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.

Raj Television Network Limited , a prominent player in the commercial satellite television channel business, has reported a net profit of ₹1.66 crore for the quarter ended September 30, 2025. This marks a significant increase from the ₹0.74 crore profit recorded in the same quarter of the previous year.

Financial Performance

Despite the increase in profit, the company experienced a decline in its revenue from operations. The revenue dropped to ₹18.76 crore in the quarter, compared to ₹35.93 crore in the corresponding period last year.

All figures in ₹ crore

Board Meeting Outcomes

The Board of Directors of Raj Television Network Limited convened on November 11, 2025, to review and approve the unaudited financial results for the quarter. Key decisions and observations from the meeting include:

1. Approval of the unaudited financial results for Q2 FY2026.
2. The Board decided not to recommend any dividend for the quarter.
3. The meeting commenced at 12:00 P.M. and concluded at 4:30 P.M.

Business Segments

Raj Television Network Limited primarily operates commercial satellite television channels. The company reported that it has no separate reportable business segments as per Ind AS 108 on "Operating Segments."

Financial Position

As of September 30, 2025, the company's balance sheet showed:

• Total assets of ₹1,730.68 crore
• Total equity of ₹1,240.43 crore
• Current liabilities of ₹307.96 crore

Cash Flow

The cash flow statement for the half-year ended September 30, 2025, revealed:

• Net cash generated by operating activities: ₹26.25 crore
• Net cash used in financing activities: ₹28.64 crore
• Cash and cash equivalents at the end of the period: ₹1.70 crore

While the company has shown improvement in profitability, the significant decline in revenue may be a point of concern for investors. The management's strategies to address this revenue decline and sustain profitability growth will be crucial for the company's future performance.