GECs
Pakistan’s cable TV operators end strike
MUMBAI: Cable operators have agreed to abide by the rules and regulations of the Pakistan Electronic Media Regulatory Authority (Pemra) regarding re-broadcasting of channels without ‘lending rights’.
A spokesman for Pemra said the authority had returned the equipment of the cable operators confiscated for showing the channels, which had not been granted ‘lending rights’ by Pemra.
The cable operators pledged to support Pemra to enforce regulatory regime and they called off their strike in Islamabad on 24th December and resumed their cable service operation. .The spokesman said the satellite channel required registration under rules for getting ‘lending rights’.
The spokesman said 35 channels had no ‘lending rights’ from Pemra including AXN, National Geographic, Reality, Set Max, Sony, Sahara One, Balle Balle, Etc, Channel One, Now, MM, MM2, M NET, Series, Action, Super Sports 1, Super Sports 2, Super Sports 3, Super Sports 4, Super Sports 5, Super Sports 6, Fashion TV International, Zee TV, Zee Cinema, Zee Music, Zee Sports, Zee News, Zee Smile, STAR Ustav, STAR Care, STAR Gold, BHU Movies, BHU Music and E-Entertainment.
On 23 December, Pemra had ordered Pakistan’s cable TV operators to stop airing 35 channels over ‘piracy issues’ and threatened a complete shutdown of the service from this week, a media report said .
“It (the closure of 35 channels) is a regulatory action to force cable TV operators to air only legitimately subscribed channels and stop showing those banned by the government,” said Pemra spokesman Muhammad Saleem. “We have received complaints from these channels and have been urging these operators not to indulge in piracy and show only those channels which they subscribe to.”
The cable industry in Pakistan was legalised in 2000 during the military rule of Gen. Pervez Musharraf. Pakistan Television (PTV) had total monopoly in the television industry till private channels, run from outside but catering to Pakistani audiences, began surfacing in mid-2002.
There has been a tremendous growth in cable TV operators in the country over the last two years and besides nearly 1,000 registered with the association, there are countless others operating illegally.
For commercial and political reasons, Pakistan banned some Indian channels in 1999 as the government at that time believed they were hurting the country’s interests.
While they were believed to be indulging in propaganda against the country, these channels were also eating away a major chunk of advertising revenue as people had switched over to more entertaining Indian channels.
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.
