GECs
Frames debates the merits of the studio versus the independent filmmaker
MUMBAI: The relationship between studios and independent filmmakers was a subject discussed at an afternoon session of Frames, the convention for the business of entertainment. The speakers were Sahara One CEO Shantonu Aditya, filmmakers Mahesh Bhatt,Govind Nihalani and Bobby Bedi and Adlabs Films chairman Manmohan Shetty.
Nihalani pointed out that studios and independent filmmakers have their strengths and both parties should look to work with each other. “Artistically released commercially successful films can be made.
Corporates should realize that creativity is equity. The independents should realize that money is as important as creativity. Studios should know that sometimes small risks pay off big time. That is because audiences like to be surprised.
“A studio basically operates on calculated budgets and big stars to secure an ROI. Scripts are chosen if a star is attached. This ensures a long run. An independent filmmaker, on the other hand, feels that an idea and a directors treatment of that idea is what creates value. Lavish sets, big stars add value. However, they do not create value. There is a way to bridge the two and both should realize that they need each other.”
This point was echoed by Shetty who noted that in the West independent filmmakers go the studio route to release their films. In India, there are studios like Yash Raj Films. However, important directors like Karan Johar still call the shots and studios chase them for the rights to distribute their films. “Reliance buying Adlabs means that more films will be made. Fortunately we have not suffered any losses till now.”
Bhatt spoke on the benefits and challenges of being an independent filmmaker. “Movies that do not have personal supervision of an idea are doomed to fail. One does not only make movies. You need passion and religious fervour. There is talk of delivery systems but you need to invest in ideas. Otherwise these systems will be parched of good content. It is important for a filmmaker to keep himself lean and thin. A studio executive unfortunately only understands a Shah Rukh Khan. He does not understand the value of an idea. I would argue that studios are victims of hype. An independent filmmaker, though, has to pay off any debts incurred. He cannot hide behind abstractions.”
Bedi said that indepdents are better incubators of ideas. “In the West studios do not incubate ideas as it is too expensive. An independent filmmaker approaches a studio with an idea. The studio then works that idea to a maturity level where one is able to confidently approach exhibitors.”
Aditya says that Sahara One has had success as it concentrates on its strengths of marketing and distribution. “We have made 14 films as projects. There have been start dates and finish dates. We have also spent quite a bit on marketing. We have worked in different genres. We picked up Page Three when nobody wanted to touch that film. At the same time, it is difficult to know which idea will work. We get 70 ideas a week. Of course, each presenter of the idea is confident in it. Once an idea is given the go ahead, we do not interfere with the creative process other than keeping a check on how the work is progressing. The writer is given freedom.”
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.
