Diligent Media Corporation Limited has informed regarding Disclosure of material issue
DNAMEDIA · price
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Diligent Media Corporation Limited (DNAMEDIA) informed exchanges that its Board has given in-principle approval to a proposal from claimant Veena Investments Private Limited (VIPL) to set off the redemption of Non-Convertible Redeemable Preference Shares (NCRPS) — issued by the company to VIPL — against VIPL's obligation to repay Inter Corporate Deposits (ICDs) owed to the company. This is a continuation of arbitration proceedings filed against the company, first intimated on January 15, 2025. The sole arbitrator, retired Justice GS Patel, issued a procedural order on June 16, 2025, finding merit in VIPL's set-off proposal. The in-principle approval is subject to the final outcome of the arbitration and completion of legal and regulatory formalities.
This move could help clean up the company's balance sheet by netting out mutual dues with VIPL, but the final position remains dependent on the arbitration outcome. For shareholders, this is a procedural step toward resolving a pending legal dispute rather than an immediate financial event.