GECs
Government aims to give community radio a leg-up
NEW DELHI: For the investors in radio projects, there is some good news. Stating that the government is trying to look into the investments made by entrepreneurs, the secretary, Information and Broadcasting ministry, government of India, said today that “we must look into how to help them realise their business projections on which the investments are based.”
The government has decided to further liberalise norms for setting up Community Radio projects as the third arm of the radio policy that includes AIR and FM Radio channels to revolutionise the air waves and make radio entertaining, socially relevant and commercially viable.
Arora said this while inaugurating the seminar on “Indian Radio Industry: the way forward”, organised by Federation of Indian Chambers of Commerce and Industry (FICCI). The seminar was the first interaction between industry and policy makers after the bids for Phase-II of FM Radio were finalised.
Arora said, “We are waiting for the results of the Phase-II policy and after a due process of consultation with the stakeholders, and will tweak the policy and then go Phase-III of the radio policy.” He expressed satisfaction that in Phase-II, the number of radio stations was expected to jump from 20 to 270 by the end of the current fiscal year.
He said competition to AIR from private FM radio channels had given the government radio station a run for its money but expressed confidence that this would force the station to provide quality programme and the available infrastructure that would enable them to withstand competition. “We are trying mix and match the bouquets for the listeners and asking AIR to revive programmes like Hawamahal dramas and skits which were once the hallmarks of Akashwani.
Trai member AK Sawhney, noted that at while the process of roll-out of services by Phase-II licence is currently on, what is increasingly becoming clear is that the spectrum that was so far lying unutilised has the potential to allow a much greater variety in the offering of radio that was hitherto considered possible.
He said the focus of Trai has been to expand the markets, provide room for more services and more competition and to allow new technology to come in without fresh approvals being taken at every stage. A key element of the approach is to reduce the cost of licences and spectrum and also to push the industry towards a low price-high growth scenario. The focus of changes in the policy for Phase-III should be in tune with this approach, Sawhney pointed out.
ENIL Chairman FICCI Radio Forum and CEO and MD AP Parigi, empahsised the need for a continuing dialogue between all stakeholders so that the level of regulation can be decided on a consensual basis. Such dialogue, he said, would provide answers to questions of FDI and the participation of Indian financial institutions (FIs) in the growth of the FM Radio industry.
FICCI Secretary General Dr Amit Mitra, said the radio industry which was Rs 2,400 million in 2004 is expected to grow to Rs 12,000 million by 2010, representing a 32 per cent growth CAGR when the entire media and entertainment industry is slated to grow at 19 per cent CAGR. This makes the radio industry the fastest growing medium in the media and entertainment sector.
He announced the launch of the FICCI Radio forum under the chairmanship of Parigi. Among other objectives, the Forum will seek to consolidate the radio industry for effective lassoing with the government, promote interface of the industry with significant international players, support R&D in radio technology and provide facilitation, guidance and interface with government and key radio players for new start-ups.
During the interactive session on “Regulatory Framework on Radio Industry”, Neil Curry of BBC expounded on the system that governs broadcasting in the UK, said that there are parallels from and lessons to be drawn from the model that has been developed in Britain. The main aim of the regulatory body should be to ensure freedom of speech from economic and political forces. He also emphasised in the UK, the key aspect of regulation is now shifted focus from outlet (that is what audiences hear) rather than input.
T Sengupta Associates CEO Tamali Sengupta who was the moderator for the second session, asked a seminal question that somehow got buried later: through seeking a voice vote, she remarked that radio was loosing the youth factor, and that most young me were not listening to radio, rather choosing to use on-demand technology like the iPod.
Issue of FDI and FII cropped up during the interactive session.
Most speakers felt that radio was being discriminated against vis-à-vis the print medium since the latter had a FDI/FII cap of 26 per cent, where as radio had a cap of 30 per cent.
Rajiv Sethi, S&R Associates, also raised the issue why private radio FM channels are debarred from hosting news and current affairs programmes. “All the FM channel owners are cleared by the ministry of home affairs in any case, and they have paid a 10-year licensing fee, so why they are debarred from hosting news programmes, whereas the TV channels are not, defies logic.”
A major section of the debate in this session related to the upcoming broadcasting bill 2006. Questions were raised about the Code of Conduct, and speakers said that since the Supreme Court of India has been issuing orders that have more or less crystalised a sort of code of conduct, is there a need to have a fresh one. One of the major recurring irritants that surfaced was that the proposed bill is more biased towards the TV industry rather than the radio, and it was also stated that the Broadcasting Regulatory Authority proposed does not encapsulate the orders of the Supreme Court.
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.
