Diligent Media Corporation Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Diligent Media Corporation has informed the exchange about an ongoing tax dispute with the GST Department. The original demand order from April 2024, amounting to Rs. 68.95 lakhs (tax, penalty, and interest), relates to alleged undeclared turnover of Pri-Media Services Pvt. Ltd. — a company that was earlier merged with Diligent Media — for the period April 2018 to March 2019. The company had filed a rectification application with the GST Department, but the department has directed it to comply with the original demand. Diligent Media is now seeking legal opinion and plans to challenge the order before the appropriate appellate authority.
The dispute remains unresolved and may create a small financial liability of around Rs. 69 lakhs if the appeal fails, though the amount is not material relative to typical corporate operations. The stock is unlikely to see a major reaction, but investors should watch for further updates on the appellate outcome.