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NETWORKS LIMITEDMain BoardEquity2024-04-012025-03-312025-06-302025-06-30INRMillionsQuarterlyFourth quarterSingle segmentMulti System Operator2025-06-3019:05:002025-06-3019:05:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2021-02-05https://www.sitinetworks.com/pdf/Corporate_Governance/Related%20Party%20Transaction%20Policy.pdffalsetrue2025-01-012025-03-31AuditedStandalone818250000975600009158100000004261000021775000010446000010811600001445980000-5301700000-5301700000000-5301700000000-530170000-1150000-5313200008720500001-0.61-0.6100-0.61-0.612024-04-012025-03-31AuditedStandalone3563420000140020000370344000000019995000088205000043611000041393900005657500000-19540600000-19540600000000-19540600000000-19540600001030000-19530300008720500001-13815650000-2.24-2.2400-2.24-2.24Pay channel costs652850000Other expenses428310000Pay channel costs2814090000Other 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under CIRP. Therefore, the Audit Committee is suspended.16000000SITI NETWORKS LIMITED******Essel Realty Developers Private Limited******Enterprises owned or significantly influenced by KMP or their relativesAny other transactionPayablesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.066400006290000SITI NETWORKS LIMITED******Indian Cable Net Company Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.10793000000SITI NETWORKS LIMITED******Indian Cable Net Company Limited******SUBSIDIARYPurchase of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.903000000SITI NETWORKS LIMITED******Indian Cable Net Company Limited******SUBSIDIARYAny other transactionExp paid by otherAs the Company is under CIRP. Therefore, the Audit Committee is suspended.2766000000SITI NETWORKS LIMITED******Indian Cable Net Company Limited******SUBSIDIARYAny other transactionPayablesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.0667300000SITI NETWORKS LIMITED******Indian Cable Net Company Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.008620000SITI NETWORKS LIMITED******Indinet Service Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.09000090000SITI NETWORKS LIMITED******Master Channel Community Network Private Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.239000000SITI NETWORKS LIMITED******Master Channel Community Network Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.04048000038640000SITI NETWORKS LIMITED******Siti Vision Digital Media Private Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.40000000SITI NETWORKS LIMITED******Siti Vision Digital Media Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.084400008880000SITI NETWORKS LIMITED******Siti Jind Digital Media Communications Private Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.22000000SITI NETWORKS LIMITED******Siti Jind Digital Media Communications Private Limited******SUBSIDIARYPurchase of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.21000000SITI NETWORKS LIMITED******Siti Jind Digital Media Communications Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.022500003020000SITI NETWORKS LIMITED******Siti Maurya Cable Net Private Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.60000000SITI NETWORKS LIMITED******Siti Maurya Cable Net Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.01530000290000SITI NETWORKS LIMITED******Siti Karnal Digital Media Network Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.05000050000SITI NETWORKS LIMITED******Siti Siri Digital Network Private Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.585000000SITI NETWORKS LIMITED******Siti Siri Digital Network Private Limited******SUBSIDIARYAny other transactionExp paid by otherAs the Company is under CIRP. Therefore, the Audit Committee is suspended.147000000SITI NETWORKS LIMITED******Siti Siri Digital Network Private Limited******SUBSIDIARYAny other transactionPayablesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.02936000021490000SITI NETWORKS LIMITED******Siti Prime Uttaranchal Communication Private Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.4000000SITI NETWORKS LIMITED******Siti Prime Uttaranchal Communication Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.039200004160000SITI NETWORKS LIMITED******Siti Saistar Digital Media Private Limited******SUBSIDIARYSale of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.308000000SITI NETWORKS LIMITED******Siti Saistar Digital Media Private Limited******SUBSIDIARYPurchase of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.124000000SITI NETWORKS LIMITED******Siti Saistar Digital Media Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.03300002220000SITI NETWORKS LIMITED******Variety Entertainment Private Limited******SUBSIDIARYPurchase of goods or servicesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.14000000SITI NETWORKS LIMITED******Variety Entertainment Private Limited******SUBSIDIARYAny other transactionPayablesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.093700009520000SITI NETWORKS LIMITED******Siti Global Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.049500004950000SITI NETWORKS LIMITED******Siti Sagar Digital Cable Network Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.0980000980000SITI NETWORKS LIMITED******Siticable Broadband South Limited******SUBSIDIARYAny other transactionPayablesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.031600003160000SITI NETWORKS LIMITED******Siti Jai Maa Durgee Communications Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.08000080000SITI NETWORKS LIMITED******Siti Jony Digital Cable Network Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.04000040000SITI NETWORKS LIMITED******Siti Faction Digital Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.04000040000SITI NETWORKS LIMITED******Siti Networks India LLP******SUBSIDIARYAny other transactionPayablesAs the Company is under CIRP. Therefore, the Audit Committee is suspended.0240300000240300000SITI NETWORKS LIMITED******Central Bombay Cable Network Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.07000070000SITI NETWORKS LIMITED******Siti Krishna Digital Media Private Limited******SUBSIDIARYAny other transactionReceivableAs the Company is under CIRP. Therefore, the Audit Committee is suspended.03000030000SITI NETWORKS LIMITED******Yogesh Sharma******Key management personnel of entity or parentRemunerationAs the Company is under CIRP. Therefore, the Audit Committee is suspended.344000000SITI NETWORKS LIMITED******Suresh Kumar******Key management personnel of entity or parentRemunerationAs the Company is under CIRP. Therefore, the Audit Committee is suspended.251000000SITI NETWORKS LIMITED******Siti Vision Digital Media Private Limited******SUBSIDIARYAny other transactionAdvanceAs the Company is under CIRP. Therefore, the Audit Committee is suspended.024000001570000166370000AuditedDisclaimer of opinionDNS & Associatestrue2027-02-28370344000088936000056578000002843420000-1953030000-1953030000-2.24-2.24690099000069009900001969049000019690490000-12942980000-12942980000Pay channel, carriage sharing and related costsPay channel, carriage sharing and related costs28140900000The Honble National Company Law Tribunal (NCLT), Mumbai Bench admitted petition for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code 2016 filed by the Financial Creditor vide order dated 22 February 2023, passed in CP no. 690/IBC/MB/2022 (Admission Order). The Admission Order was challenged by one of the Directors (powers suspended) of the Company before National Company Law Appellate Tribunal (NCLAT). NCLAT vide order dated 07 March 2023 stayed the operation of the Admission Order dated 22 February 2023. The appeal filed was subsequently dismissed by the National Company Law Appellate Tribunal on 10 August 2023 (NCLAT Final Order). Pursuant to the NCLAT Final Order, the Resolution Professional (RP) has taken over management and control of the company on 16 August 2023. The Board of Directors (powers suspended) were responsible for management and control of the Company till the date of the NCLAT Final Order. A moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 is in force with respect to the affairs of the Company. By Order dated 1 October 2024 the Honble NCLT, Mumbai, in the clarification application and the intervention applications, held that all CIRP related activities should be considered as on 22 February 2023 and directed that all transactions and appropriations undertaken during the Stay Period shall be reversed and the amounts received by the banks during the stay period shall be remitted back to the account of the Company. The lenders have appealed against the order in NCLAT, Delhi and have received an interim relief from NCLAT, Delhi. Therefore, the matter relating to treatment of liabilities, obligations, and claims incurred during the stay period the duration of the aforementioned period of stay up to the date of dismissal of the appeal, i.e., 07 March 2023 up to 10 August 2023, and treatment of claims/liabilities/obligations arising during such period is currently sub-judice with NCLAT, Delhi. In absence of sufficient and appropriate audit evidence, we are unable to comment on the impact of the outcome of the CIRP on the standalone financial statements of the Company. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimateImpact can be estimated once the resolution plan is approved by the Committee of Creditors (CoC) and Honble NCLT, Mumbai.Adequately disclaimed in our reportThe Company has defaulted in repayment of loans from banks and financial institutions and these accounts have been classified as Non-Performing Assets (NPA) by the lenders under the Consortium. The Company has not provided additional and penal interest as part of finance cost in terms with conditions put forth in arrangements entered into between the banks and financial institutions with the Company. In absence of the computation of such interest along with other sufficient appropriate audit evidence we are unable to comment upon the impact of such non-compliance on the financial information for the quarter and year ended 31 March 2025. <br></br> <br></br> The report on the standalone financial results for the quarter and year ended 31 March 2024 was qualified, for the quarter ended 30 June 2024, for the quarter and six months ended 30 September 2024 and for the quarter and nine months ended 31 December 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimate Appeals are pending before Honble NCLAT, Delhi seeking clarification on the treatment of liabilities accrued during the stay period of CIRP. Only once these appeal(s) are decided by the adjudicating authority, the impact of penal and additional interest along with other liabilities can be estimated.Adequately disclaimed in our reportWe have been informed that the financial creditors have submitted claims amounting to Rs.12,060.33 million as on 10 August 2023, out of which Rs.11,292.66 million have been admitted by the RP. The corresponding balance of such borrowings as on 31 March 2025 is Rs.11,639.77 million in the books of accounts. In absence of sufficient and appropriate audit evidence for reconciliation of the balances as per the claims submitted, claims admitted and the outstanding balances in the books of accounts, we are unable to comment upon the impact of such non-accrual of additional/ penal interest along with other sufficient appropriate audit evidence with respect to recognition of liabilities, their measurement and all related disclosures to be made, on the accompanying Statement for the year ended 31 March 2025. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimateClaims have been received from financial creditors as on 10th August 2023. The RP has admitted claims as on 10th August 2023 without including any interest charged by the lenders for the stay period (i.e. from 7th March 2023 to 9th August 2023). By Order dated 1 October 2024 the Honble NCLT, Mumbai, in the clarification application and the intervention applications, held that all CIRP related activities should be considered as on 22 February 2023 and directed that all transactions and appropriations undertaken during the Stay Period shall be reversed and the amounts received by the banks during the stay period shall be remitted back to the account of the Company. The lenders have appealed against the order in NCLAT, Delhi and have received an interim relief from Honble NCLAT, Delhi. These appeals are pending before Honble NCLAT, Delhi . Only once these appeals are decided by the adjudicating authority, the impact of penal and additional interest along with other liabilities can be estimated. Hence, the interest for the stay period has not been admitted by the CIRP. Post commencement of CIRP, the financial creditors have shared their claims as on 10th August 2023 and a moratorium is in place and hence the financial creditors cannot charge any interest for the moratorium period. However, in the books of accounts interest has been accrued as per the existing terms of lending to comply with the applicable accounting standards.Adequately disclaimed in our reportThe operational creditors, employees, statutory authorities and other creditors have submitted claims amounting to Rs.19,834.60 million as on 10 August 2023, out of which Rs.7,066.86 million have been admitted and Rs.3,391.56 million has been admitted as contingent claim by the RP. In absence of sufficient and appropriate and the admission amount of claims and in the absence of reconciliation of the balances as per the claims submitted, claims admitted and the outstanding balances in the books of accounts, we are unable to comment upon the impact of such non-accrual of additional liability, if any, along with other sufficient appropriate audit evidence with respect to recognition of liabilities, their measurement and all related disclosures to be made, on the accompanying Statement for the year ended 31 March 2025. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimateAppeal(s) are pending before Honble NCLAT, Delhi for the treatment of liabilities accrued during the stay period of CIRP. Only once these appeal(s) are decided by the adjudicating authority, the impact of claim for the stay period including interest along with other liabilities can be estimated.Adequately disclaimed in our reportCertain information including the minutes of meetings of the Committee of Creditors (CoC), and the outcome of certain procedures carried out as a part of the CIRP, has not been shared citing confidentiality reasons. Accordingly, we are unable to comment on the impact, if any, on the accompanying Statement including recognition, measurement and disclosures, that may arise had we been provided access to above-mentioned information. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimatePursuant to the commencement of CIRP of the Company under Insolvency and Bankruptcy Code, 2016, certain information including the minutes of meetings of the Committee of Creditors held on various dates, and the outcome of certain procedures carried out as a part of the CIRP are confidential in nature and could not be shared with anyone other than the member of CoC members and Honble NCLTAdequately disclaimed in our reportTwo subsidiary companies of Siti Networks Limited, namely, Siti Broadband Services Private Limited and Siti Jind Digital Media Communications Private Limited have been admitted into the CIRP process by orders dated 31 October 2023 and 22 March 2024 of NCLT, Delhi respectively. Their financial statements have not been audited by their statutory auditors and have not been approved/signed by the Resolution Professional appointed for these subsidiaries for the year ended 31 March 2025. In the absence of such financial statements being duly audited by the statutory auditors of these companies, together with other aforementioned matters, we are unable to obtain sufficient appropriate audit evidence to confirm the transactions with and the balances outstanding from/to such subsidiary companies in the books of Siti Networks Limited along with the impairment in carrying value of investments, if any, as at and for the year ended 31 March 2025. <br></br> <br></br> The report on the standalone financial results for quarter and nine months ended 31 December 2024, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimateThe RP for Siti Networks Limited has reached out multiple times to the RP of Siti Broadband Services Private Limited and Siti Jind Digital Media Communications Private Limited for closure and audit of financial statements. However, no response has been received from themAdequately disclaimed in our reportWe have not been provided with the audited financial statements of subsidiary companies namely, Siti Broadband Services Private Limited, Siti Jind Digital Media Communications Private Limited, Siti Jai Maa Durgee Communications Private Limited, Siti Sagar Digital Cable Network Private Limited, Siti Krishna Digital Media Private Limited. In the absence of such financial statements being duly audited by the statutory auditors of these companies, we are unable to obtain sufficient appropriate audit evidence to confirm the transactions with and the balances outstanding from/to such subsidiary companies in the books of Siti Networks Limited along with the impairment in carrying value of investments, if any, as at and for the year ended 31 March 2025.Disclaimer of opinionWhether appeared first timeNot applicableUnable to estimateManagement is unable to comment on the impact, if any, in this regard.Adequately disclaimed in our reportThe Companys Revenue from operations includes broadcasters share in subscription income from pay channels, which has correspondingly been presented as an expense which is not in accordance with the requirements of Ind AS 115, Revenue from contracts with customers. Had the management disclosed the same on net basis, the Revenue from Operations and the Pay channel, carriage sharing and related costs each would have been lower by Rs.652.85 million and Rs. 2,814.09 million for the quarter and year ended 31 March 2025 respectively, while there would have been no impact on the net loss for the quarter and year ended 31 March 2025. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableNot applicableNot applicableNot applicableWe have been provided with a listing of ongoing litigations before NCLT, Mumbai, including the matter referred to in paragraph 4(i) above pertaining to the treatment of claims/liabilities/obligations arising during the period of stay obtained by one of the Directors (powers suspended) of the Company before NCLAT upto the date of dismissal of such appeal, i.e., 07 March 2023 upto 10 August 2023. However, in the absence of an evaluation on these ongoing litigations from the management, we are unable to obtain sufficient appropriate audit evidence to evaluate, assess and comment on the impact, if any, on the accompanying Statement including recognition, measurement and disclosures, that may arise had we been provided access to above-mentioned information. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024 also had a disclaimer of conclusion with respect to the matter stated above, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimateTill the time the final order(s) have not been passed in the appeal(s) by the appellate authority, the RP and the management is not in the position to evaluate the final outcome of the appeal(s).Adequately disclaimed in our reportThe Company has not carried out recoverability and/ or impairment assessment for its subsidiaries namely Central Bombay Cable Network Limited, Indian Cable Net Company Limited, Siti Broadband Services Private Limited, Siti Cable Broadband South Limited, Siti Faction Digital Private Limited, Siti Global Private Limited, Siti Guntur Digital Network Private Limited, Siti Jai Maa Durgee Communications Private Limited, Siti Jind Digital Media Communications Private Limited, Siti Jony Digital Cable Network Private Limited, Siti Karnal Digital Media Network Private Limited, Siti Krishna Digital Media Private Limited, Siti Networks India LLP, Siti Prime Uttaranchal Communication Private Limited, Siti Sagar Digital Cable Network Private Limited, Siti Saistar Digital Media Private Limited, Siti Siri Digital Network Private Limited, Siti Vision Digital Media Private Limited, Variety Entertainment Private Limited and Master Channel Community Network Private Limited. In absence of sufficient and appropriate audit evidence, we are unable to comment on the balances outstanding from such subsidiary companies in the books of Siti Networks Limited along with the impairment in carrying value of investments, if any, as at and for the year ended 31 March 2025. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024 also had a disclaimer of conclusion with respect to the matter stated above, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimateManagement is unable to comment on the impact, if any, in this regard.Adequately disclaimed in our reportOn 3 July 2024 the Resolution Professional has submitted an application against former members of the Companys management under Section 25(2)(j) read with Section 66 of the Insolvency and Bankruptcy Code, 2016, and Regulation 35(A)(3) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.This application seeks relief in connection with certain allegedly fraudulent and inappropriate transactions conducted by the Corporate Debtor under the previous management aggregating approx. Rs.3,254.90 million for the period 10 August 2018 to 10 August 2023, and the matter is currently pending with honble NCLT in Mumbai. However, we are not aware of any counter-application(s) filed by the respondents to the aforementioned application, and we have also not been provided with the transaction audit report which forms the basis of such application. Accordingly, in absence of sufficient appropriate audit evidence and pending resolution of this matter, we are unable to comment on any potential impact on the accompanying Statement for the year ended 31 March 2025, including any issues related to recognition, measurement, or disclosures. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimateRegulation 35A of the CIRP Regulations requires the RP to form an opinion whether Corporate Debtor is subjected to any transaction covered under Sections 43, 45, 50 or 66 on or before 75th day of the ICD. Post approval received from the CoC during the 2nd Meeting of the committee of creditors, the resolution Professional appointed Pipara and Co LLP under Regulation 27(2) of the CIRP Regulations to undertake the Transaction Audit of Siti Networks Limited. <br></br> <br></br> The Transaction Auditor has concluded his report and submitted the same to the Resolution Professional. The Resolution Professional has, basis the findings of the Transaction Audit Report, filed appropriate applications under Section 66 of the Insolvency and Bankruptcy Code of 2016 with the Honble NCLT. The Application filed have been shared with the AuditorsAdequately disclaimed in our reportThe Company has not carried out physical verification of the property, plant and equipment. Accordingly, material discrepancies, if any, could not be ascertained and therefore, we are unable to comment on the existence of such property, plant and equipment and its related impact, if any, on the accompanying Statement for the year ended 31 March 2025 including recognition, measurement and disclosures, that may arise had the Company carried out such physical verification. <br></br> <br></br> Our report on the standalone financial results for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above. <br></br> Disclaimer of opinionRepetitiveNot applicableUnable to estimate A major part of the Property, Plant and Equipment are installed either at customer premises or lying with the distributors/cable operators. Hence, the physical verification of such items of PPE is not feasible owing to the nature and location of these assets.Adequately disclaimed in our reportThe Company has incurred a net loss (including other comprehensive income) of Rs.531.32 million and Rs.1,953.03 million during the quarter and year ended 31 March 2025 respectively, and as of that date, the Companys accumulated losses amount to Rs.29,878.28 million resulting in a negative net worth of Rs.12,942.98 million and its current liabilities exceeded its current assets by Rs.16,911.97 million resulting in negative working capital. The above factors along with matters stated in paragraphs 4(i) to 4(xiii) above and other matters as set forth in note 6 to the accompanying Statement, indicate a material uncertainty about the companys ability to continue as a going concern since the future of the Company is dependent upon the successful implementation of a Resolution plan. The Statement has been prepared by the management assuming going concern basis of accounting, for which we have not been able to obtain sufficient appropriate audit evidence regarding the use of such assumption, based on managements assessment of the successful outcome of the ongoing Resolution process with no adjustments having been made to the carrying value of the assets and liabilities and their presentation and classification in the Balance Sheet. <br></br> <br></br> The report on the standalone financial results for the quarter and nine months ended 31 December 2024, for the quarter and nine months ended 31 December 2023 and for the year ended 31 March 2024 also had a disclaimer of conclusion with respect to the matter stated above.Disclaimer of opinionRepetitiveNot applicableUnable to estimateGoing concern basis of accounting has been adopted based on our assessment of a successful outcome of the ongoing Resolution process and accordingly no adjustments have been made to the carrying value of the assets and liabilities and their presentation and classification in the Balance Sheet.Adequately disclaimed in our reportThe Company has not completed the reconciliation of Goods and Services Tax (GST) input credits pertaining to previous financial years with the books of accounts and the returns filed with the statutory authorities. In the absence of adequate supporting documentation and reconciliations, we are unable to obtain sufficient appropriate audit evidence to determine the accuracy, completeness, and recoverability of the GST input credits recognized in the financial statements as at and for the year ended 31 March 2025. Consequently, we are unable to ascertain the possible impact, if any, of such unreconciled GST input credits on the financial position, results, and cash flows of the Company.Disclaimer of opinionWhether appeared first timeNot applicableUnable to estimateThe Company is in the process of reconciling its accounts which could not be completed by the time of audit closure owing to pending confirmations and adjustments with vendors pertaining to pre-CIRP dues.Adequately disclaimed in our reportYogesh SharmaNot ApplicableNot ApplicableAnkit MarwahaRohit Mehra, Resolution ProfessionalNoida2025-06-3012060300001206030000001206030000