Diligent Media Corporation Limited — Important, 15-01-2025: Disclosure of material issue

The company is facing arbitration proceedings initiated by Veena Investments Private Limited (VIPL) regarding the early redemption of Non-Cumulative, Non-Convertible Redeemable Preference Shares valued at ₹436.27 crore. This claim is linked to the Inter Corporate Deposit Agreement, under which the company extended a loan to VIPL. While VIPL is seeking early redemption of shares, the company believes there are no expected financial implications and will engage legal counsel to defend its position. VIPL currently owes ₹174.26 crore (including interest as of December 31, 2024) related to the loan. Investors should monitor this situation closely as it may influence the company's financial standing and operational strategies.