GECs
MAX’s Rajat Jain to head Disney India
MUMBAI: Media speculation may have thrown up varied names, but the man who will be heading The Walt Disney Company’s diversified operations in India is Rajat Jain, at present head of Sony Entertainment’s events and movies channel MAX.
Rajat Jain will join the Disney group as vice-president and managing director of The Walt Disney Company (India) Private Limited and Walt Disney Television International (India) from 1 August.
When indiantelevision.com had broken the story in the morning, Jain had refused to confirm or deny the development. Much later in the evening came the official statement from The Walt Disney Company (Asia-Pacific) ltd.
As Disney’s India head, Jain’s area of responsibility will, however, be far bigger than just managing the three channels that Disney is expected to launch in the first half of 2005 — The Disney Channel, Playhouse (for pre- schoolers) and a localised version of ABC. Under Jain’s purview will also be film distribution, merchandising and (this is the real kicker) the theme parks and resorts business.
Industry sources have told indiantelevision.com that Disney has already identified 900 acres of land in Gurgaon, located on the outskirts of Delhi in the state of Haryana, on which will be located the third Disney theme park to come to Asia after Tokyo and Hong Kong. Disneyland is expected to open to the public in 2010.
To give some idea of the sheer size of the theme parks business in Disney’s scheme of things: Tokyo Disneyland is the best-attended theme park in the world and also includes the Tokyo DisneySea theme park and Disney hotels; Disney’s Hong Kong park is due to open in 2005 and will cost around $3 billion and Disney expects that the Hong Kong park will attract 5.6 million visitors in its first year of operation alone.
But before all that happens in India, it is the channels that will take up all Jain’s time and efforts. Disney’s size and reputation notwithstanding, it is going to be a tough haul for The Little Big Mouse in India to overhaul a well entrenched Cartoon Network, what with Nickelodeon trying to get its act together and UTV’s kiddy channel, Hungama, set to launch on the Star platform.
A tougher call will be to get the entertainment channel up and running against the likes of Star Plus, Sony and Zee TV (and who knows how many more new players?).
THE OFFICIAL LINE FROM DISNEY
Many in the industry would be eating their hearts out, but the Disney statement makes it all official with effect from 1 August, the date when Jain will take over his new assignment.
The official statement quoted Walt Disney International president Andy Bird as saying, “The Indian marketplace is developing quickly and represents strong growth opportunities for all of our businesses as Indian consumers have a strong affinity for the Disney brand. In an increasingly competitive and diversified marketplace, Jain’s outstanding abilities, which he has successfully demonstrated over the years in the Indian industry, will be a significant asset.”
According to Walt Disney Television International (Asia-Pacific) executive vice-president and MD Doug Miller, “Rajat is an outstanding and innovative executive who constantly finds new ways to grow successful businesses by providing great services and value to consumers. We believe, he is the right person to oversee Disney’s continued growth in India as we strive to become one of India’s leading providers of high quality family entertainment.”
Jain will report to Miller in both roles.
Prior to SET India, Jain has also worked at organizations like Telstra International in the telecom sector, as well as Benckiser India and Hindustan Lever in FMCG sector through his total of 17 years of working experience.
Jain received a Bachelor of Technology degree in electrical engineering from the Indian Institute of Technology (IIT), Delhi and a post-graduate degree in business management from the premier Indian Institute of Management (IIM), Ahmedabad.
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.
