Shares of Shemaroo Entertainment on September 8 were trading on the NSE at Rs 131.15 apiece, around 4.99 percent lower then yesterday's close. In a regulatory filing on September 7, the company had disclosed that Excise officials carried out search operation at premises of the company on September 5.
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According to the filing, CGST and Central Excise Department had carried out search operation at premises of the Mumbai-based Shemaroo Entertainment on September 5. Additionally, Joint managing director Atul H Maru, Whole Time Director and CEO Hiren Gada, and Chief Financial Officer Amit Haria had been detained on September 6. They were granted bail on September 7. The entertainment company has said that it is contesting the allegations in accordance with the due process of law.
"Considering the present status of the case, estimated impact on the Company and the amount involved is not identifiable currently," they company said in the filing.
Also read: Shemaroo: Does DD Free Dish slot win make it pass the screen test for investors?
Shemaroo Entertainment is a 60-year old entertainment content provider with presence across segment - YouTube, movies, OTT, broadcast, mobile etc. It currently produces and distributes content in over 30 countries. According to an investor presentation, the company expects their digital subscribers for CY2025e to reach 9,500- 12,500 from 7,200 in CY2022. In the television space, they expect subscription to increase to 42,500 for CY2025E from 39,200 in CY2022.
Also read: Shemaroo Ent Consolidated June 2023 Net Sales at Rs 153.50 crore, up 59.91% Y-o-Y
In February 2023, the company had announced the appointment of a head of human resources; head of international business and India digital syndication; and a Vice President of Digital Video Business. as a part of their aim to strengthen their leadership team.
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