1. Critical accounting judgment and estimates
The preparation of financial statements requires management to exercise judgment in applying the Company''''s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and the accompanying disclosures including disclosure of contingent liabilities . Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognized in the period in which the estimates are revised and in any future periods affected.
In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. Potential liabilities that have a low probability of crystallizing or are very difficult to quantify reliably, are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not provided for in the financial statements. There can be no assurance regarding the final outcome of these legal proceedings.
b Useful lives and residual values
The Company reviews the useful lives and residual values of property, plant and equipment, investment property and intangible assets at each financial year end.
c Impairment testing
(i) Judgment is also required in evaluating the likelihood of collection of customer debt after revenue has been recognized. This evaluation requires estimates to be made, including the level of provision to be made for amounts with uncertain recovery profiles. Provisions are based on historical trends in the percentage of debts which are not recovered, or on more detailed reviews of individually significant balances.
(ii) Determining whether the carrying amount of these assets has any indication of impairment also requires judgment. If an indication of impairment is identified, further judgment is required to assess whether the carrying amount can be supported by the net present value of future cash flows forecast to be derived from the asset. This forecast involves cash flow projections and selecting the appropriate discount rate.
(i) The Company''''s tax charge is the sum of the total current and deferred tax charges. The calculation of the Company''''s total tax charge necessarily involves a degree of estimation and judgment in respect of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process.
(ii) Accruals for tax contingencies require management to make judgments and estimates in relation to tax audit issues and exposures.
(iii) The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of temporary differences can be deducted. Where the temporary differences are related to losses, the availability of the losses to offset against forecast taxable profits is also considered. Recognition therefore involves judgment regarding the future financial performance of the particular legal entity or tax Company in which the deferred tax asset has been recognized.
e Fair value measurement
A number of company''''s accounting policies and disclosures require the measurement of fair values, for both financial and non- financial assets and liabilities. When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
-Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
-Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly (i.e. prices) or indirectly (i.e. derived from prices).
-Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of a fair value hierarchy then the fair value measurement is categorized in its entirely in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Company recognizes transfers between levels of the fair value hierarchy at the end of reporting year during which the change has occurred.
f Television programs
The Company has several types of programming inventory: news current affairs and regional language. The key area of accounting for inventory requiring judgment is the assessment of the appropriate nature over which to programming inventory should be amortized. The key factors considered by the Company are as follows:
a) News / current affairs / chat shows / events etc. are fully expensed on telecast since such programs do not have repeat value. This treatment best represents our estimate of the benefits received from the acquired rights.
b) The programs (other than (a) above) are amortized over a period of three financial years over which revenue is expected to be generated from exploitation of programs.
g Defined benefit obligation
The costs of providing pensions and other post-employment benefits are charged to the statement of profit and loss in accordance with Ind AS 19 ''''Employee benefits'''' over the period during which benefit is derived from the employees'''' services. The costs are assessed on the basis of assumptions selected by the management. These assumptions include salary escalation rate, discount rates, expected rate of return on assets and mortality rates. The same is disclosed in note 53.
2. Standards issued but not yet effective
In March 2017, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying amendments to Ind AS 7, ''''Statement of cash flows'''' and Ind AS 102, ''''Share-based payment.'''' These amendments are in accordance with the recent amendments made by International Accounting Standards Board (IASB) to IAS 7, ''''Statement of cash flows'''' and IFRS 2, ''''Share-based payment,'''' respectively. The amendments are applicable to the Company from 1 April 2017.
Amendment to Ind AS 7:
The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and noncash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirement. The Company is evaluating the requirements of the amendment and the effect on the financial statements is being evaluated.
Amendment to Ind AS 102:
The amendment to Ind AS 102 provides specific guidance to measurement of cash-settled awards, modification of cash-settled awards and awards that include a net settlement feature in respect of withholding taxes. It clarifies that the fair value of cash-settled awards is determined on a basis consistent with that used for equity-settled awards. Market-based performance conditions and non-vesting conditions are reflected in the ''''fair values'''', but non-market performance conditions and service vesting conditions are reflected in the estimate of the number of awards expected to vest. Also, the amendment clarifies that if the terms and conditions of a cash-settled share-based payment transaction are modified with the result that it becomes an equity-settled share-based payment transaction, the transaction is accounted for as such from the date of the modification. Further, the amendment requires the award that include a net settlement feature in respect of withholding taxes to be treated as equity-settled in its entirety. The cash payment to the tax authority is treated as if it was part of an equity settlement. The Company is evaluating the requirements of the amendment and the impact on the financial statements is being evaluated.
* Refer note 43
(ii) Terms / rights attached to equity shares
The Company has only one class of equity shares having a par value of ''''1 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
As per the records of the Company, including its register of shareholders/ members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
(v) The Company has instituted an Employee Stock Option Plan (ZNL ESOP 2009) as approved by the Board of Directors and Shareholders of the Company in 2009 and amended from time to time for issuance of stock options convertible into equity shares not exceeding in the aggregate 5% of the issued and paid up capital of the Company as at 31 March 2009 i.e. up to
1 1,988,000 equity shares of ''''1 each, to the employees of the Company as well as that of its subsidiaries and also to the directors (excluding an independent director) of the Company at the market price determined as per the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. The said Scheme is administered by the Nomination and Remuneration Committee of the Board. The Company has not granted any options till 31 March 2017.
# Income tax demands mainly include appeals filed by the Company before various appellate authorities against the disallowance of expenses / claims, non-deduction / short deduction of tax at source etc. The management is of the opinion that its tax cases will be decided in its favour and hence no provision is considered necessary at this stage.
A The amount represents the best possible estimate arrived at on the basis of available information. The Group has engaged reputed advocates to protect its interest and has been advised that it has strong legal position against such disputes.
* The Company has received legal notices of claims / law suits filed against it relating to infringement of copy rights, defamation suits etc. in relation to programs telecasted / other matters. In the opinion of the management, no material liability is likely to arise on account of such claims / law suits.
3. Managerial remuneration
(a) Remuneration paid or provided in accordance with Section 197 of the Companies Act, 2013 to Executive director and CEO/ COO, included in note 27 "Employee benefits expense" is as under :
Note: Salary and allowances include basic salary, house rent allowance, leave travel allowance and performance bonus but excluding leave encashment and gratuity provided on the basis of actuarial valuation.
# Mr. Rajiv Singh, Excecutive Director and COO from 09 September 2016.
# Mr. Jagdish Chandra, Excecutive Director - Regional News Channels from 03 February 2017.
* Mr. Rajendra Kumar Arora, Executive Director and CEO from 24 May 2016 to 30 August 2016.
* Mr. Ashish Kripal Pandit, Executive Director and CEO from 01 June 2015 to 12 October 2015.
(b) Commission payable to Non-executive directors of ''''1.66 million (''''1.42 million) based on profits for the year is included in Miscellaneous expenses under note 30 "Other expenses".
(c) Sitting fees paid to Non-executive directors of ''''1.58 million (''''1.10 million) is included in Miscellaneous expenses under note 30 "Other expenses".
4. These standalone financial statements of the Company for the year ended 31 March 2017, were authorized for issue by the Audit Committee and the Board of Directors at their respective meeting held on 24 May 2017.
5. Micro, small and medium enterprises
The Company has no dues to Micro, Small and Medium enterprises during the year ended 31 March 2017, on the basis of information provided by the parties and available on record. Further, there is no interest paid/payable to Micro, Small and Medium enterprises.
Note : All the loans are short term in nature given for general business purpose, and carry interest 012.50% per annum.
(b) Investments made
There are no investments made during the year except those mentioned in note 9 in the financial statements.
(c) Guarantees given
The Company has provided guarantees aggregating to ''''2500 million for redeemable non convertible debentures issued (2016: ''''2,500.00 million) by its wholly owned subsidiary viz. Pri-Media Services Private Limited and ''''200 million (2016: ''''200 million) for loans raised by it''''s indirect subsidiary namely Diligent Media Corporation Limited.
(d) Securities given
There are no securities given during the year.
6.During the year, the Company has made political contribution of Nil (2016: ''''1.00 million) to Rashtriya Janta Dal.
7.The Management is of the opinion that its international and domestic transactions are at arm''''s length as per the independent accountants report for the year ended 31 March 2016. The Management continues to believe that its international transactions and the specified domestic transactions during the current financial year are at arm''''s length and that the transfer pricing legislation will not have any impact on these financial statements, particularly on amount of tax expense and that of provision of taxation.
The Rights Issue expenses ofRs,5.47 million andRs,25.19 million incurred during the year ended 31 March 2016 and upto 31 March 2015 are adjusted against Equity Share Capital.
8. Scheme of Arrangement and Amalgamation
At the meeting held on 27 October 2016, the Board of Directors of the Company had approved a Scheme of Arrangement and Amalgamation between the Company Diligent Media Corporation Limited (DMCL), Mediavest India Pvt Ltd (Mediavest), Pri-Media Services Pvt Ltd (''''Pri-Media''''), Maurya TV Private Limited (''''Maurya'''') and their respective shareholders and creditors inter alia for (a) demerger of Print Media business of the Company in to DMCL; (b) consolidation of Print Media business under DMCL by way of merger of Mediavest and Pri-Media with DMCL; and (c) Merger of Maurya with the Company, with effect from Appointed Date of 1 April 2017. Subsequent to receipt of No-objection of the Stock Exchanges to the Scheme and approval of the Shareholders of the Company at the Meeting held on 27 March 2017. Petition(s) have been filed with Mumbai Bench of Hon''''ble National Company Law Tribunal seeking its final approval to the Scheme. No effect of the Scheme has been given in these financial statements as the Appointed Date for the Scheme is 1 April 2017.
9. During the year ended 31 March 2017, the Board had approved acquisition of initial 49% Equity stake in the Radio Broadcasting business of Reliance Broadcast Network Limited (RBNL). The said proposal is awaiting approval from Ministry of Information and Broadcasting.
10. During the year ended 31 March 2017, the Company has acquired 49% equity stake in Today Merchandise Pvt Ltd (TMPL) and Today Retail Network Pvt Ltd (TRNPL), both engaged in E-commerce business.
11. Disclosures as required by Schedule V (A) (2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
(a) Loans and advances given to Subsidiary (Loanee):
12. As per Section 135 of the Companies Act, 2013, a CSR Committee has been formed by the Company. The Company is required to spend ''''3.37 million for the year against which ''''3.37 million has been spent on activities specified in Schedule VII of the Companies Act, 2013.
13. Segment reporting
The Company is engaged in the business of broadcasting of satellite television channels which in the context of IND AS 108 "Operating Segment " is considered as the only reportable operating segment.
14. No dividend on equity shares is approved by the Board of Directors for the year ended 31 March 2017. Dividend paid on equity shares for the year ended 31 March 2016 is ''''0.15 per equity share which aggregates to ''''70.62 million excluding dividend distribution tax of ''''14.37 million.
15. Financial instruments
a) Financial risk management objective and policies
The Company''''s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''''s operations. The Company''''s principal financial assets include investments, trade and other receivables, and cash and cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The Company''''s management oversees the management of these risks.
i) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign currency risk and other price risk such as equity price risk. Financial instruments affected by market risk include loans and borrowings, deposits, other financial instruments.
1) Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will vary because of fluctuations in the interest rates.
The Company''''s exposure to the risk of changes in market interest rates relates primarily to the Company''''s term loan from bank. Vehicle loans carries fixed coupon rate and hence not considered for calculation of interest rate sensitivity of the Company.
Interest rate sensitivity analysis
The sensitivity analysis below demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Company''''s profit before tax is affected through the impact of change in interest rate of borrowings, as follows:
If interest rates had been 50 basis points higher or lower and all other variables were held constant, the Company''''s profit before tax for the year ended 31 March, 2017 would decrease/increase byRs,3.46 million (2016:Rs,3.91 million).
2) Foreign currency risk
The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the functional currency of that Company. The management has taken a position not to hedge this currency risk.
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are not hedged considering the insignificant impact and period involved on such exposure.
Foreign currency sensitivity analysis
The following table demonstrates the sensitivity to a 10% increase / decrease in foreign currencies with all other variable held constant. The below impact on the Company''''s profit before tax is based on changes in the fair value of unhedged foreign currency monetary assets and liabilities at balance sheet date.
3) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''''s receivables from customers, deposits and loans given, investments and balances at bank.
The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the business environment in which the entity operates. Expected Credit Loss is based on actual credit loss experienced and past trends based on the historical data.
Credit risk on cash and cash equivalents is limited as the Company generally invest in deposits with banks and financial institutions with high credit ratings assigned by credit rating agencies. Investments primarily include investment in non convertible debentures, certificates of deposit and other debt instruments.
The following table gives details in respect of percentage of revenues generated from top 10 customers :
ii) Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The Company''''s principal source of liquidity are cash and cash equivalents and the cash flow i.e. generated from operations. The Company consistently generated strong cash flows from operations which together with the available cash and cash equivalents and current investment provides adequate liquidity in short terms as well in the long term.
* Current maturities of borrowings aggregatingRs,179.85 million form part of other financial liabilities hence the same is not considered separately in borrowings.
* Current maturities of borrowings aggregatingRs,113.19 million form part of other financial liabilities hence the same is not considered separately in borrowings.
* Current maturities of borrowings aggregatingRs,84.77 million form part of other financial liabilities hence the same is not considered separately in borrowings.
b) Capital management
For the purpose of the Company'''' s capital management, capital includes issued capital and all other equity reserves. The Company manages its capital structure to ensure that it will be able to continue as a going concern while maximizing the return to the stakeholders.
For the purpose of the Company''''s capital management, equity includes issued capital, securities premium and other reserves. Net debt includes loans less cash and bank balances. The Company manages capital by monitoring gearing ratio which is net debt divided by equity plus net debt.
* Other financial liabilities includes current maturities of long term borrowings.
The management assessed that cash and cash equivalents and bank balances, trade receivables, other financial assets, certain investments, trade payables and other current liabilities approximate their fair value largely due to the short-term maturities of these instruments. Difference between carrying amount and fair value of bank deposits, other financial assets, other financial liabilities and borrowings subsequently measured at amortized cost is not significant in each of the year presented.
d) Fair value hierarchy
All financial assets and liabilities at amortized cost are in Level 3 of fair value hierarchy and have been considered at carrying amount.
Other financial instruments measured at fair value through other comprehensive income and included in Level 3 categories have not been determined considering insignificant value.
16. Employee benefits
The disclosure as per Ind AS 19 - Employee Benefits is as follows:
a) Defined contribution plan:
"Contribution to provident and other funds" is recognized as an expense in note 27 "Employee benefit expenses" of the statement of profit and loss.
b) Defined benefit plans
The present value of gratuity obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave benefits (non funded) is also recognized using the projected unit credit method.
VII. Sensitivity analysis
The key actuarial assumptions to which the benefit obligation results are particularly sensitive to are discount rate and future salary escalation rate. The following table summarizes the impact in percentage terms on the reported defined benefit obligation at the end of the reporting period arising on account of an increase or decrease in the reported assumption by 100 basis points
(a) The current service cost recognized as an expenses included in the note 27 ''''Employee benefits expense'''' as gratuity. The remeasurement of the net defined benefit liability is included in other comprehensive income.
(b) The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the Actuary.
(c) Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and mortality. The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
c) Other long term benefits
The obligation for leave benefits (non funded) is also recognized using the projected unit credit method and accordingly the long term paid absences have been valued. The leave encashment expense is included in the note 27 "Employee benefit expenses".
17. First time Adoption of Ind AS
For all periods up to and including the year ended 31 March 2016, the Company had prepared its financial statements in accordance with the Accounting Standards notified under Section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP). This note explains the principal adjustments made by the Company in restating its financial statements prepared under Previous GAAP.
a) Exceptions and exemptions availed on first time adoption of Ind AS 101
(i) Investment in Subsidiary and Associates
The Company has elected to adopt the carrying value under previous GAAP as on the date of transition i.e. 1 April 2015 in its separate financial statements.
(ii) Business combinations
The Company has elected to apply Ind AS 103 Business Combinations prospectively from 1 April 2015.
(iii) Classification and measurement of financial assets
Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.
(iv) De-recognition of financial assets and liabilities
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. Accordingly the Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.
An entity''''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error
b) Reconciliations between Previous GAAP and Ind AS
The following reconciliations provides the effect of transition to Ind AS from IGAAP in accordance with Ind AS 101
(i) Effect on the balance sheet
(ii) Effect on the statement of profit and loss and other comprehensive income
(iii) Reconciliation of total equity
(iv) Reconciliation of total comprehensive income
(v) Effect on the statement of cash flows
Explanations for reconciliation of balance sheet and statement of profit and loss and other comprehensive income as previously reported under IGAAP to Ind AS a) Deposits
Under Previous GAAP, the Company accounted for deposits received / given at transaction value. Under Ind AS, the deposits with inherent significant financing element are initially recorded at fair value with the difference between transaction value and fair value being treated as prepaid expenses.
Under Previous GAAP, transaction costs incurred in connection with borrowings were charged to statement of profit and loss. Under Ind AS, borrowings are recorded initially at fair value less transaction costs and are subsequently measured at amortized cost as per the Effective Interest Rate (EIR) method.
Under previous GAAP, the Company had recognized liability on account of dividend proposed by the Board of directors pending approval from the shareholders. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the annual general meeting.
d) Property, plant and equipment
The Company elected to apply Ind AS 16 from the date of acquisition of Property , plant and equipment and the impact thereon has been taken into retained earnings.
e) Depreciation and amortization
Under Ind AS, the Company has elected to apply Ind AS 16-Property, plant and equipment from the date of acquisition of property, plant and equipment and accordingly depreciation has been retrospectively calculated and the resultant change has been adjusted in retained earnings.
f) Defined benefit obligations
As per Ind AS-19 Employee Benefits, actuarial gains and losses are recognized in other comprehensive income and not reclassified to Statement of profit and loss in a subsequent period.
g) Tax adjustments
Tax adjustments include deferred tax impact on account of differences between Previous GAAP and Ind-AS.
h) Share application money
Share application money pending allotment is considered into other equity.
i) Right issue expenses
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax. j) Financial guarantee fees
The company has given corporate guarantee to banks/financial institutions for financing facilities sanctioned to subsidiaries. The Company has recognized the financial guarantee fees on such guarantees provided and the same is treated as investment in subsidiaries.
k) Capital work-in-progress
In Previous GAAP, CWIP included intangible assets under development, which in Ind-AS are reclassified to Intangible Assets under development.
l) Investment property under development
In Previous GAAP, Investment Property under development was included other current assets, which in Ind-AS is reclassified to Investment Property under development.
18. Related party transactions List of parties where control exists:-Direct Subsidiary :
- Zee Akaash News Private Limited (extent of holding 60%),
- Mediavest India Private Limited (extent of holding 100%)
- Pri - Media Services Private Limited (extent of holding 100%)
- Maurya TV Private Limited (extent of holding 100% )
Indirect Subsidiary :
- Diligent Media Corporation Limited (Mediavest India Private Limited holds 100% w.e.f. 02 November 2016)
(89,095,342 equity shares held out of a total of 89,095,542 equity shares ofRs,10 each upto 01 November 2016)
- Today Merchandise Private Limited (extent of holding 49% w.e.f. 01 October, 2016)
- Today Retail Network Private Limited (extent of holding 49% w.e.f. 01 October, 2016)
Other related parties with whom transactions have taken place during the year and balance outstanding as on the last day of the year
ATL Media Limited, Cyquator Media Services Private Limited, Dish TV India Limited, Digital Subscriber Management and Consultancy Services Private Limited, Dr. Subhash Chandra Foundation, Essel Business Excellence Services Limited, Essel Corporate Resources Private Limited, Essel Vision Productions Limited, Essel Finance VKC Forex Limited, Planetcast Media Services Limited (formerly known as Essel Shyam Communication Limited), Jay Properties Private Limited, India Webportal Private Limited, Pan India Network Limited, Siti Networks Limited, Smart Wireless Private Limited, Taj Television (India) Private Limited, Zee Entertainment Enterprises Limited, Zee Foundation, Zee Learn Limited, Zee Turner Limited, Zee Digital Convergance Limited and Zee Unimedia Limited.
Key management personnel Directors
Dr. Subhash Chandra (Non-Executive Chairman upto 23 May 2016) Shri. Rajendra Kumar Arora (Executive Director and CEO of the Company from 24 May 2016 to 30 August 2016), Shri. Rajiv Singh (Excecutive Director and COO w.e.f. 09 September 2016), Shri Jagdeesh Chandra (Excecutive Director - Regional News Channels w.e.f. 03 February 2017) and Shri Ashish Kripal Pandit (Excecutive Director and CEO from 01 June 2015 to 12 October 2015).
"0.00" denotes less thanRs,10,000
* includes expense capitalized
(a) Parties with transaction less than 10% of the group total are grouped under the head "Other Related Parties".
(b) Salaries, allowances and perquisites paid to key managerial personnel for the year excludes leave encashment and gratuity provided on the basis of actuarial valuation on an overall Company basis. Allowances and perquisites are valued as per the Income Tax Act, 1961.
19. Previous year comparatives
Previous year''''s figures have been regrouped, rearranged or recast wherever necessary to conform to current year''''s classification. Figures in brackets pertain to previous year.