TV Vision Limited faces escalated legal proceedings as the entertainment sector company received a copy of a petition filed before the National Company Law Tribunal (NCLT). This development follows the company's earlier disclosure of receiving a demand notice under the Insolvency and Bankruptcy Code from the same creditor.

NCLT Petition Filing

TV Vision Limited received a copy of a petition filed before the Hon'ble National Company Law Tribunal by Swami Films Entertainment Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor has escalated the matter from the initial demand notice stage to formal tribunal proceedings.

Legal Proceedings Timeline

The current NCLT petition represents an escalation from TV Vision's earlier intimation regarding receipt of a demand notice from the same creditor. Swami Films Entertainment Private Limited initially served a demand notice under Section 9 of the Insolvency and Bankruptcy Code, claiming an outstanding amount of ₹4.90 crores. The matter has now progressed to formal tribunal proceedings with the filing of the petition.

Company Disclosure and Impact

TV Vision Limited has made this disclosure under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, considering the receipt of the petition copy as material information. The company has specifically noted that this development may have an impact on its operations and financial position, highlighting the significance of the legal proceedings.

Stakeholder Communication

The company has committed to keeping stakeholders informed of any further material developments in this matter as they occur. TV Vision Limited filed this latest intimation on December 30, 2025, ensuring continued transparency with market participants and regulatory authorities regarding the ongoing insolvency proceedings.

TV Vision Limited , a broadcasting company, has announced its unaudited financial results for the quarter ended September 30, 2025, revealing ongoing financial struggles and raising concerns about its ability to continue as a going concern.

Financial Performance

The company reported a net loss of Rs 515.57 lakhs for the quarter, a slight improvement from the Rs 526.05 lakhs loss in the same quarter last year. Income from operations stood at Rs 994.17 lakhs for the period.

Balance Sheet Concerns

TV Vision's financial position remains precarious, with the company reporting:

• Negative total equity of Rs 12,489.12 lakhs on a standalone basis
• Negative total equity of Rs 15,895.29 lakhs on a consolidated basis

These figures underscore the severity of the company's financial distress.

Auditor's Observations

The company's auditors have highlighted several critical issues:

Going Concern Uncertainty

The auditors emphasized material uncertainty regarding TV Vision's ability to continue as a going concern, citing:

• Loan defaults
• Asset seizures by lenders
• Substantial losses
• Current liabilities significantly exceeding current assets

Qualified Opinion

The auditors issued a qualified opinion, noting:

• Unprovided interest expenses of approximately Rs 346.70 lakhs on defaulted loans
• Potential impairment of business and commercial rights worth Rs 1,982.99 lakhs

Business and Commercial Rights

The carrying value of Business and Commercial Rights in the company's books as of September 30, 2025, is Rs 1,982.99 lakhs. However, there has been no revenue generation from these assets during the quarter or in previous financial years, contributing to the substantial losses incurred.

Financial Challenges

TV Vision faces severe financial challenges, including:

• Recalls of loans by secured lenders
• Notices under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
• Recovery proceedings initiated with debt recovery tribunal
• Symbolic possession of mortgaged property provided as collateral by promoters/promoter group companies
• Invocation of shares pledged as collaterals by banks
• Invocation of corporate guarantees from loan guarantors

These factors, combined with the ongoing losses and negative equity position, cast significant doubt on TV Vision's ability to continue as a going concern. The company's management and board will need to address these financial challenges and explore options for restructuring or securing additional funding to ensure the company's future viability.