GECs
New Silk Route looking to encash part of 9X Media investment
MUMBAI: The news of New Silk Route (NSR) approaching buyers to divesting a part of its stake in 9X Media is out. And Pradeep Guha, the managing director of 9X Media, who incidently also holds a small (15 per cent) stake in the group feels this could not be a better move for the network.
“If more buyers come in with more money, then it is only going to benefit the group,” he says.
However, he has not decided if he will be offloading his holding or keeping it. He feels that it is too early to discuss it and all depends on what happens next.
Launched as INX Media, the company started operations with 9XM. It was renamed 9X Media in August 2010, with complete focus on its music business. (The assets and liabilities of the mother GEC 9X were absorbed by Zee Entertainment.) It currently operates five channels, 9XM (Hindi music channel), 9XO (international music), 9X Jalwa (classic Bollywood music), 9X Tashan (Punjabi) and 9X Jhakaas (Marathi).
The NSR had invested in the network founded by Peter Mukerjea and his wife Indrani Mukerjee in 2007 and took over its reins in 2011. “We are a private equity fund so it was but obvious that at some point we will exit the venture,” says NSR Advisors partner Shantanu Nalavadi who clearly states that it is the company’s seventh year in the group as an investor.
Nalavadi proudly proclaims that over the years, the group has become a great platform. “We are now known as a music group and we hope to be known as the music destination among our viewers.”
He highlights that it will continue to invest in 9X Media because it has been showing 30 per cent growth year on year. “We didn’t take the decision overnight and are in talks with others over the past two years or so. And we will not leave it completely,” he clarifies.
According to Mihir Date, a consultant with Ernst & Young says that with 100 per cent FDI allowed in non-news channels there will be many takers. He adds that the plan to sell it when the company is at a peak is a wise decision. “The position of 9X Media is good in the genre and its plans to expand are positive signals for any buyer.”
That must be music to Guha’s ears.
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.
