News Broadcasting
Bombay HC allows Invesco plea against order on EGM to remove Zee’s Punit Goenka
Mumbai: The Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Ltd (Zeel), against a single-judge order granting an interim injunction on holding an EGM to remove Zeel MD and CEO Punit Goenka.
A division bench of Justices SJ Kathawalla and Milind Jadhav quashed and set aside the single bench order of October 2021.
“The appeal is allowed. The single bench order is quashed and set aside. We have held that the requisition notice (sent by Invesco to Zee) is neither illegal nor incapable of being set aside,” the court said.
Senior counsel Aspi Chinoy, appearing for Zee, sought the court to direct for a status quo to be maintained.
The court then directed for the status quo to be maintained for three weeks.
The bench also said it has quashed all the observations made by the single bench in its order.
In September 2021, Invesco had put out a requisition to the Zee board of directors to hold an extraordinary general meeting (EGM) because it felt the company was not running as smoothly as desired.
The firm sought to remove three directors from Zee’s board, including Goenka.
When Zee refused to respond to the requisition, Invesco moved an application before the National Company Law Tribunal (NCLT) in Mumbai, which directed Zee to consider the requisition under law.
Zee then approached the high court, seeking a declaration that the requisition notice by Invesco to hold the EGM was illegal and invalid.
A single bench of justice Gautam Patel had in October 2021 in an interim order granted an injunction against holding of the EGM.
Subsequently, Invesco filed an appeal against the interim injunction order on the ground that the high court had no jurisdiction to hear the matter and that it ought to have been heard and decided by the NCLT.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
