Diligent Media Corporation Ltd

Diligent Media Corporation Ltd was incorporated in the State of Maharashtra on 17th February 2005, as a Joint Venture between Essel Group and Bhaskar Group, India's leading media giants and began its journey with launch of Mumbai edition of Daily News Analysis (DNA), an English daily broadsheet, in July 2005. Bhaskar group exited the JV in 2012, after which the Company was consolidated under Zee Media Corporation Limited, an Essel Group Company, as a step-down subsidiary. With the changes in regulatory landscape and considering the scale achieved, the Print media business was demerged and consolidated independently under the Company as a part of strategic move. The company is presently involved in printing, publication and distribution of newspapers and printing of books and other periodicals businesses. The restructuring was affected through a Scheme of Arrangement and Amalgamation that was approved by the Mumbai Bench of Hon'ble National Company Law Tribunal (NCLT) by its order dated 8th June 2017. Under the scheme, the Print Media Undertaking of Zee Media Corporation Limited along with its equity investment in 2 print media subsidiaries viz. Mediavest India Pvt Ltd and Pri-Media Services Pvt Ltd, was demerged and vested with the Company and upon such vesting, the said print Media subsidiaries viz. Mediavest India Private Limited and Pri-Media Services Private Limited got amalgamated with the Company with effect from Appointed Date of April 1, 2017. Accordingly, the entire Print Media business comprising of Printing & Publication of DNA' Newspaper and Marathi Magazine Zee Marathi Disha' along with Digital News Media business was vested with the Company. As per the Scheme, the entire pre-Scheme Paid-up Equity Share Capital of the Company was cancelled and in consideration of the Demerger of Print Media Undertaking, then Company had issued and allotted an aggregate of 11,77,08,018 Equity Shares of Re.1 each to the Shareholders of Zee Media Corporation Limited. The shares of the Company got listed and commenced trading on BSE Limited and National Stock Exchange of India Limited on and from December 11, 2017. The Company discontinued its printing and publication business since October 2019. During the year 2021, the Company had arrived at settlement with the workers at the printing press and initiated steps for completion of necessary formalities for executing such Settlement Agreement. Now the company concentrates its efforts to build and grow its Online News Media business. Pursuant to the Shareholders approval at the AGM held on September 19, 2019, the Company management has taken active steps for selling Printing Press assets including Land, Building and Plant & Machinery. During the year 2021, the Company had arrived at settlement with the workers at the printing press and initiated steps for completion of necessary formalities for executing such Settlement Agreement. During the year 2021, Zee Media Corporation Limited, the Corporate Guarantor for Company's outstanding Non-convertible Debentures (NCDs) & erstwhile Holding Company of the Company, discharged Company's NCD liability at total consideration of Rs. 290 Crores. Consequently, the said NCDs stood redeemed, and Company is now liable to pay Rs. 290 Crores to Zee Media Corporation Ltd. As a part of business strategy, the Company proposes to enter into Revenue Sharing Arrangement for Digital Media business with Rapidcube Technologies Pvt Ltd, a related party. Other than content creation, it proposes to avail the services from Essel Infraprojects Limited and Digital Subscriber Management and Consultancy Services Private Limited, respectively. Read More