Diligent Media Corporation Limited has informed the Exchange regarding Appointment of Mr Priyadarshan Garg as Chief Executive Officer of the company w.e.f. May 28, 2026.
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The board appointed Mr. Priyadarshan Garg as CEO w.e.f. June 1, 2026, bringing extensive media industry experience from organizations like Dainik Bhaskar Group, TV Today Network, Alibaba's UCWeb, and ZEE Entertainment. The company also reported FY2026 financial results showing total income of Rs. 706.38 lakhs but a net loss of Rs. 236.10 lakhs after significant deferred tax asset reversal of Rs. 651.44 lakhs. The auditor issued a qualified opinion primarily due to an unresolved dispute with Veena Investments regarding inter-corporate deposits of Rs. 17,340.27 lakhs and NCRPS redemption, pending stock exchange approval of a reduction scheme. The company has negative net worth of Rs. 25,259.50 lakhs, though current assets exceed current liabilities. The auditor flagged material uncertainty regarding going concern, while management claims the business plan shows positive cash flow projections.
The CEO appointment may signal new strategic direction amid severe financial stress with negative net worth and qualified audit opinion. Shareholders should monitor the pending NCRPS reduction scheme approval and the company's ability to improve profitability given significant accumulated losses and ongoing regulatory matters.