Innovatus Entertainment Networks Ltd Approves New Director, Addresses GST Penalty Notice, Postpones Financial Result Approval
Innovatus Entertainment Networks Ltd conducted a Board of Directors meeting on July 8, 2026, during which several key operational decisions were approved. The board reviewed matters including the appointment of a new director and an ongoing tax dispute, while also postponing the approval of certain financial results due to auditor commitments.The company's board formally considered and approved the appointment of Mr Kanakanjan Nag (DIN 11277391) as an Additional Director, effective from July 8, 2026. This appointment is scheduled to be regularized in the forthcoming Annual General Meeting or Extraordinarily General Meeting.
Review of GST Penalty Notice
A significant item reviewed during the meeting was a Show Cause Notice (SCN) received from DGGI Bangalore concerning compliance with the Central Goods and Services Tax Act, 2017. The notice detailed potential penalties totaling over INR 16 crore in two separate sections.The notice issued under SCN no DGGI/INT/INTL/1506/2024-Gr C-01-O/o Pr ADG-DGGI-ZU-BENGALURU specifies the following potential penalties:
| Section of CGST Act, 2017 | Penalty Amount (INR) |
|---|---|
| Section 122(1)(ii) | 7,89,97,205 |
| Section 122(1)(vii) | 8,39,12,49 |
The company reviewed the notice and communicated that it disagrees with the findings. Innovatus Entertainment Networks Ltd stated its intention to challenge these matters with the adjudicating authorities.
Financial Results Postponed
Due to preoccupation on the part of the auditor, the board postponed the approval of audited and unaudited Standalone and Consolidated Financial Results for three specific periods. The results affected by this postponement include:- The Half-year period ending March 31, 2025.
- The Half-year period ending September 30, 2025.
- The Combined Half and Full Year ending March 31, 2026.
A subsequent board meeting has been scheduled for July 13, 2026, to approve the delayed financial results.
Stock Price Movement
At the close of trade on Tuesday, Innovatus Entertainment Networks Ltd shares declined by 4.71%, settling at ₹14.15. The equity traded during the session within an intraday range spanning from a low of ₹14.11 to a high of ₹14.97.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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