GECs
Branded ‘Big’, ADAG’s FM venture targets 12 October launch
MUMBAI: The Anil Dhirubhai Ambani Group (ADAG) is entering the final stages of preparation for its “Big” bang entry into the FM radio field.
The Ambani brothers are known for doing everything on a big scale and it is certainly no different in this case as younger brother Anil’s ADAG gets set to launch its 92.7 FM stations across India. It is only fitting, therefore, that ADAG is launching ahead of the Diwali festive season under the brand name Big Radio.
According to sources, the group is targeting 12 October for the launch of its radio station in cities where the common infrastructure network exists. This includes Delhi, Mumbai, Kolkata, Jaipur and Surat.
Big Radio is expected to be on air in Mumbai first, with a fast-paced rollout in the other cities where the common infrastructure exists. The teams for the radio stations are already in place with radio jockeys and other engineers hired and ready.
Big Radio will be facing a phalanx of established players when it launches services in Mumbai. The group will have to compete with players such as the Times Group’s Radio Mirchi, Radio City, Red FM and Radio One (Formerly was known as Go FM), who have been in this game for over five years.
One advantage Big Radio will be looking to leverage upon is the massive mobile phone user subscriber base that sister concern and telecom major Reliance Infocomm provides. Big Radio will be introducing a lot of interactive features with the specific aim of building a community of cell users hooked in to the station, industry sources have told Indiantelevision.com.
Another “Big” advantage ADAG is banking on is that it has the ultimate brand icon in the “Big B” Amitabh Bachchan endorsing the station. If ever there was a case of the brand and the ambassador fitting to a T, it is this.
ADAG originally secured its FM licence through Adlabs Films Ltd (AFL) in which it has a controlling stake. But post the demerger of the radio business, the company has transferred its FM operating units to Reliance Unicom Ltd.
Big Radio will manage 45 FM stations. The frequencies were bought out for approximately Rs 1.60 billion. Initially, the company had bagged the licence for 57 frequencies but had to surrender the licence for 13 cities as per the norms, which do not allow one single company to hold more than 15 per cent of the total allotted frequencies.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
