GECs
Indian soaps help Sri Lankan channel top charts
MUMBAI: The Kyunki’s and Kasautii’s of Indian television are not just helping Indian channels stay on top of the ratings charts, they seem to be helping Sri Lankan broadcasters too.
Sinhalese Sirasa channel run by Maharaja Television in the island country, seem to have benefited from the dubbed versions of Kyunki Saas Bhi Kabhi Bahu Thi, which runs as Maha Gedara and Kasautii Zindagi Kay, which is Praveena in its Sinhalese avataar on Sirasa.
The dubbed Kasautii, in fact, launched in February 2005 on Sirasa, on a prime time slot that already had tough competition for the ratings. The competition’s ratings hovered around 11-12 vis-à-vis Sirasa’s 2-3 before launching Praveena at that slot. Praveena, according to Maharaja Television CEO Aditya Ray, started off with a TVR of 11.3 on its launch day and has in the latest data available, settled to an average of 8.0.
While big Tamil hits like Chiththi that completed its successful run on Maharaja’s Tamil Channel Shakthi some months ago, have now been adapted for Maharaja’s Sinhala channel Sirasa, it is the Hindi soaps that are being lapped up by the Sinhala viewers for their cultural similarity, believes Ray.
It isn’t just the soaps, but even SABTNL’s Office Office, that runs as Samawenna Sir on Sirasa on the weekends that has caught viewers’ fancy, says Ray. The revamped Sirasa, after Ray took charge in June 2004, has also been running a branded block called HIT TV, comprising sub-titled Hindi films, on afternoons since almost its inception about seven years back.
The strategy to get in the dubbed soaps has apparently paid off. According to Ray, Maha Gedara and Praveena have already helped Sirasa climb to the number one position at prime time from its earlier third or fourth rank. It is also the No. 1 Channel on weekdays, although in overall channel share it remains at a strong number two position, behind the established state-owned Rupavahini channel.
Quoting Lanka Market Research Bureau (IMRB’s Lankan operation) data, Ray says that Sirasa’s average prime time channel share has climbed to 26.9 as per the latest data from its earlier level of 18.7 during the time he took charge of this Sri Lankan TV station and shifted its programming focus more towards the Hindi soaps, while Rupavahini’s share declined marginally from 26.8 to 24.2.
Sirasa’s all day channel share too has grown from 17.1 to 23.6, but it still needs to match up to Rupavahini’s 24.5. Ray says an increased focus on weekends, by bringing in big budget talent shows on the lines of Indian Idol, as well as game shows on the lines of Sahara’s Dial One or Jeeto, will be employed to boost channel share further.
The channel is also scouting the Indian scene for some shows that can be imported for adaptation or dubbing. SABTNL, says Ray, is a ‘friendly organisation’ which has been collaborating with Maharajas for some of its productions, while the Sri Lankan broadcaster is also keenly pursuing Star and Zee for acquiring software.
(This report was filed by the reporter before she flew off to France to get for us a complete lowdown on the MIPDOC proceedings)
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.
