Cable TV
Digicable files police complaint against Hathway in Mumbai
MUMBAI: Jagjit Singh Kohli is furious. The cable TV industry veteran and promoter of Digicable has reportedly filed a police complaint against Hathway Cable and a distributor Santosh Ankolekar. The police complaint – a copy of which is with indiantelevision.com – names Hathway promoter Viren Raheja, western region in charge and President finance Milind Karnik, an executive Rajendra Rane and Ankolekar as the guilty parties.
JSK – as he is known in the industry – is seeking justice. The reason for him taking such a drastic step is because the latter – who was a distributor of Digicable – did a deal with India’s leading cable TV MSO as part of which he allegedly sold his network to it. Ankolekar, according to Digicable sources – was a small local cable operator with a network of around 1,500 subscribers in the Andheri east area of Mumbai. Ankolekar grew rapidly after his appointment as a distributor by Digicable in 2007. According to the MSO, he was given about 50,000 STBs to seed to local cable operators in the area and convert them to Digicable subscribers, which he did.
“But the network was not really his,” says Kohli. “It was owned by Digicable, and we offered to show the documents to the Hathway management but they were not bothered about facts and continued using our network.”
According to Kohli, Hathway swapped the Digicable boxes for its own and when his team asked them to return them to him, it was not done. “The point is they may have inadvertently made a mistake but then they have to make amends which they are refusing to do,” says Kohli.
Hathway officials deny any wrongdoing. They state that it was Ankolekar who came to the MSO seeking help.
“Digicable had not been able to make payments to broadcasters for quite sometime and his signals were consistently getting switched off,” says a senior Hathway executive. “When he came to us we offered to give him Hathway boxes as we were getting a large territory in the heart of Mumbai. And we would be in a position to provide consistent services to subscribers as our deals with broadcasters are in place.”
The executive states that there was no swapping of boxes or anything of that sort. “Digicable had given the boxes to local cable operators,” says he. “We did too. But we did not take the Digicable boxes back from the LCOs. If the boxes are with the LCOs, then Digicable should take them back from them.”
The MSO stated – at the time of writing – that the company was unaware of Karnik or Viren Raheja being named in the FIR. “We would have got a call from the police station,” says a senior executive. “To the best of our knowledge only Rane and Santosh are named in the FIR and no one else. “
Digicable had earlier had a run-in with Hathway last year when it had alleged that its former CEO Amit Nag had colluded with the latter in “hijacking” its network in Kolkata.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
