Terms and Rights attached to Preference Shares:
The Company has only one class of preference shares at the end of the year having a par value of Rs.10/- per share. These shares do not carry any voting rights.
These shares are non cumulative, non convertible, non participating and are carrying 0.01% per annum rate of dividend, These shares are redeemable at par and the redemption would be at the discretion of Board of Directors of the Company at any time after the 7th Anniversary but not later than the 10th Anniversary.
1 SCHEME OF ARRANGEMENT
The Hon'ble High Court of Bombay has, on 21st November, 2015, approved the Composite Scheme of Amalgamation and Arrangement between Maiboli Broadcasting Private Limited (MBPL') and Sri Adhikari Brothers Assets Holding Private Limited ('SAB Assets') and Sri Adhikari Brothers Television Network Limited ('SABTNL' or 'the Company') and TV Vision Limited ('TVL') and HHP Broadcasting Services Private Limited ('HHP') and MPCR Broadcasting Service Private Limited ('MPCR') and UBJ Broadcasting Private Limited ('UBJ') and SAB Events & Governance Now Media Limited (Formerly known as 'Marvick Entertainment Private Limited') ('SAB Events') and their respective shareholders ('Composite Scheme') which became effective from 15th January, 2016 on filing of order with ROC. Due to the Scheme coming into effect, the publication division of SABTNL was demerged into the Company w.e.f. 15th January, 2016.
2 Segment Reporting
The Company is operating in single primary business segment i.e. Publication. Accordingly no segment reporting as per Accounting Standard 17 has been reported.
3 Employee Benefits Plan Defined Benefit Plan
Employees gratuity and leave encashment scheme is Defined Benefit Plan. The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method which recognizes each period of service as giving rise to additional need of employee benefit entitlement and measures each unit separately to build up the final obligation,
4 Capital and Other Commitment
As on Balance sheet date there is no outstanding Capital and Other Commitment,
5 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
Company has not received any confirmation from its vendors that whether they are covered under the Micro, Small and Medium Enterprises Development Act, 2006, hence the amounts unpaid at the year end together with interest paid / payable under this Act cannot be identified.
6 Previous Year Figures
The previous year figures have been regrouped/reclassified wherever considered necessary to correspond with current year classification/disclosure. The previous year figures are not comparable since the performance of publication business taken over from various companies were not included in the previous year figures. This being the first year of commercial operation previous year figures in the statement of Profit and Loss have not been given.
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