Provisions, contingent liabilities and contingent assets
The Company recognises provisions when a present obligation (legal
or constructive) as a result of a past event exists and it is probable
that an outflow of resources embodying economic benefits will be
required to settle such obligation and the amount of such obligation
can be reliably estimated.
The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the end of
the reporting period, taking into account the risks and uncertainities
surrounding the obligation. When a provision is measured using
the cash flow estimated to settle the present obligation, its carrying
amount is the present value of those cash flows (when the effect of
the time value of money is material).
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurance or non-
occurance of one or more uncertain future events beyond the control
of the Company or a present obligation that is not recognised because
it is not probable that the outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare cases
where there is a liability that cannot be recognised because it cannot
be measured reliably. The Company does not recognise a contingent
liability but discloses its existence in the financial statements.
Contingent assets are not recognised in the financial statements,
however they are disclosed where the inflow of economic benefits is
probable. When the realisation of income is virtually certain, then the
related asset is no longer a contingent asset and is recognised as an
asset.
A provision for onerous contracts is recognised in the statement
of profit and loss when the expected benefits to be derived by the
Company from a contract are lower than the unavoidable cost of
meeting its obligations under the contract. The provision is measured
at the present value of the lower of the expected cost of terminating
the contract and the expected net cost of continuing with the contract.
Before a provision is established, the Company recognises any
impairment loss on the assets associated with that contract.
Q) Revenue recognitionInd AS 115 on ‘Revenue from Contracts with Customers’
As per Ind AS 115 “Revenue from contracts with customers” - A
contract with a customer exists only when the parties to the contract
have approved it and are committed to perform their respective
obligations, the Company can identify each party’s rights regarding
the distinct goods or services to be transferred (“performance
obligations”), the Company can determine the transaction price for
the goods or services to be transferred, the contract has commercial
substance and it is probable that the Company will collect the
consideration to which it will be entitled in exchange for the goods or
services that will be transferred to the customer.
Revenues are recorded for the amount of consideration to which
the Company expects to be entitled in exchange for performance
obligations upon transfer of control to the customer and is measured
at the amount of transaction price net of returns, applicable tax and
applicable trade discounts, allowances, Goods and Services Tax
(GST) and amounts collected on behalf of third parties.
I Broadcasting revenue - Advertisement revenue (net of
discount and volume rebates) is recognised when the related
advertisement or commercial appears before the public i.e. on
telecast. Subscription revenue (net of share to broadcaster) is
recognised on time basis on the provision of television/digital
broadcasting service to subscribers.
II Sale of media content - Revenue is recognised when the
significant risks and rewards have been transferred to the
customers in accordance with the agreed terms.
III Commission revenue - Commission of space selling is
recognised when the related advertisement or commercial
appears before the public i.e. on telecast.
IV Revenue from theatrical distribution of films is recognised over
a period of time on the basis of related sales reports.
V Revenue from other services is recognised as and when such
services are completed/performed.
VI I nterest income is accrued on a time basis, by reference to
the principal outstanding and at the effective interest rate (EIR)
applicable.
VII Dividend income is recognised when the Company’s right to
receive dividend is established.
VIII Rent income is recognised on accrual basis as per the agreed
terms on straight-line basis.
R) Retirement and other employee benefits
Employee benefits include salaries, wages, contribution to provident
fund, gratuity, post-retirement medical benefits and other terminal
benefits.
Short-term employee benefits:
Employee benefits such as salaries, wages, short-term compensated
absences, cost of bonus, ex-gratia and performance linked rewards
falling due wholly within twelve months of rendering the service
are classified as short-term employee benefits and are expensed in
the period in which the employee renders the related service. The
obligations are presented as current liability in the balance sheet if
the entity does not have an unconditional right to defer the settlement
for atleast 12 months after reporting date.
Payments to defined contribution plans viz. Government administered
provident funds and pension schemes are recognised as an expense
when employees have rendered service entitling them to the
contributions.
For defined retirement benefit plans in the form of gratuity , the cost
of providing benefits is determined using the projected unit credit
method, with actuarial valuations being carried out at the end of
each annual reporting period. Remeasurement, comprising actuarial
gains and losses, the effect of the changes to the asset ceiling (if
applicable) and the return on plan assets (excluding net interest), is
reflected immediately in the balance sheet with a charge or credit
recognised in other comprehensive income in the period in which they
occur. Remeasurement recognised in other comprehensive income
is reflected immediately in retained earnings and is not reclassified
to statement of profit and loss. Past service cost is recognised in
statement of profit and loss in the period of a plan amendment. Net
interest is calculated by applying the discount rate at the beginning of
the period to the net defined benefit liability or asset. Defined benefit
costs are categorised as follows:
I service cost (including current service cost, past service cost,
as well as gains and losses on curtailments and settlements);
II net interest expense or income; and
III remeasurement.
The Company presents the first two components of defined benefit
costs in statement of profit and loss in the line item ‘Employee benefits
expense’. Curtailment gains and losses are accounted for as past
service costs.
The retirement benefit obligation recognised in the balance sheet
represents the actual deficit or surplus in the Company’s defined
benefit plans. Any surplus resulting from this calculation is limited
to the present value of any economic benefits available in the form
of refunds from the plans or reductions in future contributions to the
plans.
A liability for a termination benefit is recognised at the earlier of when
the entity can no longer withdraw the offer of the termination benefit
and when the entity recognises any related restructuring costs.
Other long-term employee benefits:
Liabilities recognised in respect of other long-term employee benefits
are measured at the present value of the estimated future cash
outflows expected to be made by the Company in respect of services
provided by employees up to the reporting date.
The Company recognises compensation expense relating to share-
based payments in net profit using fair-value in accordance with Ind
AS 102, Share-Based Payment. The estimated fair value of awards is
charged to statement of profit and loss on a straight-line basis over
the requisite service period for each separately vesting portion of
the award as if the award was in-substance, multiple awards with a
corresponding increase to share-based payment reserves.
S) Transactions In foreign currencies
The functional currency of the Company is Indian Rupees (‘'’).
I Foreign currency transactions are accounted at the exchange
rate prevailing on the date of such transactions.
II Foreign currency monetary items are translated using the
exchange rate prevailing at the reporting date. Exchange
differences arising on settlement of monetary items or on
reporting such monetary items at rates different from those at
which they were initially recorded during the period, or reported
in previous financial statements are recognised as income or as
expenses in the period in which they arise.
III Non-monetary foreign currency items are measured in terms of
historical cost in the foreign currency and are not retranslated.
T) Accounting for taxes on income
Current and deferred tax for the year:
Current and deferred tax are recognised in the statement of profit and
loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current
and deferred tax are also recognised in other comprehensive income
or directly in equity respectively.
Tax expense comprises of current and deferred tax.
I Current tax:
Current tax is the amount of income taxes payable in respect of
taxable profit for a year. Current tax for current and prior periods
is recognised at the amount expected to be paid to or recovered
from the tax authorities, using the tax rates and tax laws that
have been enacted or substantively enacted at the balance
sheet date. Management periodically evaluates positions taken
in the tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes
provisions where appropriate.
Tax assets and tax liabilities are offset where the entity has a
legally enforceable right to offset and intends either to settle
on a net basis, or to realise the asset and settle the liability
simultaneously.
II Deferred tax:
Deferred tax is recognised on temporary differences between
the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the
computation of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible
temporary differences can be utilised. Such deferred tax assets
and liabilities are not recognised if the temporary difference
arises from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
In addition, deferred tax liabilities are not recognised if the
temporary difference arises from the initial recognition of
goodwill.
The carrying amount of deferred tax assets is reviewed at the
end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates
that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws)
that have been enacted or substantively enacted by the end of
the reporting period.
The measurement of deferred tax liabilities and assets reflects
the tax consequences that would follow from the manner in
which the Company expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and
liabilities.
The Company recognises deferred tax liability for all taxable
temporary differences associated with investments in
subsidiaries and associates, except to the extent that both of
the following conditions are satisfied:
• When the Company is able to control the timing of the
reversal of the temporary difference; and
• it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets and
liabilities.
III Uncertain Tax positions:
Accruals for uncertain tax positions require management to
make judgements of potential exposures. Accruals for uncertain
tax positions are measured using either the most likely amount
or the expected value amount depending on which method the
entity expects to better predict the resolution of the uncertainty.
Tax benefits are not recognised unless the tax positions will
probably be accepted by the tax authorities. This is based upon
Management’s interpretation of applicable laws and regulations
and the expectation of how the tax authority will resolve the
matter. Once considered probable of not being accepted,
Management reviews each material tax benefit and reflects
the effect of the uncertainty in determining the related taxable
amounts.
U) Earnings per share
Basic earnings per share are calculated by dividing the net profit for
the year attributable to equity share holders by the weighted average
number of equity shares outstanding during the year.
Diluted earnings per share are computed by dividing the profit after
tax as adjusted for dividend, interest and other charges to expense or
income (net of any attributable taxes) relating to the dilutive potential
equity shares, by the weighted average number of equity shares
considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been issued on
conversion of all dilutive potential equity shares.
V) Exceptional Items
An item of income or expense which by its size, type or incidence
requires disclosure in order to improve an understanding of the
performance of the Company is treated as an exceptional item and
the same is disclosed in the profit or loss and in the notes forming part
of the financial statements.
W) Impairment of non-financial assets
The carrying amounts of the Company’s non-financial assets,
other than inventories and deferred tax assets are reviewed at
each reporting date to determine whether there is any indication
of impairment. If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates the asset’s
recoverable amount. For goodwill and intangible assets that have
indefinite lives or that are not yet available for use, an impairment test
is performed each year end.
An asset’s recoverable amount is the higher of an asset’s or Cash
Generating Unit’s (CGU) fair value less costs of disposal and its value
in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the
risks specific to the asset or the cash generating unit. In determining
fair value less costs of disposal, recent market transactions are taken
into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by
valuation multiples or other available fair value indicators. For the
purpose of impairment testing, assets are Companyed together into
the smallest Company of assets that generate cash inflows from
continuing use that are largely independent of the cash inflows of
other assets or Company’s of assets (the ‘cash generating unit’).
The goodwill acquired in a business combination is, for the purpose
of impairment testing, allocated to cash-generating units that are
expected to benefit from the synergies of the combination.
An impairment loss is recognised in the profit or loss if the estimated
recoverable amount of an asset or its cash-generating unit is lower
than it carrying amount. Impairment losses recognised in respect
of cash-generating units are allocated first to reduce the carrying
amount of any goodwill allocated to the units and then to reduce the
carrying amount of the other assets in the unit on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect
of other assets, impairment losses recognised in prior periods are
assessed at each reporting date for any indications that the loss has
decreased or no longer exists. An impairment loss is reversed if there
has been a favourable change in the estimates used to determine the
recoverable amount. An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed its recoverable
amount, nor exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment
loss had been recognised.
X) Financial guarantee contracts
Financial guarantee contracts are recognised as a financial liability at
the time the guarantee is issued. The liability is initially measured at
fair value and subsequently at the higher of:
• the amount determined in accordance with the expected credit
loss model as per Ind AS 109 - Financial Instruments; and
• the amount initially recognised less, where appropriate, cumulative
amount of income recognised in accordance with the principles of
Ind AS 115 - Revenue from Contracts with Customers.
The fair value of financial guarantees is determined based on the
present value of the difference in cash flows between the contractual
payments required under the debt instrument and the payments that
would be required without the guarantee, or the estimated amount
that would be payable to a third party for assuming the obligations.
Where guarantees in relation to loans or other payables of associates
are provided for no compensation, the fair values are accounted for
as contributions and recognised as part of the cost of the investment.
Y) Impairment of investments
The Company reviews its carrying value of investments carried at cost
(net of impairment, if any) annually. If the recoverable amount is less
than its carrying amount, the impairment loss is accounted for in the
statement of profit and loss.
3 KEY ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of the Company’s financial statements requires
the Management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these assumptions and
estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods.
The key assumptions concerning the future and other key sources of
estimating the uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are described below:
A) Income-taxes
The Company’s tax jurisdiction is India. Significant judgements are
involved in estimating budgeted profits for the purpose of paying
advance tax, determining the provision for income taxes, including
amount expected to be paid/recovered for uncertain tax positions.
I n assessing the realisability of deferred tax assets, management
considers whether some portion or all of the deferred tax assets
will not be realised. The ultimate realisation of deferred tax assets
is dependent upon the generation of future taxable income during
the periods in which the temporary differences become deductible.
Management considers the scheduled reversals of deferred income
tax liabilities, projected future taxable income and tax planning
strategies in making this assessment. Based on the level of historical
taxable income and projections for future taxable income over the
periods in which the deferred income tax assets are deductible,
management believes that the Company will realise the benefits of
those deductible differences. The amount of the deferred income tax
assets considered realisable, however, could be reduced in the near
term if estimates of future taxable income during the carry forward
period are reduced.
B) Property, plant and equipment
Property, plant and equipment represent a significant proportion of
the asset base of the Company. The charge in respect of periodic
depreciation is derived after determining an estimate of an asset’s
expected useful life and the expected residual value at the end of
its life. The useful lives and residual values of Company’s assets are
determined by the management at the time the asset is acquired
and reviewed periodically, including at each financial year end. The
lives are based on historical experience with similar assets as well
as anticipation of future events, which may impact their life, such
as changes in technical or commercial obsolescence arising from
changes or improvements in production or from a change in market
demand of the product or service output of the asset.
C) Research and development for internally generated assets
Research costs are expensed as incurred. Development expenditures
on an internally generated assets are recognised as an intangible
asset when the Company can demonstrate criteria specified for
capitalisation has been fulfilled. Significant judgements are involved
for assessing recognition criteria and analyse that the cost incurred
for subsequent development improve the functionality and enhance
the asset’s economic benefits potential.
D) Impairment of goodwill
Goodwill is tested for impairment on an annual basis and whenever
there is an indication that the recoverable amount of a cash-generating
unit is less than its carrying amount based on a number of factors
including operating results, business plans, future cash flows and
economic conditions. The recoverable amount of cash-generating
units is determined based on higher of value-in-use and fair value
less cost to sell. The goodwill impairment test is performed at the
level of the cash-generating unit or Company’s of cash-generating
units which are benefitting from the synergies of the acquisition and
which represents the lowest level at which goodwill is monitored for
internal management purposes.
Market related information and estimates are used to determine the
recoverable amount. Key assumptions on which management has
based its determination of recoverable amount include estimated
long term growth rates, weighted average cost of capital and
estimated operating margins. Cash flow projections take into account
past experience and represent management’s best estimate about
future developments.
I n estimating the future cash flows/fair value less cost of disposal,
the Company has made certain assumptions relating to the future
customer base, future revenues, operating parameters, capital
expenditure and terminal growth rate which the Company believes
reasonably reflects the future expectation of these items. However,
if these assumptions change consequent to change in future
conditions, there could be further favourable/adverse effect on the
recoverable amount of the assets. The assumptions will be monitored
on periodic basis by the Company and adjustments will be made if
conditions relating to the assumptions indicate that such adjustments
are appropriate.
E) Defined benefit obligation
The costs of providing pensions and other post-employment benefits
are charged to the Statement of Profit and Loss in accordance with Ind
AS 19 on ‘Employee benefits’ over the period during which benefit
is derived from the employees’ services. The costs are assessed
on the basis of assumptions selected by the Management. These
assumptions include salary escalation rate, discount rates, expected
rate of return on assets and mortality rates.
F) Fair value measurement of financial instruments and ECL on
other Financial Assets
When the fair values of financials assets and financial liabilities
recorded in the balance sheet cannot be measured based on quoted
prices in active markets, their fair value is measured using valuation
techniques, including the discounted cash flow model, which involve
various judgements and assumptions.
In accordance with Ind AS 109 - Financial Instruments, the Company
applies ECL model for measurement and recognition of impairment
loss on the trade receivables or any contractual right to receive cash
or another financial asset that result from transactions that are within
the scope of Ind AS 115 - Revenue from Contracts with Customers.
For this purpose, the Company follows ‘simplified approach’ for
recognition of impairment loss allowance on the trade receivable
balances, contract assets and lease receivables. The application
of simplified approach requires expected lifetime losses to be
recognised from initial recognition of the receivables based on
lifetime ECLs at each reporting date.
As a practical expedient, the Company uses a provision matrix
to determine impairment loss allowance on portfolio of its trade
receivables. The provision matrix is based on its historically observed
default rates over the expected life of the trade receivables and is
adjusted for forward-looking estimates. At every reporting date, the
historical observed default rates are updated and changes in the
forward-looking estimates are analysed.
I n case of other assets, the Company determines if there has been
a significant increase in credit risk of the financial asset since initial
recognition. If the credit risk of such assets has not increased
significantly, an amount equal to twelve months ECL is measured and
recognised as loss allowance. However, if credit risk has increased
significantly, an amount equal to lifetime ECL is measured and
recognised as loss allowance.
G) Media content, including content in digital form
The Company has several types of inventory such as general
entertainment, movies and music. Such inventories are expensed/
amortised based on certain estimates and assumptions made by
Company, which are as follows:
I Reality shows, chat shows, events, game shows and sports
rights: are fully expensed on telecast/upload which represents
best estimate of the benefits received from the acquired rights.
II The cost of program (own production and commissioned
program) are amortised over a period of three financial
years over which revenue is expected to be generated from
exploitation of programs.
III Cost of movie rights - The Company’s expectation is that
substantial revenue from such movies is earned during the
period of five years from the date of acquisition of license to
broadcast/upload on digital platform. Hence, it is amortised on
a straight-line basis over the license period or sixty months from
the date of acquisition/rights start date, whichever is shorter.
IV The estimated useful life/amortisation period for music rights
has been revised from three years to ten years from the year
of commencement of rights. The change is based on the future
economic benefits expected to be generated from exploitation
of rights which has resulted in operating cost for the year being
lower by '226 million and inventories as at the balance sheet
date being higher by an equivalent amount.
V The cost of educational content acquired is amortised on a
straight-line basis over the license period or 60 months from
the date of acquisition/right start date, whichever is shorter.
VI Films produced and/or acquired for distribution/sale of rights:
Cost is allocated to each right based on management estimate of
revenue. Film rights are amortised as under:
a Satellite rights - Allocated cost of right is expensed immediately
on sale.
b Theatrical rights - Amortised in the month of theatrical release.
c I ntellectual Property Rights (IPRs) - Allocated cost of IPRs are
amortised over 5 years from release of film.
d Music and Other Rights - allocated cost of each right is expensed
immediately on sale.
H) Lease
Ind AS 116 - Leases requires lessees to determine the lease term as
the non-cancellable period of a lease adjusted with any option to
extend or terminate the lease, if the use of such option is reasonably
certain. The Company makes an assessment on the expected lease
term on a lease-by-lease basis and thereby assesses whether it
is reasonably certain that any options to extend or terminate the
contract will be exercised. In evaluating the lease term, the Company
considers factors such as any significant leasehold improvements
undertaken over the lease term, costs relating to the termination of
the lease and the importance of the underlying asset to Company’s
operations taking into account the location of the underlying asset
and the availability of suitable alternatives. The lease term in future
periods is reassessed to ensure that the lease term reflects the
current economic circumstances.
I) Provisions and contingent liabilities
The Company exercises judgement in determining if a particular
matter is possible, probable or remote. The Company also exercises
judgement in measuring and recognising provisions and the
exposures to contingent liabilities related to pending litigation or
other outstanding claims subject to negotiated settlement, mediation,
government regulation, as well as other contingent liabilities.
Judgement is necessary in assessing the likelihood that a pending
claim will succeed, or a liability will arise, and to quantify the possible
range of the financial settlement. Because of the inherent uncertainty
in this evaluation process, actual losses may be different from the
originally estimated provision. Provisions are reviewed at each
balance sheet date and adjusted to reflect the current best estimate.
If it is no longer probable that the outflow of resources would be
required to settle the obligation, the provision is reversed.
J) Business Combination
The Company uses the acquisition method of accounting to account
for business combinations. The acquisition date is the date on
which control is transferred to the acquirer. Judgement is applied
in determining the acquisition date, determining whether control
is transferred from one party to another and whether acquisition
constitute a business or asset acquisition. Control exists when the
Company is exposed to, or has rights to variable returns from its
involvement with the entity and has the ability to affect those returns
through power over the entity. In assessing control, potential voting
rights are considered only if the rights are substantive.
K) Recoverability of inventories and content advance
The Company uses the acquisition method of accounting to account
for business combinations. The acquisition date is the date on
which control is transferred to the acquirer. Judgement is applied
in determining the acquisition date, determining whether control
is transferred from one party to another and whether acquisition
constitute a business or asset acquisition. Control exists when the
Company is exposed to, or has rights to variable returns from its
involvement with the entity and has the ability to affect those returns
through power over the entity. In assessing control, potential voting
rights are considered only if the rights are substantive.
The factors that the Company considers in determining the amortisation
policy has been derived basis management’s expectation of overall
performance of content on historical trends and future expectations.
For inventory, the management assesses estimate of future revenue
potential. Based on such assessment if the net realisable value of
key item of inventory is below its carrying value, such inventories
are written down to their net realisable value in accordance with the
requirements of Ind AS 2, Inventories (‘Ind AS 2’).
4 RECENT INDIAN ACCOUNTING STANDARDS (IND AS)A) Standards issued but not effective:
Ministry of Corporate Affairs (“MCA”) notifies new standards or
amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. On
31st March 2023, MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2023. The effective date for adoption
of this amendment is annual periods beginning on or after 1st April
2023. These amendments are not expected to have a material impact
on the Company or future reporting periods and on foreseeable future
transactions.
I Ind AS 1 - Presentation of Financial Statements
The amendments require companies to disclose their material
accounting policies rather than their significant accounting
policies.
II Ind AS 12 - Income Taxes
This amendment has narrowed the scope of the initial
recognition exemption so that it does not apply to transactions
that give rise to equal and offsetting temporary differences.
III Ind AS 8 - Accounting Policies, Changes in Accounting
Estimates and Errors
This amendment has introduced a definition of ‘accounting
estimates’ and included amendments to Ind AS 8 to help entities
distinguish changes in accounting policies from changes in
accounting estimates.
B) Changes in accounting policies and adoption of new/revision
in accounting standard:
The Ministry of Corporate Affairs had vide notification dated 23rd March
2022 notified Companies (Indian Accounting Standards) Amendment
Rules, 2022 which amended certain accounting standards, and are
effective 1st April 2022. These amendments did not have any impact
on the amounts recognised in prior periods and are not expected to
significantly affect the current or future periods.
C) Social security Code:
The Code on Social Security, 2020 (‘Code’) relating to employee
benefits during employment and post-employment benefits received
Presidential assent in September 2020. The Code has been published
in the Gazette of India. However, the date on which the Code will come
into effect has not been notified. The Company will assess the impact
of the Code when it comes into effect and will record any related
impact in the period the Code becomes effective.
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