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Limited******Wholly owned subsidiary companyAny other transactionPreference SharesOk0957200000957200000Zee Learn Limited******Digital Ventures Private Limited******Wholly owned subsidiary companyAny other transactionInd As Impact of OCD ValuationsOk273200011842400001186972000Zee Learn Limited******Digital Ventures Private Limited******Wholly owned subsidiary companyAny other transactionInd As Impact of OCD ValuationsOk-540000010583910001052990000Zee Learn Limited******MT Educare Limited******Other Related partyAny other transactionEquity SharesOk027812000002781200000Zee Learn Limited******Academia Edificio Private Limited******Wholly owned subsidiary companyAny other transactionEquity SharesOk-10000100000Zee Learn Limited******Liberium Global Resources Private Limited******Wholly owned subsidiary companyAny other transactionEquity SharesOk01000010000Zee Learn Limited******Digital Ventures Private Limited******Wholly owned subsidiary companyAny other transactionServices for School ConstructionOk04449900044499000Zee Learn Limited******Liberium Global Resources Private Limited******Wholly owned subsidiary companyAny other transactionContent for Corporate WritingOk034280003428000Zee Learn Limited******Lakshya Forrum for Competitions Private Limited******Other Related partyInter-corporate depositOk04049500040495000Zee Learn Limited******Lakshya Forrum for Competitions Private Limited******Other Related partyAny other transactionInterest Income on ICD given6000000Ok2810000741700010227000Zee Learn Limited******Lakshya Forrum for Competitions Private Limited******Other Related partyAny other transactionContent DevelopmentOk31409000-309920005362000Digital Ventures Private Limited******Pan India Infrastructure Private Limited******Other Related partyAdvanceOk0145106000145106000Liberium Global Resources Private Limited******JABALPUR MSW PRIVATE LIMITED******Other Related partyAny other transactionManpower SupplyOk010460001046000Liberium Global Resources Private Limited******Jabalpur Waste Collection and Transportation Management Pvt Ltd.******Other Related partyAny other transactionManpower SupplyOk046380004638000Liberium Global Resources Private Limited******Kundli Manesar Expreeways Ltd******Other Related partyAny other transactionManpower SupplyOk138300010500090000Liberium Global Resources Private Limited******Western Mp Infrastructure & Toll Roads Private Limited******Other Related partyAny other transactionManpower SupplyOk04000040000Zee Learn Limited******MT Educare Limited******Other Related partyAny other transactionManagement Consultancy FeesOk01762800017628000Zee Learn Limited******Liberium Global Resources Private Limited******Wholly owned subsidiary companyAny other transactionInter Corporate Deposit Given2000000Ok-3000021800002150000Zee Learn Limited******Liberium Global Resources Private Limited******Wholly owned subsidiary companyAny other transactionInterest Expense on ICD1000000Ok149000357000506000Zee Learn Limited******Liberium Global Resources Private Limited******Wholly owned subsidiary companyAny other transactionProvisions made during earlier years-Equity SharesOk-119000-2537000-2656000Zee Learn Limited******MT Educare Limited******Other Related partyAny other transactionProvision made during earlier years-LoanOk-1924000-32809000-34733000Zee Learn Limited******Digital Ventures Private Limited******Wholly owned subsidiary companyAny other transactionProvision made during earlier years-LoanOk0-1093205000-1093205000Zee Learn Limited******Digital Ventures Private Limited******Wholly owned subsidiary companyAny other transactionProvision made during earlier years-Premium on Preference SharesOk-7000000-163300000-170300000Zee Learn Limited******Digital Ventures Private Limited******Wholly owned subsidiary companyAny other transactionProvision made during earlier years-Preference SharesOk0-957200000-957200000Liberium Global Resources Private Limited******Essel Corporate LLP******Other Related partyAny other transactionManpower SupplyOk6630002450001000Zee Learn Limited******Lakshya Forrum for Competitions Private Limited******Other Related partyAny other transactionProvision made during earlier years-LoanOk-2810000-47912000-50722000Zee Learn Limited******Vidysea Education Pvt Ltd******Other Related partyAny other transactionInvestment in 1 Lakh equity shares @ of Rs 100 eachOk19000005750000059400000Zee Learn Limited******Subhash Chandra Foundation******Other Related partyAny other transactionCSR ExpenditureOk20000054000005600000Zee Learn Limited******Lakshya Forrum for Competitions Private Limited******Other Related partyAny other transactionManagement Fees3600000Ok180000030960004899000Zee Learn Limited******MT Educare Limited******Other Related partyAny other transactionProvisions made during earlier years-Equity SharesOk0-2781200000-2781200000Liberium Global Resources Private Limited******Lakshya Forrum for Competitions Private Limited******Other Related partyInter-corporate depositOk50280008910300094131000Liberium Global Resources Private Limited******MT Educare Limited******Other Related partyAny other transactionManpower SupplyOk27280001025000967000Zee Learn Limited******MT Educare Limited******Other Related partyAny other transactionProvisions made during earlier years-DebtorsOk0-1762800017628000Liberium Global Resources Private Limited******Creantum Security Solutions Private Limited******Other Related partyAny other transactionPurchase of Goods & ServicesOk323000032300044146000AuditedQualified opinionFord Rhodes Parks & Co. LLPtrue2027-09-3032304230003230423000244334600024433460009056690009056690002.772.771290411100012904111000103655700001036557000025385410002538541000a) As stated in Note 5 to the Statement, Yes Bank Limited (YBL) had invoked the Corporate Guarantees issued by the Company and its subsidiary i.e. Digital Ventures Private Limited (DVPL) upon non-repayment of credit facilities (during COVID-19 pandemic) availed by Four Trusts/entity, and called upon the Company and DVPL to make payment of an amount of Rs. 44,962.56 lakhs (including interest and other charges upto 31 July 2021). As further stated in the said note, the Company and DVPL had received notices from YBL regarding filing of petitions under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) of the Company and DVPL (as corporate guarantors) before the Honble National Company Law Tribunal (NCLT), Mumbai. Also as stated in the said note, YBL vide its letters dated 30 December 2022 had informed the Company and DVPL that it had assigned and transferred the above credit facilities to J.C. Flowers Asset Reconstructions Private Limited (J.C.Flowers) and the amount outstanding therein as at 30 November 2022 was Rs. 52,254.63 lakhs (including interest and penal charges). As further explained in the said note, on 10 February 2023 the Honble NCLT, Mumbai, admitted the application filed by YBL against the Company and ordered the commencement of the CIRP under the IBC. However, an appeal was filed before the Honble National Company Law Appellate Tribunal (NCLAT) by the Company and the Honble NCLAT vide its order dated 16 February 2023 set aside the impugned order dated 10 February 2023 passed by the Honble NCLT and disposed off the appeal in accordance with law. As further explained in the said note, J.C. Flowers filed Special Leave Petition (SLP) in the Honble Supreme Court for setting aside of the final order dated 16 February 2023 passed by the Honble NCLAT which was subsequently filed for withdrawal by J.C. Flowers and the Honble Supreme Court of India vide its Order dated 05 August 2025 dismissed the said SLP as withdrawn. Further, the petition filed by J.C. Flowers under Section 7 of the IBC to initiate CIRP proceedings against DVPL was also dismissed as withdrawn by the Honble NCLT. As further stated in the said note, on 7 August 2023, the Company, DVPL along with four trusts/entity entered into settlement agreement with J.C. Flowers to settle the above corporate guarantee obligation with respect to loans borrowed by the said four trusts/entity. As per the terms of the settlement agreement, Company, DVPL along with four trusts/entity had agreed to settle the above Corporate Guarantee obligation for Rs. 28,500 lakhs (to be paid jointly and severally by Company, DVPL along with four trusts/entity) pursuant to which the Corporate Guarantee obligation and other securities created by Company and DVPL will be released by J.C. Flowers on receipt of the said settlement amount. However, due to delays in payments as per the said settlement agreement, the Company received letter dated 11 October 2024 from J.C. Flowers intimating termination of the said settlement agreement and further informing that all terms set out in the Financing document shall continue in full force and effect and all amounts paid under settlement agreement shall be adjusted towards repayment of the outstanding credit facilities of four trusts/entity as if the settlement agreement had never been executed. Further as stated in the said note, J.C. Flowers and Assets Care & Reconstruction Enterprise Limited (ACRE) vide their respective communications dated 31 October 2024 informed the Company that such outstanding credit facilities of four trusts/entity of Rs. 62,481.28 lakhs (as on 11 October 2024) have been assigned and transferred by J.C. Flowers to ACRE. Further, vide Supplemental Facilities Agreement dated 15 November 2024, the Company, DVPL along with four trusts/entity and other entities forming part of the promoter and promoter group have agreed upon certain additional conditions with ACRE in respect of the outstanding credit facilities availed by four trusts/entity. In furtherance to the said Supplemental Facilities Agreement, a few entities forming part of the promoter and promoter group also created and extended security on their assets (in addition to their security arrangement for their existing indebtedness with ACRE and existing security provided by the Company, DVPL along with four trusts/entity) to the satisfaction of ACRE for abovementioned outstanding credit facilities. As per the said Supplemental Facilities Agreement, the outstanding amount payable to ACRE including interest is Rs. 66,284.63 lakhs (net of amounts paid by the Company and four trusts/entity to ACRE till 31 March 2026) as at 31 March 2026 and the total amount recoverable (including interest) from four trusts/entity is Rs. 77,607.18 lakhs (including amounts paid by the Company to ACRE and J.C. Flowers till 31 March 2026) as at 31 March 2026 and the amount recoverable is disclosed under "other current financial assets". Pursuant to the execution of the above Supplemental Facilities Agreement, the management of the Company strongly believes that the above outstanding credit facilities of four trusts/entity will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts/entity and other security providers. In view of above, the management of the Company is of the opinion that the amount of Rs. 77,607.18 lakhs receivable from four trusts/entity as at 31 March 2026 is good and recoverable. <br></br> However, in terms of Ind AS 109 Financial Instruments the Company has not carried out assessment of impairment of the recoverable amount of Rs. 77,607.18 lakhs from four trusts/entity as at 31 March 2026. In the absence of assessment of impairment of the recoverable amount of Rs. 77,607.18 lakhs, we are unable to comment upon adjustments, if any, required on the Statement. <br></br> Qualified opinionRepetitivePursuant to the execution of the above Supplemental Facilities Agreement, the management of the Company strongly believes that the above outstanding credit facilities of four trusts/entity will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts/entity and other security providers. In view of above, the management of the Company is of the opinion that the amount of Rs. 77,607.18 lakhs receivable from four trusts/entity as at 31 March 2026 is good and recoverable.NANAAuditors comments are self-explanatory in auditors report2. As stated in Note 3 of the Statement, the Company has investments in its wholly owned subsidiary viz Digital Ventures Private Limited (DVPL) in the form of Equity shares, Convertible Debentures and Preference shares (including redemption premium) of Rs. 45,136.52 lakhs, loan and receivables of Rs. 11,377.05 lakhs aggregating to Rs. 56,513.57 lakhs as at 31 March 2026. As further stated in the said note, considering the proceedings against DVPL w.r.t Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Hon'ble National Company Law Tribunal (NCLT) Mumbai, the Company, out of abundant caution and prudent accounting practices, had provided Rs. 22,067.05 lakhs towards impairment of its loan and investments (including redemption premium) in DVPL till 31 March 2025. Further on 19 November 2024, the Hon'ble NCLT, Mumbai admitted the application filed by Axis Bank Limited against DVPL and ordered the commencement of CIRP of DVPL and appointed an Interim Resolution Professional (IRP). However, an appeal was filed before the Hon'ble National Company Law Appellate Tribunal ("NCLAT") by DVPL and the Hon'ble NCLAT vide its order dated 02 December 2024 directed that no further steps shall be taken by the IRP in pursuance of the impugned order dated 19 November 2024 passed by the Honble NCLT. As also stated in the said note, during the quarter ended 30 September 2025, the Hon'ble NCLAT vide its Order dated 28 July 2025 has granted liberty to file appropriate application for withdrawal of CIRP of DVPL and accordingly the IRP on 2 August 2025 filed an application before the Hon'ble NCLT for withdrawal of CIRP of DVPL and the Hon'ble NCLT vide its Order dated 19 December 2025 approved the said application for withdrawal of CIRP of DVPL. As further explained in the said note, the Company has provided additional amount of Rs. 140 lakhs towards impairment of its investment in DVPL during the year ended 31 March 2026, and the management believes that no additional provision/impairment is required to be made as on 31 March 2026 and accordingly considers the net outstanding amount of Rs. 34,306.52 lakhs as at 31 March 2026 as good and recoverable. <br></br> DVPL had defaulted in repayment of its loans availed from two lenders and w.r.t. the said loans, the lenders had invoked the Corporate guarantees given by the Company on behalf of DVPL (Refer note 6 to the Statement). Accordingly, owing to above events and uncertainties, and further in the absence of assessment of impairment/recoverability of its net investments/receivables of Rs. 34,306.52 lakhs from DVPL as at 31 March 2026, we are unable to comment on the appropriateness of the net carrying value of its investments and recoverability of receivables from DVPL of Rs. 34,306.52 lakhs as at 31 March 2026 and its consequential impact on the Statement. <br></br> Qualified opinionRepetitiveDuring the quarter ended 31 March 2025, Axis Bank Limited entered into an assignment agreement dated 28 March 2025 with Assets Care & Reconstruction Enterprise Limited (ACRE) assigning the total credit facility of Rs. 13,008 Lakhs (including interest) outstanding as at 20 March 2025 (Rs. 13,021.19 lakhs as at 31 March 2025) in respect of financial facility granted by Axis Bank Limited to the Corporate Debtor from time to time along with all rights, benefit and obligations thereunder to ACRE. Pursuant to the Supplemental Facilities Agreement entered by the Company, DVPL along with four trusts/entity with ACRE, the management of the Holding Company strongly believes that the above outstanding credit facility of DVPL will be paid to ACRE through various steps including monetization of assets of DVPL. Further, during the year DVPL has received Order from Hon'ble NCLT vide its Order dated 19 December 2025 approved the said application for withdrawal of CIRP of DVPL and accordingly, the suspended Board of Directors of DVPL stands restated. In view of above, the management is of the opinion that no liability is required to be provided by the Company as at 31 March 2026.NANAAuditors comments are self-explanatory in auditors reportAs stated in the Note 6 to the Statement, during the financial year 2021-22, one of the subsidiaries viz. Digital Ventures Private Limited (DVPL) had defaulted in repayment of loans availed from two Lenders viz Axis Bank Limited and Tamilnad Mercantile Bank Limited (TMB). In this regard, one of the Lenders i.e. Axis Bank Limited vide its notice dated 14 February 2022 issued to the Company had invoked the Corporate Guarantee issued by the Company on behalf of DVPL, and called upon the Company to make payment of an amount of Rs. 9,162 lakhs outstanding as at 30 June 2021 with further interest w.e.f. 01 July 2021 as per the terms of the sanction letters. As further stated in the said note, during the financial year 2022-23, the Company had also received notice from the other Lender viz TMB invoking the Corporate Guarantee issued by the Company on behalf of DVPL, and called upon the Company to make payment of an amount of Rs. 2,299.59 lakhs outstanding as at 30 June 2021 (Rs. 3,546.71 lakhs as at 31 March 2026). As further stated in the said note, the Company (as corporate guarantor) and DVPL (as corporate debtor) had received notices dated 21 December 2023 and 28 November 2023 respectively from Axis Bank Limited, regarding filing of petitions under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) of the Company and DVPL before the Hon'ble National Company Law Tribunal (NCLT), Mumbai. As further stated in the said note, on 19 November 2024, the Hon'ble NCLT, Mumbai admitted the application filed by Axis Bank Limited against DVPL and ordered the commencement of CIRP of DVPL and appointed an Interim Resolution Professional (IRP). However, an appeal was filed before the Hon'ble National Company Law Appellate Tribunal ("NCLAT") by DVPL and the Hon'ble NCLAT vide its order dated 02 December 2024 directed that no further steps shall be taken by the IRP in pursuance of impugned order dated 19 November 2024 passed by the Honble NCLT and that agreed cut back arrangement of 20% to continue with Axis Bank Limited. Further, during the quarter ended 31 March 2025, Axis Bank Limited entered into an assignment agreement dated 28 March 2025 with Assets Care & Reconstruction Enterprise Limited (ACRE) assigning the total credit facility of Rs. 13,008 lakhs (including interest) outstanding as on 20 March 2025 (Rs. 14,409.33 lakhs as on 31 March 2026) in respect of the financial facility granted by Axis Bank Limited to the Corporate Debtor from time to time along with all rights, benefit and obligations thereunder to ACRE. As further stated in the said note, during the quarter ended 30 September 2025, the Hon'ble NCLAT vide its Order dated 28 July 2025 has granted liberty to file appropriate application for withdrawal of CIRP of DVPL and accordingly the IRP on 2 August 2025 filed an application before the Hon'ble NCLT for withdrawal of CIRP of DVPL and the Hon'ble NCLT vide its Order dated 19 December 2025 approved the said application for withdrawal of CIRP of DVPL. As further stated in the said note, pursuant to the Supplemental Facilities Agreement entered by the Company, DVPL along with four trusts/entity with ACRE, the management of the Company strongly believes that the above outstanding credit facility of DVPL will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts/entity. In view of above, the management is of the opinion that no liability is required to be provided by the Company as at 31 March 2026. Despite invocation of the Corporate Guarantees by two lenders and further assignment of credit facility of Axis Bank Limited (availed by DVPL) to ACRE and other matters as stated above, the Company has not provided for any liability against the above Corporate Guarantee obligations as at 31 March 2026 as required by the applicable Indian Accounting Standards (Ind AS). Further, in the absence of sufficient and appropriate evidence to corroborate managements conclusion on the non-recognition of the liability, we are unable to comment upon adjustments, if any, required on the Statement.Qualified opinionRepetitiveAn appeal was filed before the Hon'ble National Company Law Appellate Tribunal ("NCLAT") by DVPL and the Hon'ble NCLAT vide its order dated 02 December 2024 has directed that no further steps shall be taken by the IRP in pursuance of impugned order dated 19 November 2024 passed by Honble NCLT and that agreed cut back arrangement of 20% to continue with Axis Bank Limited. Further, during the quarter ended 31 March 2025, Axis Bank Limited entered into an assignment agreement dated 28 March 2025 with Assets Care & Reconstruction Enterprise Limited (ACRE) assigning the total credit facility of Rs. 13,008 Lakhs (including interest) outstanding as at 20 March 2025 (Rs. 14,409.33 lakhs as on 31 March 2026) in respect of financial facility granted by Axis Bank Limited to the Corporate Debtor from time to time along with all rights, benefit and obligations thereunder to ACRE. Pursuant to the Supplemental Facilities Agreement entered by the Company, DVPL along with four trusts/entity with ACRE, the management of the Holding Company strongly believes that the above outstanding credit facility of DVPL will be paid to ACRE through various steps including monetization of assets of DVPL. Further, during the year DVPL has received Order from Hon'ble NCLT vide its Order dated 19 December 2025 approved the said application for withdrawal of CIRP of DVPL and accordingly, the suspended Board of Directors of DVPL stands restated. In view of above, the management is of the opinion that no liability is required to be provided by the Company as at 31 March 2026.NANAAuditors comments are self-explanatory in auditors reportManish RastogiRakesh ChaturvediSHIV KUMAR GUPTAFORD RHODES PARKS & CO. LLPMumbai2026-05-22