GECs
GV Films plans ambitious Rs 10 billion entertainment project, looks for JV
MUMBAI: Chennai-based GV Films is in talks with an Indian company to jointly set up an ambitious Rs 10 billion entertainment township in Panvel near Navi Mumbai.
The company is also in negotiations with multinational companies like Panasonic for technology support. “We are in talks with Panasonic and others,” says GV Films chairman Mahadevan Ganesh. On being queried as to whether Panasonic could participate in equity as well, he refused to comment, saying that the company “hopes to firm up plans within a week. I can’t talk anything on our plans at this stage.”
Sources say GV Films is weighing the option of going for a FCCB (Foreign Currency Convertible Bond) issue, which is likely to be in the size of Rs 1.25-1.50 billion to fund this project. The balance Rs 500-750 million would be generated internally. The joint venture partner would bring in the balance amount to fill up the equity component. On consideration is the formation of a 50:50 joint venture. Around 60 per cent of the funding for the project would be through debt. “These proposals are being considered. But nothing has been finalised yet and would depend on several factors,” says the source.
GV Films board is meeting on 20 October to consider the proposal of joint venture with another Indian entity for executing a ‘Digipolis’ (Entertainment village / Theme Park). It will also consider raising of resources by way of GDR / ADR / FCCB Issue. “FCCB is the most likely route to raise funds. For GDR/ADR, it will be difficult for the company to command a premium at this stage,” says the source.
GV Films is in the process of putting in place a revival strategy after it had slumped to a position where revenues were severely affected. Soon after a new management came in place, the company came up with a rights issue. Recently, GV Films has signed up with Jaya TV to produce the country’s first 3D serial on television. In fact, GV Films is making two 3D live action shows for Jaya TV – Paramapadam (Snake and Ladder) and Mayawi (Invisible Man). “We will get around Rs 700000 for each one-hour episode. We have tied up with a Hollywood firm for the technology. It will be digitally encoded there. Besides, the director of photography will be from Hollywood,” Ganesh had earlier told Indiantelevision.com.
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.
