Music Broadcast Limited has announced key corporate actions regarding its Non-Convertible Redeemable Preference Shares (NCRPS), setting January 9, 2026, as the record date for interim dividend payment and share redemption eligibility.

Board Approvals and Key Decisions

During the Board of Directors meeting held on January 5, 2026, the company approved two significant resolutions under Regulations 51 and 60 of the SEBI Listing Regulations. The board meeting, which commenced at 11:00 a.m. and concluded at 12:00 noon, addressed the completion of the NCRPS term period.

NCRPS Structure and Redemption Terms

The company had previously issued 89,69,597 Listed 0.1% Non-Convertible, Non-Cumulative Redeemable Preference Shares with specific financial parameters. These preference shares carry a face value of ₹10.00 each and were issued at a premium of ₹90.00 per share, bringing the total issue price to ₹100.00 per NCRPS.

Redemption Timeline and Regulatory Framework

The NCRPS were structured with a mandatory redemption period of 36 months from the allotment date of January 19, 2023. This timeline means the preference shares will complete their term on January 19, 2026, triggering the redemption process. The redemption carries a premium of ₹20.00 per share, resulting in a total redemption value of ₹120.00 per NCRPS.

The issuance and redemption framework operates under a Scheme of Arrangement between Music Broadcast Limited and its shareholders, approved under Sections 230 of the Companies Act, 2013. The Hon'ble National Company Law Tribunal, Mumbai Bench, had previously sanctioned this arrangement for issuing NCRPS to non-promoter shareholders as bonus shares.

Eligibility and Payment Process

Shareholders eligible for both the interim dividend and redemption proceeds will be determined based on their holdings as recorded on January 9, 2026. The company will recognize NCRPS holders whose names appear in the Register of Members or in the records of depositories as beneficial owners on the specified record date.

Regulatory Compliance and Communication

The company has fulfilled its disclosure obligations under Regulation 60 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Music Broadcast Limited has communicated these developments to both the National Stock Exchange of India Limited and BSE Limited, ensuring compliance with all applicable listing regulations. The company secretary Arpita Kapoor signed the official communication, with copies sent to NSDL, CDSL, and the Registrar and Transfer Agent.

Music Broadcast Limited has informed stock exchanges about receiving a GST demand order worth ₹89.63 lakh from tax authorities in Lucknow, Uttar Pradesh. The regulatory disclosure was made under Regulation 30 of SEBI Listing Regulations.

GST Demand Order Details

The demand order was issued by the Office of Deputy Commissioner, Lucknow Sector-2, Lucknow (A), Lucknow I, Uttar Pradesh under Section 73 of IGST/CGST/SGST Act, 2017 in Form GST DRC-07 for the financial year 2021-22.

Company's Response and Impact Assessment

Music Broadcast Limited has announced its intention to file an appeal against the GST demand order. The company stated that it expects no material impact on its financials, operations, or other activities due to this order.

Based on preliminary assessment and legal advice received, the company believes it has reasonable grounds and merits in the matter. Music Broadcast expects a reasonable chance of success in the proposed appeal and accordingly does not anticipate any material adverse financial impact at this stage.

Regulatory Compliance

The disclosure was made in compliance with SEBI Listing Regulations. The company has assured its commitment to prioritizing compliance with applicable provisions of Listing Regulations.