GECs
Fame is dead, long live Inox
MUMBAI: In 2011, Inox’s takeover of Fame India made for headlines, while giving a fillip to the Anil Ambani-owned Reliance Capital Partners and becoming the country’s biggest multiplex chain in the bargain.
Two years later, change is finally happening. On Monday, 17 September the Fame website www.famecinemas.com ceased to exist, and is in the process of moving into the Inox website.
All Fame properties will henceforth be called Inox. Also, a marketing campaign comprising print, outdoor and radio and spanning over two months has been kicked off to communicate the new name to people. As part of the campaign, there will be advertisements and inserts in a range of newspapers across cities that house Fame multiplexes. The value of marketing across 24 cities is pegged at approximately Rs 15-20 crore by industry sources. Similarly, Fame will undergo physical changes where the new logo of Inox will make its presence felt on tickets, popcorn cups and uniforms worn by the staff.
About the acquisition, Inox Leisure CEO Alok Tandon said: “The good points of Fame and Inox have been put together. The first phase will see Mumbai experiencing the change this week, after which, Kolkata and Bengaluru are next with cities such as Pune, Panchkula and Dhanbad following suit.”
Asked why it took two years for the renaming, Tandon said: “The acquisition got finalised only this year in May since we had to visit two courts (Baroda and Mumbai) in two states- . Only after that could we start our renaming process.”
With 73 multiplexes and 284 screens across 40 cities; of which 25 multiplexes with 94 screens belong to Fame India, Inox is in a happy space. Maharashtra boasts the highest number of Inox multiplexes – 19 with 76 screens, followed by West Bengal with 13 multiplexes and 49 screens. Indeed, the last of Inox’s 73 multiplexes was added only yesterday, in Haryana, with nearly Rs 7-10 crore having gone into the setup. As things stand, Inox claims to attract over four crore movie goers annually.
What’s more, plans are afoot to expand into cities like Greater Noida, Gurgaon, Jalgaon, Madurai, Jamnagar and Manipal as also increase the existing number of multiplexes in places like Lucknow, Raipur and Surat.
To mark the change from Fame to Inox, a new ‘Feature Presentation Dater’ has been created, with sound designing by Oscar Award winning Resul Pookutty. “Our aim is to make the audience experience high fidelity,” says Pookutty, adding that an atmos version of the same is on the anvil.
The question now remains whether Inox will continue to retain its Fame?
GECs
Sebi sends show-cause notice to Zee over fund diversion, company responds
Regulator questions 2018 letter of comfort and governance lapses; company vows robust legal response
MUMBAI: India’s markets watchdog has reignited its long-running scrutiny of Zee Entertainment Enterprises, issuing a sweeping show-cause notice that drags the broadcaster and 84 others into a widening governance storm.
The notice, dated February 12, has been served by the Securities and Exchange Board of India to Zee, chairman emeritus Subhash Chandra and managing director and chief executive Punit Goenka, among others. At its heart: allegations that company funds were indirectly routed to settle liabilities of entities linked to the Essel Group.
The regulator’s probe traces its roots to November 2019, when two independent directors resigned from Zee’s board, flagging concerns over the alleged appropriation of fixed deposits by Yes Bank. The deposits were reportedly adjusted against loans extended to Essel Group entities, triggering questions about related-party dealings and board oversight.
A key flashpoint is a letter of comfort dated September 4, 2018, issued by Subhash Chandra in his dual capacity as chairman of Zee and the Essel Group. The document, linked to credit facilities availed by certain group companies from Yes Bank, was allegedly known only to select members of management and not disclosed to the full board—an omission SEBI believes raises red flags over transparency and governance controls.
Zee has pushed back hard. In a statement, the company said it “strongly refutes” the allegations against it and its board members and will file a detailed response. It expressed confidence that SEBI would conduct a fair review and signalled readiness to pursue all legal remedies to protect shareholder interests.
The notice marks the latest twist in a saga that has shadowed the broadcaster since 2019. What began as boardroom unease has morphed into a full-blown regulatory confrontation. The final reckoning now rests with SEBI—but the reputational stakes for Zee, and the message for India Inc on governance discipline, could scarcely be higher.
