GECs
India’s M&E sector tipped for third place, Vaz declares at FICCI Frames curtain raiser
MUMBAI: JioStar chief executive officer -entertainment business TV & digital and chairperson of the Ficci media and entertainment committee Kevin Vaz, kicked off the Ficci Frames curtain raiser with a bullish assessment of the nation’s entertainment sector, predicting it will be the third largest globally by 2028. He unveiled the 25th edition of the Ficci IEY M&E Report 2025, the industry’s official bible, amidst a flurry of industry heavyweights.
“We are not an ‘OR’ market, but an ‘AND’ market,” Vaz declared, emphasising the co-existence of television and digital platforms. “Television will grow from 190 million households in 2024 to 214 million households by 2026, while digital platforms continue to soar.” A rather tidy bit of growth, one might say.
He highlighted India’s global clout, citing Cannes and Oscar wins, and its emergence as a VFX powerhouse. Southern cinema, he noted, has reached “unprecedented heights,” showcasing some rather grand storytelling.
Sports, particularly the IPL, is driving content consumption like a runaway train. “IPL 2025…it will be exciting to see how it reaches new heights and break records across both TV and digital platforms once again,” Vaz quipped, clearly anticipating a right royal viewership bonanza. He reported the 2024 IPL reached 525 million viewers on TV and a staggering 550-600 million on streaming platforms.
OTT, he asserted, is set to become a “major force,” while television remains the “bedrock,” commanding over 30 per cent of the market. A rather sturdy foundation, then.
Vaz welcomed industry luminaries including Sylvie Forbin, Gaurav Dwivedi, Ashish Pherwani, Arjun Nohwar and Munjal Shroff. He also plugged the Best Animated Frames (BAF) Awards, adding a touch of animated flair to the proceedings.
“Let’s celebrate our achievements and the exciting opportunities ahead,” Vaz concluded, urging attendees to engage in discussions that would “propel the Indian M&E sector to the global stage.”
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.
