Raj TV Network has received a significant credit rating downgrade from India Ratings and Research, with its bank loan facilities rating cut to 'IND D' from 'IND BB'. The downgrade, announced on January 23, 2026, reflects the company's delays in debt servicing during November 2025 due to liquidity constraints.

Rating Downgrade Details

The downgrade affects the company's bank loan facilities worth INR 222 million and is consistent with India Ratings' Default Recognition and Post-Default Curing Period Policy. The rating action specifically targets both long-term and short-term bank loan facilities.

Bank-wise Facility Breakdown

The downgraded facilities are concentrated with Canara Bank and include both working capital and term loan components:

Financial Performance Indicators

The company's recent financial performance shows deteriorating trends, with negative EBITDA in FY25 compared to positive EBITDA in the previous year:

Rating Outlook and Recovery Prospects

India Ratings has indicated that timely debt servicing for at least three consecutive months could result in a positive rating action. The agency has assessed the company's liquidity position as poor, reflecting its inability to service debt obligations on a timely basis.

Company Background

Raj Television Network Limited, incorporated in 1994, operates as a television satellite broadcaster in southern India. The company runs 13 TV channels, one OTT channel, and one digital channel across five languages. Prior to incorporation, the promoters were engaged in movie production under the Raj Video Vision brand since 1983.

The company has informed both BSE Limited and National Stock Exchange of India Limited about the rating downgrade under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the information also made available on the company's website.

Raj Television Network Limited (RTNL) has been hit with fines totaling Rs. 5.55 lakh by India's two major stock exchanges for non-compliance with board composition requirements. This development highlights the regulatory challenges faced by the company and raises questions about its corporate governance practices.

Fine Details

Both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) imposed identical fines of Rs. 2,77,300 each (inclusive of GST) on November 28, 2025. The fines were levied for the quarter ended September 30, 2025, citing non-compliance with Regulation 17(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, which pertains to the composition of the Board of Directors.

Company's Response

RTNL has not yet remitted any fine to either of the stock exchanges. Instead, the company plans to file waiver applications with both exchanges, citing 'Impossibility of Compliance' as the grounds for their appeal. The company attributes this impossibility to pending approvals from government regulators and other competent statutory authorities regarding the appointment of Directors and Key Managerial Personnel.

Impact and Compliance Status

According to the company's disclosure:

1. The fines imposed by NSE and BSE have no impact on RTNL's financial, operational, or other activities.
2. As of the date of the disclosure, RTNL claims to be in compliance with the requirements of Regulation 17(1) of the SEBI LODR Regulations, 2015.

Timing of Disclosure

RTNL noted that November 29 and 30, 2025, were non-working days for the company, which is why the disclosure was submitted on December 1, 2025.

This incident underscores the importance of maintaining proper board composition and adhering to regulatory requirements for listed companies. It also highlights the potential consequences of non-compliance, even if temporary, and the processes companies may undertake to address such issues with regulatory bodies.

Investors and stakeholders of Raj Television Network Limited will likely be watching closely to see how the company resolves this matter and whether it can maintain compliance with SEBI regulations moving forward.