investments made by the Company as required under
Section 186(4) of the Act are given in Note No. 38 to the Standalone Financial Statements.
ii. Transactions with Related Parties: In terms of the applicable statutory
provisions, the related party transactions are placed before the Audit Committee for its
approval and statements of all related party transactions are placed before the Audit
Committee for its review on a quarterly and yearly basis, specifying the nature, value and
terms and conditions of the transactions along with arms-length justification. All Related
Party Transactions entered during the year were in Ordinary Course of the Business and on
Arm's Length basis. During the year under review, there have been no materially
significant related party transactions as defined under Section 188 of the Act and
Regulation 23 of the Listing Regulations and accordingly no transactions are required to
be reported in Form AOC-2 as per Section 188 of the Act. iii. Risk Management: Your
Company follows a comprehensive system of Risk Management. It has adopted a policy and
procedure for rapid identification, definition of risk mitigation plans and execution.
Your Company has defined operational processes to ensure that risks are identified and the
operating management is responsible for reviewing, identifying and implementing mitigation
plans for operational and process risk. Key strategic and business risks are identified,
reviewed and managed by senior management team. The Risks and their mitigation plans are
updated and reviewed periodically by the Audit Committee / risk Management Committee and
are integrated in the Business plan for each year. The details of Constitution, scope and
meetings of the Risk Management Committee forms part of the Corporate Governance Report.
In the opinion of the Board there are no risks that may threaten the existence of the
Company. iv. Internal Financial Controls and their Adequacy: Your company has an
effective internal control and risk mitigation system, which is constantly assessed and
strengthened with standard operating procedures and which ensures that all the assets of
the Company are safeguarded & protected against any loss, prevention and detection of
frauds and errors, ensuring accuracy and completeness of the accounting records, timely
preparation of reliable financial information and that all transactions are properly
authorized and recorded. The Company has laid down procedures to inform audit committee
and board about the risk assessment and mitigation procedures, to ensure that the
management controls risk through means of a properly defined framework. The Audit
Committee evaluates the internal financial control system periodically and deals with
accounting matters, financial reporting and periodically reviews the Risk Management
Process.
During the year, such controls were assessed and no reportable material
weaknesses in the design or operation were observed.
v. Deposits: Your Company has not accepted any public deposit under
Chapter V of the Act. vi. Transfer to Investor Education and Protection Fund: The
Company has transferred the unpaid or unclaimed dividends declared for the financial years
2015-16, to the Investor Education and Protection Fund (IEPF') established by
the Central Government. Details of dividends so far transferred to the IEPF Authority are
available on the website of IEPF Authority and the same can be accessed through the link:
www.iepf.gov.in.
Further, the related shares with respect to above unclaimed dividend
were also duly transferred to the IEPF Authority in the Financial Year 2023-24. Details of
shares so far transferred to the IEPF Authority are available on the website of the
Company and can be accessed through the link: www.zeemedia. in. The said details have also
been uploaded on the website of the IEPF Authority and can be accessed through the link:
www.iepf.gov.in.
The voting rights on the shares transferred to IEPF Authority shall
remain frozen till the rightful owner claims the shares.
Subsequent to the transfer, the concerned shareholders can claim the
said shares along with the dividend(s) by making an application to IEPF Authority in
accordance with the procedure available on www.iepf.gov.in and on submission of such
documents as prescribed under the IEPF Rules.
Unclaimed Shares: As on March 31, 2024, your Company had an
outstanding balance of 22,238 unclaimed shares lying in the Suspense Account of the
Company. Necessary steps were taken in Compliance with the Listing Regulations, for
sending the necessary reminders to the claimant of the said shares, at the address
available in the data base of the Depository/Company.
The voting rights on the equity share(s) in the Suspense Account shall
remain frozen till the rightful owners of such equity share(s) claim the equity share(s).
vii. Transfer to General Reserve: During the year under review,
there was no amount transferred to any of the reserves by the Company. viii. Disclosure
under Section 197(14) of the Act: During the Financial Year 2023-24, the
Executive Director of the Company did not receive any remuneration or commission from the
Company's subsidiary company. ix. Sexual Harassment: Your Company has zero
tolerance towards sexual harassment at workplace and has adopted a Policy on prevention,
prohibition and redressal of sexual harassment at workplace in line with the provisions of
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 and the Rules thereunder. Additionally, your Company has constituted Internal
Complaints Committee functioning at various locations to redress complaints regarding
sexual harassment. Seven complaints were received during the year under review and the
said Complaints were placed before the Internal Complaints Committee. The required process
to be undertaken by the Committee has been concluded and no complaints are pending as on
March 31, 2024. x. Secretarial Standards: Pursuant to the provisions of Section 118
of the Act, the Company has complied with the applicable provisions of the Secretarial
Standards issued by the Institute of Company Secretaries of India and notified by MCA. xi.
Extract of Annual Return: The Annual return in form MGT-7 as required under Section 92
of the Act read with Companies (Management & Administration) Rules, 2014, is provided
at the Investor Section on the website of the Company at www.zeemedia.in xii.
Compliance with Up-linking and Downlinking Guidelines: The Up-linking and
Downlinking Guidelines of Satellite Television Channels' notified by the Ministry of
Information & Broadcasting on November 9, 2022, is applicable on the Company which, inter-alia,
prescribes for voluntary public service broadcasting obligation through broadcast of event
having themes of national importance, which include education, health, welfare of women,
agriculture, etc. Your Company is engaged in the broadcast of various National and
Regional News Channels, which broadcast is in itself in the nature of voluntary public
service. During the period under review, various programs have been broadcasted on the
channels of the Company which have the theme of national importance. Your Company believes
that news broadcasting by the Company helps the viewers to gain knowledge, expand
horizons, improves quality of life and remain updated on political developments, natural
disasters or societal issues. It helps viewers stay aware of the happenings around the
world and strengthen democracy and act as reliable sources of news, covering a wide range
of topics such as politics, economy, education, literacy, agriculture & rural
development, healthcare, women welfare, national integration, social issues, sports and
entertainment and fulfils an important task of keeping the public informed about current
events. The said broadcasting contributes on a regular basis, towards the nation and the
society. xiii. Regulatory Orders: During the Financial Year 2023-24, no significant
or material orders were passed by the regulators or courts or tribunals which impact the
going concern status and Company's operations in future.
20. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 of the Act (including any
statutory modification(s) and/or re-enactment(s) thereof for the time being in force), in
relation to the Annual Financial Statements for the Financial Year 2023-24, the Directors
of the Company state and confirm that: a) The Financial Statements of the Company
comprising of the Balance Sheet as at March 31, 2024 and the Statement of Profit &
Loss for the year ended on that date, have been prepared on a going concern basis; b) In
the preparation of these Financial Statements, the applicable accounting standards have
been followed and there are no material departures; c) Accounting policies selected are
applied consistently and the judgments and estimates related to the financial statements
have been made on a prudent and reasonable basis, so as to give a true and fair view of
the state of affairs of the Company as at March 31, 2024 and of the Loss of the Company
for the year ended on that date; d) Proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the provisions of the Act,
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; e) Requisite internal financial controls are laid down and that such
financial controls are adequate and operating effectively; and f) Proper systems have been
devised to ensure compliance with the provisions of all applicable laws and such systems
are adequate and operating effectively.
The aforesaid statement has also been reviewed and confirmed by the
Audit Committee of the Board of Directors of the Company.
21. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS
AS AT THE END OF THE FINANCIAL YEAR
No such application is made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year and as at the end of the
Financial Year.
22. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE
TIME OF ONE TIME SETTLEMENT AND WHILE TAKING LOAN, ALONG WITH THE REASONS THEREOF:
There has been neither any delay / default in repayment obligation
towards financial institutions nor has the Company entered into any One-time settlement
with any financial institution, during the year under review.
23. INDUSTRIAL OPERATIONS
The Company maintained healthy, cordial and harmonious industrial
relations at all levels. The enthusiasm and unstinting efforts of the employees have
enabled the Company to remain at the leadership position. It has taken various steps to
improve productivity across the organization.
24. CAUTIONARY STATEMENT
Statements in this Report, particularly those which relate to
Management Discussion and Analysis, describing the Company's objectives, projections,
estimates and expectations, may constitute forward looking statements' within
the meaning of applicable laws and regulations and actual results might differ.
25. ACKNOWLEDGEMENTS
Your Directors place on record their sincere appreciation for the
continued support extended by the Company's stakeholders and trust reposed by them in
the Company. It is our strong belief that caring for our business constituents has ensured
our success in the past and will do so in future. Your Directors value the professionalism
and commitment of all employees of the Company and place on record their appreciation of
the contribution made by employees of the Company and its subsidiaries at all levels that
has contributed to your Company's success.
Your Directors acknowledge with sincere gratitude the co-operation and
support extended by the, the Stock Exchanges and other stakeholders including viewers,
advertisers, vendors, bankers, investors, service providers/partners as well as other
regulatory and government authorities.
Your Board also takes this opportunity to express its deep gratitude
for the continued co-operation and support received from its valued stakeholders.
Form AOC - 1
(Pursuant to first proviso to sub-section (3) of Section 129 read with
rule 5 of Companies (Accounts) Rules, 2014) Statement containing salient features of
Financial Statement of Subsidiary / Associates / Joint Ventures as per the Companies Act,
2013 for the year ended March 31, 2024 Part A Subsidiary
Name of the Subsidiary |
Zee Akaash News Private
Limited |
Indiadotcom Digital
Private Limited |
Date of acquisition of Subsidiary |
October 28, 2005 |
October 29, 2020 |
Reporting period for the Subsidiary Company |
March 31, 2024 |
March 31, 2024 |
Reporting currency and
Exchange rate as on March 31, 2024, in case of Foreign Subsidiaries |
INR |
INR |
Share Capital |
40.00 |
2,333.17 |
Instruments entirely equity in nature |
- |
1,350.00 |
Other Equity |
910.28 |
(2,249.53) |
Total Assets |
1,100.36 |
2,277.45 |
Total Liabilities |
150.08 |
843.81 |
Investments (Other than Subsidiary) |
609.08 |
- |
Turnover |
464.18 |
1412.93 |
Profit/(Loss) before taxation |
(10.73) |
(127.10) |
Tax expense |
17.65 |
(31.14) |
Profit/(Loss) after taxation |
(28.38) |
(95.96) |
Dividend proposed/paid |
- |
- |
% of shareholding |
100% |
100% |
Part B Associates
Name of Associates |
Today Merchandise Private
Limited |
Today Retail Network
Private Limited |
Reporting period for the Associate Companies |
March 31, 2024 |
March 31, 2024 |
Date on which the Associate or Joint Venture
was associated or acquired |
October 1, 2016 |
October 1, 2016 |
Share of Associate held by Company on the
year end: |
|
|
- No of Shares |
36,880,401 |
2,891,961 |
- Amount of Investment in Associate (net of
impairment) |
NIL |
NIL |
- Extent of Holding (in percentage) |
49% |
49% |
Description of how there is significant
influence |
|
Through Shareholding |
Reason why the associate is not consolidated |
|
Not Applicable |
Net-worth attributable to shareholding as per
latest audited Balance Sheet |
149.62 |
(2.26) |
Profit or (Loss) for the year: |
|
|
- Considered in Consolidation |
(0.83) |
1.99 |
- Not considered in Consolidation |
(0.87) |
2.07 |
Part C Joint Ventures Nil Notes:
The Company had incorporated a Wholly Owned Subsidiary Company viz.
Zee Media Americas LLC' on February 27, 2023, in the United States of America,
wherein pending approvals, no investment was made by the Company. Further, the Board at
its meeting held on October 31, 2023, approved closure / striking off of the said entity
and accordingly necessary adjustments were made in the financial statements. The said
entity was duly closed on December 30, 2023.
The Company had incorporated a Wholly Owned Subsidiary Company viz.
Zee Media Inc' on April 4, 2024, in the State of
Delaware, United States of America with an initial capital of USD 5000.
Pending requisite approvals, no investment has been made by the Company as on date of this
form.
The Board of Directors of the Company at its meeting held on February
12, 2024, approved incorporation of a Wholly Owned
Subsidiary Company in India with an initial share capital of Rs.
100,000/- to carry on the business of mainstream media, through Hyper Local App, which
will be intelligently driven by Al. The incorporation of the said subsidiary company is
pending as on date of this statement.
ANNEXURETO BOARD'S REPORT
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR')
1. Brief outline on CSR Policy of the Company
Pursuant to Section 135 of the Companies Act, 2013, your Company has a
CSR Policy (CSR Policy') which has been approved by the Board upon
recommendation of the Corporate Social Responsibility (CSR') Committee. The CSR
Policy primarily focuses on Education, Environment, Healthcare, Women Empowerment, Sports
etc. Besides these focus areas, the CSR Policy also allows the Company to undertake such
other CSR activities, as listed in Schedule VII of the Companies Act, 2013, as amended
from time to time. The Company undertakes its CSR activities through implementing agency
(ies). The projects undertaken are within the broad framework of Schedule VII of the
Companies Act, 2013 and CSR Policy of the Company. Details of the CSR policy and projects
or programs undertaken by the Company are available on link viz.
https://zeemedia.in/investorinfo?q=corporateGovernance
2. Composition of CSR Committee: As on March 31, 2024, the
CSR Committee of the Board of Directors comprises of the following Directors:
S. No. Name of Director |
Designation/Nature of
Directorship |
Number of meetings of CSR
Committee held during the year |
Number of meetings of CSR
Committee attended during the year |
1 Mr. Surender Singh |
Chairman, Non-Executive Non
-Independent Director |
Nil |
NA |
2 Mr. Raj Kumar Gupta |
Member, Non-Executive
Independent Director |
Nil |
NA |
3 Mr. Dinesh Kumar Garg |
Member, Whole Time Director |
Nil |
NA |
3. Web-link where Composition of CSR committee, CSR Policy and
CSR projects approved by the board are disclosed on the website of the company:
Composition of CSR committee: https://zeemedia.in/investorinfo?q=3 CSR policy &
CSR Projects: https://zeemedia.in/investorinfo?q=corporateGovernance
4. Executive summary along with Web Link of Impact assessment of
CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules 2014, if applicable:
Your Company does not fall under the criteria of Impact assessment as
per sub-rule (3) of rule 8 of the CSR Rules.
5. (a) Average net profit of the Company as per Section 135(5): The
Company had incurred loss during the applicable year (b) Two percent of average net
profit of the Company as per section 135(5): Not Applicable ( c) Surplus arising
out of the CSR projects or programmes or activities of the previous financial years: NIL
(d) Amount required to be set off for the financial year, if any: NIL
(e) Total CSR obligation for the financial year (5b+5c-5d): NIL
6. (a) Amount spent on CSR projects (both ongoing project and
other than Ongoing Project): NIL (b) Amount spent in administrative overheads: NIL
(c) Amount Spent on Impact Assessment, if applicable: NIL (d)
Total amount spent for the Financial Year [6(a)+6(b)+6(c)]: NIL (e) CSR amount
spent or unspent for the financial year:
Total Amount Spent for the
Financial Year (in ) |
|
Amount Unspent
(in ) |
|
Total Amount
transferred to Unspent CSR Account as per section 135(6) of the Act |
Amount
transferred to any fund specified under Schedule VII as per second proviso to section
135(5) of the Act |
|
Amount |
Date of transfer |
Name of the Fund Amount |
Date of transfer |
NIL |
NIL |
Not Applicable |
Not Applicable NIL |
Not Applicable |
(f) Excess amount for set off, if any:
S. No. Particular |
Amount (in ) |
(i) Two percent of average net profit of the
company as per section 135(5) |
NIL |
(ii) Total amount spent for the Financial
Year |
NIL |
(iii) Excess amount spent for the financial
year [(ii)-(i)] |
NIL |
(iv) Surplus arising out of
the CSR projects or programmes or activities of the previous financial years, if any |
NIL |
(v) Amount available for set off in
succeeding financial years [(iii)-(iv)] |
NIL |
7. (a) Details of Unspent Corporate Social Responsibility amount
for the preceding three financial years:
Preceding Financial Year |
Amount transferred to
Unspent CSR Account under section 135(6) |
Balance Amount in Unspent
CSR Account under section 135(6) |
Amount spent in the
Financial Year (in ) |
Amount
transferred to any fund specified under Schedule VII as per second proviso section 135(6),
if any |
Amount remaining to be
spent in succeeding financial |
Deficiency, if any (in ) |
|
(in ) |
(in ) |
|
Amount (in ) |
Date of transfer |
years (in ) |
|
2022-23 |
11,496,274* |
NIL |
NIL |
NIL |
NA |
NIL |
NIL |
2021-22 |
NIL |
NIL |
NIL |
NIL |
NA |
NIL |
NIL |
2020-21 |
26,644,254# |
NIL |
NIL |
NIL |
NA |
NIL |
NIL |
* Was fully spent during FY 2023-24.
#
Was fully spent during FY 2021-22 .
8. Whether any capital assets have been created or acquired
through Corporate Social Responsibility amount spent in the financial year: No Furnish
the details relating to such asset(s) so created or acquired through corporate social
responsibility amount spent in Financial Year: Not Applicable
9. Specify the reason(s), if the company has failed to spend two
per cent of the average net profit as per Section 135(5):
Not Applicable
FORM NO. MR-3 SECRETARIAL AUDIT REPORT
(For the Financial Year ended March 31, 2024)
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Zee Media Corporation Limited 135, Continental Building, 2nd
Floor, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra, 400018
I have conducted the secretarial audit of the compliance of applicable
statutory provisions and the adherence to good corporate practices by ZEE MEDIA
CORPORATION LIMITED (hereinafter called "the Company"/"ZMCL"). The
Secretarial Audit was conducted in a manner that provided us a reasonable basis for
evaluating the corporate conducts/ statutory compliances and expressing my opinion
thereon. Based on my verification of the Company's books, papers, minute books, forms
and returns filed and other records maintained by the Company and also the information
provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, I hereby report that in my opinion, the Company has, during
the audit period covering the Financial Year ended on March 31, 2024, complied with the
statutory provisions listed hereunder and also that the Company has proper Board processes
and compliance mechanism in place to the extent, in the manner and subject to the
reporting made hereinafter: A. I have examined the books, papers, minute books,
forms and returns filed and other records maintained by ZMCL for the financial year ended
on March 31, 2024 according to the provisions of: I. The Companies Act, 2013 (the
Act') and the Rules made thereunder; II. The Securities Contracts (Regulation) Act,
1956 (SCRA') and the rules made thereunder; III. The Depositories Act, 1996 and
the Regulations and Bye-laws framed thereunder; IV. Foreign Exchange Management Act, 1999
and the rules and regulations made thereunder to the extent of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings (to the extent applicable);
V. The following Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (SEBI Act'):-i. The Securities and Exchange Board of
India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; ii. The
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
iii. The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018; iv. The Securities and Exchange Board of India
(Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (Not applicable
to the Company during the Audit Period); v. The Securities and Exchange Board of
India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the
Companies Act and dealing with client; vi. The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2021
(Not applicable to the Company during the Audit Period); vii.
The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018
(Not applicable to the Company during the Audit Period); viii.
The Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI (LODR) Regulations
2015") and ix. Securities and Exchange Board of India (Issue and Listing of
Non-Convertible Securities) Regulations, 2021 (Not Applicable to the Company during
the Audit period).
VI. I further report that, having regard to the compliance system
prevailing in the Company and based on the representation made by the management of the
Company and on examination of the relevant documents and records in pursuance thereof, the
Company has complied with the following laws applicable specifically to the Company: (a)
Cable Television Networks (Regulations) Act, 1955 (as amended up to date) and the Rules
framed thereunder.
(b) Telecom Regulatory Authority of India Act, 1997 and the
Rules/Regulations/Orders framed thereunder.
(c) Guidelines for Up-linking and Downlinking of Satellite Television
Channels in India, 2022 issued by the Ministry of Information and Broadcasting, Government
of India.
(d) Terms and conditions of the licenses issued by Wireless Planning
and Coordination Wing (WPC), Department of Telecommunications, Ministry of Communications.
I have also examined compliance with the applicable clauses of the
Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and
General Meeting (SS-2) issued by the Institute of Company Secretaries of India; During the
period under review, the Company has generally complied with the provisions of the Act,
Rules, Regulations, Guidelines, Standards, etc. mentioned above.
B. I further report that:
(i) The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors and Independent
Directors. The changes in the composition of the Board of Directors
that took place during the period under review were carried out in compliance with the
provisions of the Act.
(ii) Adequate notice is given to all directors to schedule the Board
Meetings, agenda and detailed notes on agenda were sent at least seven days in advance (or
with requisite compliances for holding of a Board Meeting at a shorter notice in case of
urgency, if applicable) and a system exists for seeking and obtaining further information
and clarifications on the agenda items before the meeting and for meaningful participation
at the meeting.
(iii) As per the minutes of meetings duly recorded and signed by the
Chairman, the decisions of the Board were carried with requisite consent and dissenting
views, if any, have been recorded as part of the minutes.
C. I further report that, based on the information provided
and the representation made by the Company and also on the review of compliance reports /
certificates taken on record by the Board of Directors of the Company, in my opinion,
there are adequate systems and processes in the company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules,
regulations and guidelines. D. I further report that during the audit period
under review: i. ZMCL had allotted 135,000,000 warrants on January 5, 2022 to Asian
Satellite Broadcast Private Limited, a Promoter Group entity, on a preferential basis, at
an issue price of Rs. 12.20 per warrant (including premium of Rs. 11.20), in terms of
applicable provisions. The said warrants were convertible into equity shares on or before
July 05, 2023, under Regulation 162(1) read with 169(3) of Securities and Exchange Board
of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. These Warrants
were transferred to Elitecast Media Limited (Elitecast'), another promoter
group entity. Subsequently, Elitecast informed ZMCL that pursuant to the Order(s) passed
by Hon'ble Delhi High Court, Debt Recovery Tribunal (DRT) and other courts, Elitecast
had been directed to maintainstatus quo in respect of the said Warrants. The
Company, during the year under review, filed an application with SEBI seeking relaxation /
extension of time for receiving the Warrant Exercise Price from Elitecast. SEBI vide
its communication dated August 24, 2023, advised the company to seek the said relaxation /
extension post final Order of Hon'ble DRT in the said matter and the Company to abide
by directions of the Hon'ble DRT in this regard. ii. Consequent to the invocation of
the Corporate Guarantee issued by ZMCL in relation to the Non-Convertible debentures of
Diligent Media Corporation Limited ("DMCL") and subsequent to the discharge of
the liability by the Company under the said Corporate Guarantee, an amount of Rs. 2,900.00
million was recoverable by the Company from DMCL, in addition to other receivables of Rs.
193.03 million. The Company and DMCL agreed to settle the entire outstanding amount by -
transfer / assignment of Identified Trademarks of DMCL valued at Rs. 1,700.00 million,
cash payment of Rs. 120.00 million and writing off of the balance amount. The Settlement
Agreement was approved by the shareholders of ZMCL on December 14, 2021 and by the
shareholders of DMCL on September 30, 2022. Upon receipt of the requisite approvals, the
Company, during the year ended March 31, 2023, had entered into the said settlement
agreement with DMCL, which was subject to transfer of all rights, clear title and interest
in the identified trademarks of DMCL to the Company. Subsequently, during the year under
review, the Companies executed addendums / documents with respect to the settlement
agreement, affirming that the Company will have exclusive rights over the Identified
Trademarks and DMCL shall take all steps to transfer the clear title pertaining to the
Identified Trademarks to the Company in a phased manner. iii. The Company's wholly
owned subsidiary ("WOS") incorporated in 2023 in Delaware, United States of
America viz. Zee Media Americas LLC, was decided to be struck off / closed in view
of emerging business scenario. No equity investment was made in the said WOS. iv. The
Company initiated the incorporation / establishment of a WOS in India with the objects of
carrying on the business of mainstream media, through Hyper Local App, by intelligently
driven Artificial Intelligence. The said WOS in the name and style of "Pinews Digital
Private Limited" was incorporated on July 3, 2024. v. The Company initiated
incorporation / establishing of a WOS of the Company in the State of Delaware, United
States of America inter-alia to undertake dissemination of Company's content
on all distribution platforms including linear and digital platforms and also undertaking
targeted award and event functions. The said WOS Company under the name of Zee Media
Inc' was incorporated on April 4, 2024.
This report is to be read with my letter of even date which is annexed
as Annexure and forms integral part of this report.
Annexure to Secretarial Audit Report of Zee Media Corporation Limited
for financial year ended March 31, 2024
The Members,
Zee Media Corporation Limited
Management Responsibility for Compliances
1. Maintenance of secretarial record is the responsibility of the
management of the Company. My responsibility is to express an opinion on these secretarial
records based on my audit carries as per applicable auditing standards.
2. I have followed the audit practices and process as were appropriate
to obtain reasonable assurance about the correctness of the contents of the secretarial
records. The verification was done on test basis to ensure that correct facts are
reflected in secretarial records. I believe that the process and practices I followed
provide a reasonable basis for my opinion.
3. I have also relied upon the books, records and documents made
available by the Company to us through electronic means / digital format and the
management explanations and clarifications given to us from time to time in the process of
Audit.
4. I have not verified the correctness and appropriateness of financial
records and Books of Accounts of the Company.
5. Wherever required, I have obtained the Management representation
about the compliance of laws, rules and regulations and happening of events etc.
6. The compliance of the provisions of Corporate and other applicable
laws, rules, regulations, standards is the responsibility of management. My examination
was limited to the verification of procedure on test basis.
7. The Secretarial Audit report is neither an assurance as to the
future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
FORM NO. MR-3 SECRETARIAL AUDIT REPORT
(For the Financial Year ended 31st March, 2024)
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]]
To,
The Members,
Zee Akaash News Private Limited 14th Floor, A'
Wing, Marathon Futurex, N M Joshi Marg, Lower Parel, Mumbai, Maharashtra- 400064
I have conducted the secretarial audit of the compliance of applicable
statutory provisions and the adherence to good corporate practices by Zee Akaash News
Private Limited bearing CIN: U92132MH2005PTC157148 (hereinafter called "the
Company") for the Financial Year 2023-24. The Company is a material subsidiary of
listed Company viz. Zee Media Corporation Limited. The Secretarial Audit was conducted, in
compliance with the requirements of Regulation 24A of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory compliances and expressing my
opinion thereon.
Based on my verification of the books, papers, minute books, forms,
returns filed and other records maintained by the Company and also the information
provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, I hereby report that in my opinion, the Company has, during
the audit period covering the Financial Year ended on 31st March, 2024,
complied with the statutory provisions listed hereunder and also that the Company has
proper Board processes and compliance mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter: A. I have examined the books, papers, minute
books, forms and returns filed and other records maintained by the Company for the year
ended on 31st March, 2024 according to the provisions of: I. The Companies Act,
2013 (the Act) and the Rules made thereunder; and II. The Depositories Act, 1996 and the
Regulations and Bye-laws framed thereunder.
B. I further report that, having regard to the compliance system
prevailing in the Company and based on the representation made by the management of the
Company and on examination of the relevant documents and records in pursuance thereof, the
Company has complied with the following laws applicable specifically to the Company: a.
Cable Television Networks (Regulations) Act, 1955 (as amended up to date) and the Rules
framed thereunder. b. Telecom Regulatory Authority of India Act, 1997 and the
Rules/Regulations/Orders framed thereunder. c. Guidelines for Up-linking and Downlinking
of Satellite Television Channels in India, 2022 issued by the Ministry of Information and
Broadcasting, Government of India. d. Terms and conditions of the licenses issued by
Wireless Planning and Coordination Wing (WPC), Department of Telecommunications, Ministry
of Communications.
I have also examined compliance with the applicable clauses of the
Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and
General Meeting (SS-2) issued by The Institute of Company Secretaries of India. The equity
shares of the Company are not listed on any stock exchange and hence, Listing provisions
are not applicable to the Company.
During the year under review the Company has generally complied with
the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned
above.
C. I further report that: a. The Board of Directors of the Company is
duly constituted with proper balance of Non-Executive
Directors and Independent Director. There is no change in the
composition of the Board of Directors during the year under review. b. Adequate notice is
given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance (or with requisite compliances for holding of a
Board Meeting at a shorter notice in case of urgency, wherever applicable) and a system
exists for seeking and obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at the meeting. c. As per the
minutes of meetings duly recorded and signed by the Chairman and also as represented by
the Management, the decisions at the Board Meetings were taken unanimously.
I further report that, based on the information provided and the
representation made by the Company, in my opinion, there are adequate systems and
processes in the company commensurate with the size and operations of the Company, to
monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
I further report that during the audit period under review the
Board of Directors of the Company in its meeting held on August 8, 2023, approved
subscription of upto 20 nos. 0.01% Unsecured Unlisted Optionally Convertible Debentures
(OCD') of Rs. 1,00,00,000/- each for an aggregating amount of Rs.
20,00,00,000/-, of Indiadotcom Digital Private Limited, a fellow subsidiary, upon
conversion of outstanding unsecured loans amounting to Rs. 20,00,00,000/- into OCDs.
This report is to be read with my letter of even date which is annexed
hereto and forms integral part of this report.
Annexure to Secretarial Audit Report of Zee Akaash News Private Limited
for financial year ended 31st March, 2024
To,
The Members
Zee Akaash News Private Limited
Sub. : Management Responsibility for Compliances
1. The maintenance and compliance of the provisions of Corporate and
other applicable laws, rules, regulations, secretarial standards is the responsibility of
the management of the Company. My responsibility is to express an opinion on these
secretarial records based on my audit.
2. We have followed the audit practices and process as were appropriate
to obtain reasonable assurance about the correctness of the contents of the secretarial
records. The verification was done on test basis to ensure that correct facts are
reflected in secretarial records. We believe that the process and practices we followed
provide a reasonable basis for my opinion.
3. I have also relied upon the books, records and documents made
available by the Company to us through electronic means and in digital format.
4. We have not verified the correctness and appropriateness of
financial records and Books of Accounts of the Company.
5. Wherever required, we have obtained the Management representation
about the compliance of laws, rules and regulations and happening of events etc.
6. The Secretarial Audit report is neither an assurance as to the
future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
FORM NO. MR-3 SECRETARIAL AUDIT REPORT
(For the Financial Year ended 31st March, 2024)
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Indiadotcom Digital Private Limited FC-19, Sector 16A, Noida, Uttar
Pradesh, India 201301
I have conducted the secretarial audit of the compliance of applicable
statutory provisions and the adherence to good corporate practices by Indiadotcom
Digital Private Limited bearing CIN: U93000UP2020PTC137165 (hereinafter called
"the Company") for the Financial Year 2023-24. The Company is a material
subsidiary of listed Company viz. Zee Media Corporation Limited, within the meaning of
Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations
2015, as amended. The Secretarial Audit was conducted, in a manner that provided us a
reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing my opinion thereon.
Based on my verification of the books, papers, minute books, forms,
returns filed and other records maintained by the Company and also the information
provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, I hereby report that in my opinion, the Company has, during
the audit period covering the Financial Year ended on 31st March, 2024,
complied with the statutory provisions listed hereunder and also that the Company has
proper Board processes and compliance mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter: A. I have examined the books, papers, minute
books, forms and returns filed and other records maintained by the Company for the year
ended on 31st March, 2024 according to the provisions of: I. The Companies Act,
2013 (the Act') and the Rules made thereunder; and II. The Depositories Act,
1996 and the Regulations and Bye-laws framed thereunder.
B. I further report that, having regard to the compliance system
prevailing in the Company and based on the representation made by the management of the
Company and on examination of the relevant documents and records in pursuance thereof, the
Company has complied with the following laws applicable specifically to the Company: a.
Information Technology Act, 2000 b. Information Technology (Intermediaries Guidelines and
Digital Media Ethics Code) Rules, 2021. c. Guidelines issued under the Advertising
Standards Council of India (ASCI).
I have also examined compliance with the applicable clauses of the
Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and
General Meeting (SS-2) issued by The Institute of Company Secretaries of India. The equity
shares of the Company are not listed on any stock exchange and hence, Listing provisions
are not applicable to the Company.
During the year under review the Company has generally complied with
the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned
above.
C. I further report that: a. The Board of Directors of the Company is
duly constituted with proper balance of Non-Executive Directors and Independent Directors.
The changes in the composition of the Board of Directors that took place during the period
under review were carried out in compliance with the provisions of the Act. b. Adequate
notice is given to all directors to schedule the Board Meetings, agenda and detailed notes
on agenda were sent at least seven days in advance (or with requisite compliances for
holding of a Board Meeting at a shorter notice in case of urgency, wherever applicable)
and a system exists for seeking and obtaining further information and clarifications on
the agenda items before the meeting and for meaningful participation at the meeting. c. As
per the minutes of meetings duly recorded and signed by the Chairperson and also as
represented by the Management, the decisions at the Board Meetings were taken unanimously.
I further report that, based on the information provided and the
representation made by the Company, in my opinion, there are adequate systems and
processes in the company commensurate with the size and operations of the Company, to
monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
I further report that during the period under review, the
Shareholders of the Company, in the Extra Ordinary General Meeting of the Company held on
October 3, 2023, approved the issue of 20 number of 0.01% Unsecured Unlisted Optionally
Convertible Debentures (OCDs') of Rs. 1,00,00,000/- each for
an aggregating amount of Rs. 20,00,00,000/- to Zee Akaash News Private Limited, a fellow
subsidiary Company, on preferential basis, upon conversion of outstanding unsecured loans
amounting to Rs. 20,00,00,000/- into OCDs.
I further report that, this report is to be read with my letter of
even date which is annexed hereto and forms integral part of this report.
Annexure to Secretarial Audit Report of Indiadotcom Digital Private
Limited for financial year ended 31st March, 2024
To,
The Members
Indiadotcom Digital Private Limited
Sub. : Management Responsibility for Compliances
1. The maintenance and compliance of the provisions of Corporate and
other applicable laws, rules, regulations, secretarial standards is the responsibility of
the management of the Company. My responsibility is to express an opinion on these
secretarial records based on my audit.
2. We have followed the audit practices and process as were appropriate
to obtain reasonable assurance about the correctness of the contents of the secretarial
records. The verification was done on test basis to ensure that correct facts are
reflected in secretarial records. We believe that the process and practices we followed
provide a reasonable basis for my opinion.
3. I have relied upon the books, records and documents made available
by the Company to us through electronic means and in digital format and during our visits
to their office.
4. We have not verified the correctness and appropriateness of
financial records and Books of Accounts of the Company.
5. Wherever required, we have obtained the Management representation
about the compliance of laws, rules and regulations and happening of events etc.
6. The Secretarial Audit report is neither an assurance as to the
future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
Particulars of Remuneration of Employees
{Pursuant to Section 197 of the Act read with Rule 5 of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014}
The information required under Section 197 of the Act read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
are given below:
A) Particulars of increase in remuneration of each Director and Key
Managerial Personnel (KMP) during 2023-24 along with Ratio of remuneration of Directors to
the Median remuneration of employees:
Name and Category of
Director/ Key Managerial Personnel |
% increase in Remuneration
in FY 2023-24$ |
Ratio of Director's
Remuneration to median Remuneration |
Non-Executive Directors: |
|
|
Susanta Kumar Panda |
0 % |
0.43: 1 |
Raj Kumar Gupta |
0 % |
0.43: 1 |
Amitabh Kumar |
0 % |
0.43: 1 |
Swetha Gopalan |
0 % |
0.43: 1 |
Surender Singh |
0 % |
0.43: 1 |
Purushottam Vaishnava |
NA |
0.43: 1 |
Executive Director: |
|
|
Dinesh Kumar Garg |
-16.65 % |
10.58: 1 |
Key Managerial Personnel: |
|
|
Dinesh Kumar Garg |
-16.65 % |
NA |
Ranjit Srivastava |
35.19 % |
NA |
Abhay Ojha* |
NA |
NA |
Note:
*Appointed as Chief Executive Officer of the Company with effect from
May 2, 2023 $The % increase in remuneration refers to the % increase in
remuneration from FY 2022-23. The remuneration of the Non-Executive Directors excludes
Sitting Fees. It represents Commission for FY 2023-24 and % increase is compared with
Commission for FY 2022-23 (annualised, if for a part of the year). % increase in
Remuneration is not applicable for Director and KMP who were appointed/resigned during the
financial years 22-23 and 23-24.
Sr. Requirement |
Disclosure |
1 The Percentage increase in
median remuneration of employees in financial year |
In the Financial Year, there
was a decrease of 1% in the median remuneration of employees. |
2 Number of permanent
employees on the rolls of the Company |
There were 1,774 permanent
employees on the rolls of the Company as on March 31, 2024. |
3 Average percentile
increases already made in the salaries of employees other than the managerial personnel in
the last financial year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any exceptional
circumstances for increase in the managerial remuneration |
Average percentage increase
made in the salaries of employees other than the managerial personnel in the Financial
Year i.e. 2023-24 was 8.62% whereas the increase in the managerial remuneration for
the Financial Year 2023-24 was 4.27%. The remuneration of the managerial personnel is
decided based on individual performance, inflation, prevailing industry trends and
benchmarks. |
Name |
Age |
Designation |
Remuneration paid in FY23-
24 (INR) |
Qualification |
Experience in Yrs |
Date of Joining |
Last employment |
Anindya Khare |
53 |
Head - Marketing |
66,70,650 |
PGDBM, BA |
27 |
26 April 2021 |
Valvoline Cummins Private
Limited |
Nilesh Shantaram Khare |
47 |
Editor and Business Head -
Zee 24 Taas |
63,85,714 |
PhD, MJMC |
21 |
30 November 2020 |
Saam TV |
Hemlata Sharma |
54 |
Head - Distribution |
63,79,765 |
BA, Diploma in Electronics |
28 |
16 May 2019 |
Taj Television India Pvt ltd |
2. Employed for part of the year and in receipt of remuneration
aggregating Rs.8.50 lacs per month.
Name |
Age |
Designation |
Remuneration paid in FY23-
24 (INR) |
Qualification |
Experience in Yrs |
Date of Joining |
Last employment |
Date of resignation |
Pankaj Rai |
41 |
Business Head - WION and Zee
Business |
27,13,500 |
MBA, BA |
18 |
01 March 2024 |
Qyou Media India Private
Limited |
NA |
Rajnish Ahuja |
53 |
Editor - Zee News |
96,32,923 |
BA (Hons) - Journalism |
29 |
15 September 2021 |
ABP Network |
29 February 2024 |
Ruchira Srivastava |
42 |
Chief Human Resource Officer |
63,31,141 |
PGDM, B. Com |
21 |
08 April 2009 |
Bestochem Formulations Ltd |
05 September 2023 |
Vijaysimha Krishna Murthy |
48 |
Branch Head |
25,20,434 |
Diploma from IIM |
27 |
01 July 2020 |
INX News |
04 May 2023 |
Notes:_
1. All appointments are contractual and terminable by notice on either
side._
2. Remuneration includes Salary, Allowances, Variable Pay,
Company's contribution to Provident Fund, Medical Benefits, Leave Travel Allowance
& other perquisites and benefits valued as per Income Tax Act, 1961 and in case of
employees resigned during the year, the remuneration includes terminal benefits._
3. Variable Pay: The Variable Pay of employees is based on clearly laid
out criteria and measures, which are linked to the desired performance and business
objectives of the organization.
4. None of the employees holds 2% or more of the Equity Shares of the
Company.
Extract of Remuneration Policy
1. OBJECTIVE
This policy is designed to attract, retain and motivate the Members of
the Board of Directors, Key Managerial Personnel (KMP') and Senior Management
of the Company. It outlines the criteria and guiding principles for the compensation
packages of Directors, KMPs, Senior Management and other employees. The policy aligns with
the Company's objectives of maintaining good corporate governance and achieving
sustained long-term value creation for shareholders.
2. GUIDING PRINCIPLES
The guiding principle of this Policy is to ensure that the remuneration
and other terms of engagement/ employment are competitive, enabling the Company to
attract, retain and motivate the right human resources to achieve the desired growth set
by the Company's management year on year, thereby creating long-term value for all
stakeholders.
When designing the remuneration package, efforts should be made to
ensure that the remuneration is in line with levels at comparable companies, while also
considering the requisite competencies, qualifications, industry experience, efforts
required and the scope of the work.
The Nomination and Remuneration Committee (NRC'), when
considering a remuneration package, ensures that it reflects short and long-term
performance objectives appropriate to the functioning of the Company and its goals.
The NRC believes that a successful remuneration policy must ensure that
a significant part of the remuneration package is linked to the achievement of corporate
performance targets and a strong alignment of interests with stakeholders.
2.1 Remuneration of Executive Members on the Board:
Subject to the recommendation of the NRC / Board of Directors and
approval by the Members of the Company from time to time, as applicable, any Executive
Member(s) on the Board shall be paid remuneration comprising a fixed monthly basic salary
and perquisites such as House Rent Allowance or furnished/unfurnished housing
accommodation in lieu thereof, a car with or without a chauffeur, a telephone for office
and personal use, leave travel allowance, performance-based variable pay and statutory and
non-statutory allowances such as education allowances, personal allowances, travel
allowances, subscription allowances, etc.
For any financial year, the managerial remuneration payable by the
Company shall be in accordance with the applicable provisions of the Companies Act, 2013
(Act') and the Rules framed thereunder, as amended from time to time. In the
event of loss or inadequacy of profit in any financial year during the tenure of services,
the Company shall make payment of remuneration within the applicable limits prescribed
under the Act and the Rules framed thereunder, as amended from time to time. The
remuneration shall be subject to requisite approvals.
Executive Members of the Board shall be employed under service
contracts on the terms and other conditions recommended by the NRC and approved by the
Board and Members of the Company at the General Meeting(s). Executive members of the Board
shall not be eligible to receive any sitting fees for attending any meeting of the Board
of Directors or Committee thereof.
2.2 Remuneration of Non-Executive Members of the Board:
The Non-Executive member(s) of the Board are paid sitting fees for
attending the meetings of the Board and/ or specified Committees thereof and reimbursement
of expenses for participation in the Board and other meetings. In addition, the
Non-Executive member(s) of the Board may be paid commission, within the prescribed limits,
as approved by the Members of the Company. The commission for the year shall be
recommended by the NRC and approved by the Board, taking into consideration relevant
factors, including the performance of the Company.
The Board shall decide the sitting fee payable to the Director, which
shall be subject to the limits prescribed under applicable laws. Independent Director(s)
of the
Company shall not be entitled to any stock options of the Company. The
performance of the Non-Executive members of the Board shall be reviewed by the Board on an
annual basis.
2.3 Remuneration of Executive Management comprising of KMP, Senior
Management and other employees:
The compensation for the KMP, senior management and other employees
shall be guided by external competitiveness and internal parity through annual
benchmarking.
The performance-linked incentive/variable pay, based on the
Company's performance and the performance of the employee concerned each year, shall
be considered and approved by the NRC. Additionally, the NRC shall inter alia administer
and monitor the ESOPs of the Company, as and when made applicable.
Internally, performance ratings of all employees will be spread across
a normal distribution curve. The rating obtained by an employee will be used as an input
to determine merit pay increases. Merit pay increases will be calculated using a
combination of individual performance, business unit performance and organizational
performance. Compensation can also be determined based on identified skill sets critical
to the success of the Company, as determined by management's review of market demand
and supply. Employees are assigned grades according to their qualifications and work
experience, competencies and their roles and responsibilities in the organization. The NRC
will, from time to time, consider proposals concerning the appointment and remuneration of
the KMP / Senior Management and ensure that the proposed remuneration is in line with
industry standards in comparable companies. Such proposals shall then be submitted to the
Board for approval. The remuneration of the employees may consist of the following
components:
Basic salary and Allowances
Performance linked incentive / Variable Pay
Perquisites as per policy of the Company
AMENDMENTS
The NRC shall periodically review the Policy and implement changes as
required, including those mandated by changes in applicable regulatory provisions.