GECs
Cricket: Zee moves Madras High Court
NEW DELHI: Zee Telefilms has moved the Madras High Court challenging the cancellation of its telecast rights bid by the Indian cricket board, which it argues has led to a breach of its fundamental rights under Article 226 of the Indian Constitution.
According to company sources, the hearing is slated for tomorrow.
On 2 February, the Supreme Court ruled that the Board of Control for Cricket in India (BCCI) was not a ‘State as defined under Article 12 of the Indian Constitution and, hence, cannot be sued for alleged violation of fundamental rights.
However, the apex court, while dismissing Zee’s petition, had also suggested that some lower court could take up such cases under Article 226. The three-two split SC ruling is important,as the Indian cricket boards case would have a major impact on the autonomy of various sports bodies in the country and their subsequent functioning.
Zee Telefilms had contended that the BCCI was a’State’ as it was selecting the Indian team and was given de facto recognition by the Indian government to carry out its functions. The petition had requested the apex court to scrutinise the Boards action of cancelling the bid for telecast under writ authority.
Zee Telefilms had originally won the cricket rights by bidding the highest amount of $ 260 million on 5 September, 2004 amongst other competitors that included ESPN Star Sports ($ 230 million), Indian pubcaster Prasar Bharati ($ 150 million), Sony Entertainment TV India ($ 140 million) and Dubai-based Ten Sports ($ 115 million).
Subsequently, as a drama unfolded revolving around the bidding process and various aspects of it, including technical criteria, Zee committed another Rs 940 million for the development of domestic cricket. ESS too, got into the act and upped the ante with a mind-boggling bid figure of $ 308 million, which Zee subsequently matched to be awarded the rights.
Then ESS, apart from legally challenging the award of the telecast rights by BCCI to Zee, later approached the Supreme Court seeking legal redressal against cancellation of the bidding process by the cricket board.
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.
