GECs
Casbaa, Thai Dept of IP examine pay-TV piracy
MUMBAI: The Royal Thai Governments department of Intellectual property (DIP) and regional pay-TV industry body, the Cable & Satellite Broadcasting Association of Asia (Casbaa) , yesterday staged a high-level workshop on Intellectual Property Rights protection in Bangkok Thailand.
Opened by General of the DIP deputy director Boonaris Suwanapool and co-hosted by Casbaa CEO Simon Twiston Davies, the one-day forum attracted speakers from the US, Europe, Hong Kong and Singapore.
The invited delegates included Thai IP court officials, officials from the Attorney Generals office, the Royal Thai Police, the Department of Customs and other officials and industry executives with responsibility for creating and enforcing vital intellectual property rights within Thailand.
Those presenting at the seminar included senior executives drawn from broadcasters Time Warner and ESPN Star Sports, European security firm Irdeto, the Motion Picture Association of America (representing the seven major Hollywood studios), global Intellectual property rights legal experts, Herbert Smith and Casbaa (representing 110 pay-TV related companies operating in the Asia Pacific).
One issue highlighted during todays forum was that while Asias pay-TV market is growing rapidly, and making substantial economic contributions, Thailand hasnt been benefiting as much as it should, said Davies. The meeting was in general agreement that this can change with newly pro-active approaches.
Meanwhile, it was claimed that among middle-income Asian countries Thailand remains the market with the worst piracy problem. Three out of every four households connected to Thai pay-TV systems are estimated to be tapping into pirated pay-TV programming. In the end, this damages everyones interests because every level of the value chain is a victim of theft, added Davies.
According to industry estimates, the cost of piracy to the community in Thailand is high to the industry and to the government, which loses at least 2.5 billion baht in taxes, fees and revenues every year, with the problem growing at a rate of about 20 per per year.
Speakers at the seminar generally agreed that while Thailand has made some incremental strides in the battle against Intellectual Property Rights theft, there was a need to create a modern, competitive industry, regulated on a level playing field.
Participants in the seminar looked forward to more effective law enforcement and increasingly severe penalties for pirate cable operators.
The development of effective regulatory agencies will hugely benefit Thailand, a country with proven media sophistication and clear economic achievements, stated Davies.
Its great to have so many of the stakeholders in Thailands pay-TV industry working together at a seminar like this, said Casbaa chairman Marcel Fenez. With the support of the likes of the Department of Intellectual Property and representatives of the IP courts standing shoulder-to-shoulder with the legitimate industry, progress has been made today.
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.
