ENTERTAINMENT NETWORK (INDIA) LTD. - 532700 - Litigation Update
Hon'ble Madras High Court pronounced its order in the matter of appeals filed by Phonographic Performance Limited ('PPL') i.e., PPL vs the Company ('ENIL') and others, on April 27, 2023. Order is sourced from the website of Hon'ble Madras High Court but should not be construed as a certified copy (Order is attached herewith). This Order is in respect of the appeal filed by PPL in year 2010, challenging the 2% Net Advertisement Revenue ('NAR') rate fixed by the then Copyright Board ('CRB') for a period of ten years ending September 2020 ('CRB Order'). As per the Order dated April 27, 2023, the appeal filed by PPL has been partly allowed and CRB Order is upheld and further modified by fixing a minimum floor rate of Rs. 660 per needle hour (effectively 2% of NAR or Rs. 660 per needle hour, whichever is higher) for the period from 2010-2020. The Company is in the process of seeking legal advice in relation to the said Order and its impact and implication on the Company.28-04-2023