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Latest filing: 2026-09-01 14:27
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9 announcements match the current filters (relevance ≥ 5).
DNAMEDIA Receives Rs 1.13 Cr GST Show Cause Notice on ITC Disallowance & Tax Demand
Diligent Media Corporation has received a Show Cause Cum Demand Notice (SCN) from the CGST & CX Mumbai Central Commissionerate under Section 74 of the CGST Act. The notice proposes recovery of Rs 1.08 Cr in Input Tax Credit (ITC) availed during FY 2021-22 from a vendor whose GST registration was cancelled ab initio, along with an additional tax demand of Rs 4.90 lakh for FY 2020-21, plus interest and penalties. The total principal demand of ~Rs 1.13 Cr represents approximately 16% of the company's TTM revenue (Rs 7 Cr). The company stated it is seeking legal advice and intends to challenge the demand before appellate forums.
Confidence: HIGH
What changedCGST Anti-Evasion authority issued a show cause notice seeking Rs 1.13 Cr in back taxes and disallowed ITC for FY21 and FY22.
Why it mattersThe proposed demand of Rs 1.13 Cr (plus interest/penalties) is material relative to DNAMEDIA's small revenue base (TTM revenue of Rs 7 Cr) and existing negative net worth (-Rs 253 Cr).
ITC recovery proposed: Rs. 1,08,00,000Outward tax demand: Rs. 4,90,164Total principal demand: Rs 1.13 CrDemand vs TTM revenue: ~16.1%Receipt date: August 31, 2026
📅 Short termThe company will file its response to the SCN; no immediate cash outflow is required until an adverse final adjudication order is passed.
📈 Long termIf upheld, the liability adds further financial strain to a company already facing negative net worth and operational losses.
⚠ Risk flags
- Additional interest and penalty liabilities not yet quantified
- Tight liquidity context with negative net worth (-Rs 253 Cr) and ongoing losses
Key Highlights
Proposed recovery of Rs 1,08,00,000 towards ITC availed in FY 2021-22 due to vendor registration cancellation ab initio
Additional tax demand of Rs 4,90,164 for short-payment of outward tax liability in FY 2020-21, plus interest and penalties
Notice received on August 31, 2026 under Section 74 of the CGST Act from Assistant Commissioner, Anti-Evasion, Mumbai Central
Company intends to challenge the proposed demand before appropriate appellate authorities
👀 What to Watch
Track the outcome of the show cause proceedings, potential final adjudication orders, and any cash deposit requirements if the matter moves to appellate tribunals.
DNAMEDIA Reports FY26 Net Loss of Rs 8.83 Cr; Appoints Priyadarshan Garg as CEO
Diligent Media Corporation Limited (DNAMEDIA) reported a significant decline in revenue from operations to Rs 6.51 crore in FY26, down from Rs 13.19 crore in FY25. The company swung to a net loss of Rs 8.83 crore for the full year, compared to a profit of Rs 13.62 crore in the previous year, largely impacted by a reversal of deferred tax assets worth Rs 6.51 crore. The company's net worth remains deeply negative at Rs 252.60 crore, and the statutory auditors have issued a modified opinion on the results. Amidst these financial challenges, the board has appointed Mr. Priyadarshan Garg as the new CEO effective June 1, 2026.
Key Highlights
Revenue from operations fell by 50.6% year-on-year to Rs 650.88 lakhs in FY26.
Reported a total comprehensive loss of Rs 879.46 lakhs for FY26 versus a profit of Rs 1,364.13 lakhs in FY25.
Reversed deferred tax assets of Rs 651.44 lakhs due to uncertainty regarding future taxable income.
Facing a significant GST demand of Rs 6,856.37 lakhs and has filed a settlement application with SEBI for alleged regulatory violations.
Appointed Mr. Priyadarshan Garg as CEO and Key Managerial Personnel starting June 1, 2026.
👀 What to Watch
Investors should remain highly cautious as the company has a negative net worth and is facing substantial legal and tax liabilities. The transition to a new CEO and the proposed scheme for capital reduction are critical factors to watch, but the current financial health remains precarious.
Diligent Media Reports FY26 Loss of ₹8.83 Cr; Appoints Priyadarshan Garg as CEO
Diligent Media Corporation reported a significant decline in performance for FY26, with revenue from operations dropping to ₹6.51 crore from ₹13.19 crore in the previous year. The company swung to a net loss of ₹8.83 crore compared to a profit of ₹13.62 crore in FY25, largely impacted by a ₹6.51 crore reversal of deferred tax assets. The company's net worth remains deeply negative at ₹(252.60) crore, though management maintains a going concern stance based on projected cash flows. Amidst these financials, the board has appointed Priyadarshan Garg as the new CEO effective June 1, 2026.
Key Highlights
Revenue from operations halved to ₹650.88 lakhs in FY26 compared to ₹1,319.19 lakhs in FY25.
Reported a net loss of ₹883.46 lakhs for FY26 against a profit of ₹1,361.88 lakhs in the previous year.
Net worth is significantly eroded, standing at negative ₹25,259.50 lakhs as of March 31, 2026.
Reversed deferred tax assets worth ₹651.44 lakhs due to uncertainty regarding future taxable income.
Facing a massive GST demand of ₹6,856.37 lakhs and an ongoing SEBI show-cause notice settlement process.
👀 What to Watch
Investors should exercise extreme caution given the company's negative net worth, halving of revenue, and multiple legal/regulatory hurdles including audit qualifications. The stock remains a high-risk play despite the management change and the proposed capital reduction scheme.
Diligent Media Faces GST Demand of Rs 3.99 Crore Over Leasehold Land Transfer
Diligent Media Corporation has been served a GST demand order of approximately Rs. 3.99 crores for the financial year 2019-20. The demand arises from the tax authority's view that the transfer of leasehold rights to M/s CTRL S (India) Pvt. Ltd. constitutes a taxable supply of services. The total claim includes interest of Rs. 1.26 crores and a penalty of Rs. 1.47 crores. The company intends to contest this in the Bombay High Court, following a similar strategy used for a previous related order.
Key Highlights
Total GST demand of Rs. 3.99 crores received from Mumbai tax authorities.
Includes interest of Rs. 1.26 crores and a penalty of Rs. 1.47 crores for FY 2019-20.
Issue pertains to the non-levy of GST on the assignment of leasehold industrial plot rights.
Company to file a writ petition in the Bombay High Court to challenge the order.
👀 What to Watch
Investors should track the legal proceedings as a negative court ruling would necessitate a cash outflow of nearly Rs. 4 crores. This adds to the company's existing legal and regulatory overheads.
DNAMEDIA CEO Chitresh Sehgal Resigns After 5-Year Tenure
Diligent Media Corporation Limited (DNAMEDIA) has announced the resignation of Mr. Chitresh Sehgal as Chief Executive Officer, effective March 12, 2026. Mr. Sehgal, who served as a Key Managerial Personnel (KMP), is leaving the company after nearly five years to pursue external career interests. The resignation was formally tendered on January 12, 2026, allowing for a transition period. The company has not yet announced a successor for the top leadership role.
Key Highlights
Mr. Chitresh Sehgal resigned as CEO and Key Managerial Personnel effective March 12, 2026.
The executive is departing after a tenure of nearly 5 years with the organization.
The resignation was submitted on January 12, 2026, providing a two-month notice period.
The stated reason for departure is to pursue career interests outside the company.
👀 What to Watch
Investors should monitor the company's upcoming announcements regarding the appointment of a new CEO to ensure leadership stability. Watch for any potential shifts in strategic direction following this transition in senior management.
DNAMEDIA Challenges ₹33.90 Crore GST Demand in Bombay High Court
Diligent Media Corporation Limited has filed a writ petition in the Bombay High Court to contest a ₹33.90 crore GST demand order. The demand, issued by the Assistant Commissioner of State Tax, Mumbai, pertains to the assignment of leasehold rights for an industrial plot. The company is challenging the order based on judicial precedents and legal advice, seeking to overturn the demand which includes GST, interest, and penalties. This follows an initial disclosure of the tax liability made by the company in January 2026.
Key Highlights
Filed a Writ Petition in the Bombay High Court on February 24, 2026, against a GST Demand Order.
The total demand amount under dispute is ₹33.90 crores, including GST, interest, and penalties.
The dispute relates to the non-payment of GST on the assignment of leasehold rights for a Mumbai-based industrial plot.
The company is relying on judicial precedents in similar matters to contest the tax authority's claim.
👀 What to Watch
Investors should closely monitor the legal proceedings in the Bombay High Court as an adverse ruling could result in a significant financial liability. It is advisable to remain cautious until there is further clarity on the court's decision.
Diligent Media Reports Q3 Loss of ₹29.78 Lakhs; Auditor Issues Qualified Opinion
Diligent Media Corporation (DNAMEDIA) reported a net loss of ₹29.78 lakhs for the quarter ended December 31, 2025, compared to a profit of ₹254.25 lakhs in the same period last year. Total income saw a massive decline to ₹155.42 lakhs from ₹677.88 lakhs YoY, primarily due to a sharp drop in other income. The company's net worth remains negative as accumulated losses have exceeded its paid-up capital and reserves. Furthermore, the company is contesting a significant GST demand of ₹3,390.68 lakhs and dealing with a complex ₹17,340.27 lakh inter-corporate deposit settlement.
Key Highlights
Revenue from operations fell to ₹140.76 lakhs in Q3 FY26 from ₹171.25 lakhs in Q3 FY25.
The company turned to a net loss of ₹29.78 lakhs for the quarter versus a profit of ₹254.25 lakhs YoY.
Auditors issued a qualified opinion regarding ₹17,340.27 lakhs in outstanding Inter Corporate Deposits (ICDs) given to Veena Investments.
A GST demand of ₹3,390.68 lakhs including interest and penalties has been raised against the company.
Accumulated losses have fully eroded the company's net worth, though management continues to operate on a 'going concern' basis.
👀 What to Watch
Investors should remain highly cautious as the company is in financial distress with negative net worth and significant legal/tax liabilities. The auditor's qualified opinion and the sharp decline in revenue indicate high risk.
Diligent Media Q3 FY26: Revenue Drops to ₹1.4 Cr, Reports Net Loss of ₹29.8 Lakhs
Diligent Media Corporation Limited reported a weak performance for Q3 FY26, with revenue from operations falling to ₹140.76 lakhs from ₹171.25 lakhs YoY. The company swung to a net loss of ₹29.78 lakhs compared to a profit of ₹254.25 lakhs in the previous year's corresponding quarter. A significant concern is that accumulated losses have exceeded the company's paid-up capital and reserves, though management continues to operate on a going concern basis. Furthermore, the statutory auditors have issued a qualified opinion regarding the treatment of Inter Corporate Deposits and the lack of impairment testing.
Key Highlights
Revenue from operations declined 17.8% YoY to ₹140.76 lakhs in Q3 FY26.
Reported a net loss of ₹29.78 lakhs versus a profit of ₹254.25 lakhs in Q3 FY25.
Auditors issued a qualified opinion concerning ₹17,340.27 lakhs in Inter Corporate Deposits (ICDs) granted to Veena Investments.
The company faces a significant GST demand of ₹3,390.68 lakhs including interest and penalties, which is currently being contested.
Accumulated losses have fully eroded the company's net worth as of December 31, 2025.
👀 What to Watch
Investors should remain highly cautious given the erosion of net worth, the qualified audit report, and the substantial pending GST liability. The stock remains a high-risk play dependent on the successful execution of its digital media expansion and resolution of legal disputes.
Diligent Media Receives ₹33.90 Crore GST Demand Order Including Penalty
Diligent Media Corporation Limited has been served a GST Demand Order totaling ₹33.90 crores by the Assistant Commissioner of State Tax, Mumbai. The demand relates to the 2018-19 financial year concerning the assignment of leasehold rights for an industrial plot, which the tax authority classifies as a taxable supply of services. The total demand includes a substantial penalty of ₹10.32 crores plus interest. The company intends to challenge the order, maintaining that the transaction constitutes a non-taxable transfer of land.
Key Highlights
Total financial implication of ₹33.90 crores including tax, interest, and penalty.
Specific penalty amount of ₹10.32 crores levied for the FY 2018-19 period.
Dispute centers on whether the assignment of leasehold rights for a Mumbai plot is a taxable service.
Company has already made submissions arguing the transaction is a 'transfer of land' exempt from GST.
Management is currently consulting legal counsel to determine the next course of action.
👀 What to Watch
Investors should be cautious as this demand represents a significant potential liability that could impact the company's liquidity. Monitor for updates regarding the company's legal appeal and any stay orders obtained from higher authorities.
