Diligent Media Corporation Limited has informed the Exchange regarding Board meeting held on Jun 24, 2025.
DNAMEDIA · price
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On the reaction day the stock moved 1.4 pts more than Nifty Microcap 250 and 1.7 pts more than its Media peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Diligent Media Corporation's board approved a proposal to set off the redemption of Non-Convertible Redeemable Preference Shares (NCRPS) issued to Veena Investments Private Limited (VIPL) against VIPL's obligation to repay Inter Corporate Deposits (ICDs) owed to the company. This development is part of ongoing arbitration proceedings between the two parties, as referenced in the company's earlier intimation dated January 15, 2025. The sole arbitrator, Mr. Justice GS Patel (Retd.), issued a procedural order on June 16, 2025, finding merit in VIPL's set-off proposal. The board's in-principle approval is subject to the final outcome of the arbitration and compliance with legal and regulatory processes. The board meeting was held on June 24, 2025, from 4:18 PM to 5:03 PM.
If finalized, this set-off could reduce cash outflow for the company by settling both NCRPS redemption and ICD repayment through a single adjustment, potentially easing the financial position. The favorable procedural arbitration order signals progress toward an amicable resolution, which is mildly positive for shareholders.