GECs
Jaico Publishing earmarks over twice the marketing spend for ‘Sahara: The Untold Story’
KOLKATA: It isn’t often that a publishing house sets aside over two times its marketing expenditure for a book. Unless of course, the book in question is ‘Sahara: The Untold Story’ by eminent journalist and deputy managing editor of The Mint, Tamal Bandopadhyay. Jaico Publishing House has done just that.
Not surprisingly, the Facebook page dedicated to the tome has garnered more than 8,300 likes within weeks of its appearance. Plans are underway to upload videos of the book launch apart from advertising on national television channels like CNBC and CNN IBN and in flyers and newspaper inserts in cities where the book will be launched next including Pune, Lucknow and Ahmedabad.
On why Jaico has earmarked so much moolah, ‘Sahara: The Untold Story’ publisher Akash A Shah told indiantelevision.com, “We are looking at selling around 20,000 copies in a few weeks of the launch and this book has the potential to sell 50,000-60,000 copies in the next two to three months. We are targeting serious readership.”
Shah spoke to this website on the sidelines of the book’s launch in Kolkata. “Seeing the potential of the book as compared to others, we are spending more on it, that is, around two times as compared to other books,” he added. The launch itself proved innovative with Bandopadhyay doing a mock interview with Sahara’s Subrata Roy as portrayed by Bengali actor Kaushik.
Ever since being published, the book has been at the centre of much controversy, what with Jaico and Bandopadhyay dragged to court along with a stay order on the book and a Rs 200-crore defamation suit filed. Especially after the suit, people have been even more curious about the book. The ban was lifted after Sahara withdrew its legal suit against the publisher, with the condition that the book would carry a disclaimer by Sahara Group.
Painstaking research has gone into demystifying the country’s most enigmatic and largely unlisted conglomerate, the Sahara India Pariwar, in a book that goes behind the curtains of every good, bad and ugly event that occurred in the past 30 years of the Sahara dynasty. ‘Sahara: The Untold Story’ also delves into the group’s ongoing legal battle with market regulator SEBI.
“The issue discussed in the book is set to garner attention from the financial fraternity as well as regulators and academia. Though it essentially is a tussle between the regulator and the company, it will also be viewed as a game. Hence, the publisher is seen using the gimmick of marketing to ensure that the book reaches all those concerned with the subject using all aspects of the media,” said a city-based expert.
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.
