Entertainment Network Limited Receives Order from Assistant Commissioner, Taxpayer Services Circle, Pattom, Thiruvananthapuram, Kerala
April 17, 2024 at 12:25 pm EDT
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Entertainment Network (India) Limited received order from levying a penalty of INR 0.327 million on the Company under section 73 of the Goods and Services Tax Act, 2017. Name of the authority: Assistant Commissioner, Taxpayer Services Circle, Pattom, Thiruvananthapuram, Kerala. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: Order dated April 17, 2024 was received through GST portal.
Details of the violation(s)/contravention(s) committed or alleged to be committed: The Order was passed alleging short payment of tax and wrongful claim of input tax credit for the period 2018-19. The Company intends to file an appeal against the Order. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: The financial impact of the aforesaid order is to the extent of the penalty levied.
There is no material impact on the financials, operations or other activities of the Company.
Entertainment Network (India) Limited is an India-based advertising company. The Company generates its advertising revenues by the sales of airtime in the Companyâs frequency modulation (FM) radio broadcasting stations, activations, concerts and monetization of Companyâs digital and other media properties. The Company operates FM radio broadcasting stations in 63 Indian cities. The Companyâs subsidiaries include Alternate Brand Solutions (India) Limited, Entertainment Network, Inc., Entertainment Network, LLC, Global Entertainment Network Limited W.L.L., and Mirchi Bahrain W.L.L. Its brands include Radio Mirchi, Mirchi Plus, Mirchi 95, Mirchi Love and Kool FM. The Company operates in Ahmedabad, Akola, Amravati, Amritsar, Asansol, Aurangabad, Bengaluru, Bharuch, Bhavnagar, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi, Nagpur, Pune, Guwahati, Hubli Dharward, Hyderabad, Indore, Jabalpur, Jaipur, Jalandhar, Jammu, Jamnagar, Jhansi, Jodhpur, Kolkata, and other.