Zee Media Corporation Limited has informed the Exchange regarding Appointment of Nangia and Co LLP as Internal Auditor of the company w.e.f. May 29, 2026.
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Zee Media Corporation's Board meeting on May 29, 2026 approved three key items: (1) Annual audited financial results for FY ended March 31, 2026 showing standalone revenue of Rs 57,153 lakhs with PAT of Rs 1,693 lakhs (vs loss of Rs 10,033 last year) and consolidated revenue of Rs 75,918 lakhs with PAT of Rs 190 lakhs; (2) Re-appointment of Chandra Wadhwa & Co. as Cost Auditors for FY 2026-27; and (3) Appointment of Nangia & Co LLP as Internal Auditor for FY 2026-27. The auditors flagged a material uncertainty regarding going concern due to accumulated losses and negative working capital, though the company earned profit for the full year and continues to have positive net worth. The company also has pending FCCB issuance of up to USD 465.90 lakh and a proposed warrant issuance of Rs 11,900 lakh to non-promoter entities.
Appointment of a new internal auditor is routine; however, the going concern flag from statutory auditors and Q4 standalone loss of Rs 1,432 lakh are concerns for investors. The company needs successful capital infusion to address accumulated losses.