Music Broadcast Limited: Corporate Governance Updates and Governance Proceedings

Music Broadcast Limited, a prominent player in India’s communication services sector, recently completed a series of key corporate governance actions that are expected to shape its strategic direction for the coming fiscal year. The company, which operates 39 FM radio stations under the Radio City brand, has announced the results of its 26th Annual General Meeting (AGM), a change in audit leadership, and several board‑level adjustments. The following outlines the major developments as reported on 17 and 18 September 2025.

1. 26th Annual General Meeting – Voting Results and Scrutinizer’s Report

On 18 September 2025, Music Broadcast Limited released the voting results of its 26th AGM alongside the Scrutinizer’s Report. The documents were filed with the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) in compliance with regulatory disclosure requirements. While the precise outcomes of the voting were not detailed in the public release, the filing confirms that the AGM was held successfully and that shareholders’ resolutions were processed. The accompanying Scrutinizer’s Report, also dated 17 September 2025, provides an independent audit of the company’s financial statements and compliance with applicable regulations.

2. Change in Auditors

On 17 September 2025, Music Broadcast Limited announced a change in its external auditors. The company’s corporate registry (CIN L64200MH1999PLC137729) recorded the transition, and the new audit firm’s engagement is now officially in effect. This change follows the statutory requirement that a company must appoint a fresh auditor if the existing auditor’s term ends or if shareholders demand a change. The announcement was disseminated through the NSE’s corporate announcements platform.

3. Board and Management Re‑structuring

In addition to the auditor change, the company disclosed a series of adjustments to its board and management structure:

These filings indicate that new individuals have been appointed to director positions and that the executive leadership team has undergone reshuffling. While the specifics of the appointments (names, backgrounds, and roles) were not disclosed in the press releases, the filings satisfy the statutory obligation to inform the market of such changes.

4. Shareholders’ Meeting

On 17 September 2025, a shareholders’ meeting was convened and reported to the NSE and BSE. This meeting served as a platform for discussing the company’s financial performance, strategic initiatives, and future outlook. The meeting’s documentation confirms that shareholders had the opportunity to vote on key resolutions, including approvals for the annual financial statements, dividend declarations, and any amendments to the company’s articles of association.

5. Corporate Information and Market Position

• Sector & Industry: Communication Services – Media
• Primary Exchange: National Stock Exchange of India
• Currency: INR
• Market Capitalization: ₹3.91 billion (as of the latest reporting)
• Price‑to‑Earnings Ratio: –7.48 (negative earnings indicate a loss‑making period)
• Stock Price (16 Sep 2025): ₹8.63
• 52‑Week High: ₹16.60 (3 Oct 2024)
• 52‑Week Low: ₹7.70 (13 Aug 2025)

Music Broadcast Limited’s core business revolves around operating private FM radio stations through its flagship brand, Radio City. The company differentiates itself by offering integrated marketing solutions—content production, event intellectual property (IP), social media, commissioned podcasts, and influencer campaigns—to a diverse range of advertisers, including Samsung, Tiger Balm, Super 4, Lifestyle, Maruti Suzuki‑Ertiga, Canara Bank, and T‑Series. Its humor‑centric IPs such as Babber Sher and Joke Studio, alongside the romantic‑oriented Love Guru, illustrate its creative diversification. The South Ka Blockbuster microsite delivers exclusive interviews, photo galleries, quizzes, and polls centered on popular South Indian celebrities, enhancing audience engagement.

With 39 stations spread across 12 states and one union territory, the company has a broad geographic footprint, positioning it to capitalize on regional advertising demand and digital content monetization.

In Summary
Music Broadcast Limited has completed a routine cycle of corporate governance events—AGM results, auditor transition, director and management appointments, and a shareholders’ meeting—within the regulatory framework of the NSE and BSE. These actions underline the company’s commitment to transparency and governance standards while it continues to expand its media and marketing footprint across India.