GECs
PEMRA Indian content ban to impact broadcasters
MUMBAI: 21 October, 15:00 hours is going to be a landmark day in the history of south Asian media and entertainment. Reason: that’s the day when the Pakistan Electronic Media Regulatory Authority’s (Pemra’s) order issued on 19 October banning all Indian content on Pakistan media will come into effect.
The authority’s order is directed at all FM radio licence holders, landing right holders, and satellite television channels operating in Pakistan. Most TV and FM Radio channels air substantial amount of Indian content, sometimes going up to as much as 50-60 per cent. That was trimmed down to six per cent following the Pakistan crackdown in September, when the old regulation promulgated during General Pervez Musharaff’s reign was activated. And now, the latest order has reduced that to zero.
However, PEMRA, in its order, says that Pakistan’s TV and FM radio services can continue to air up to 10 per cent foreign content from nations other than India. The authority has threatened defaulters with punitive legal action.
Pakistan’s No 1 TV show was Indian import Naagin which was aired by Filmazia and helped its rise in the ratings pecking order while shows such as Yeh hai Mohabbatein helped boost the viewership of channels such as Urdu1 and shows such as Kumkum Bhagya were rated highly on Geo Kahani. Among leading entertainment channels in Pakistan are: Colors, HumTV, Ary Digital, PTV Home, Geo Entertainment, APlus, ATV and Geo Kahani.
According to Pakistan TV executives, the impact of banning Indian content is going to be felt by India’s music labels and TV channels. “Close to about Rs 25-30 150 crore of exports are going to vanish for Indian music and TV companies,” says an industry observer.
However, they expect the official ban to continue for only a while, once the political heat between the two nations cools down. “We have already requested that Indian broadcasting companies from whom we have acquired the content to understand this force majeure which has been put on us,” says a Pakistan TV executive. “It is an act of the government over which we have no control, and we have to comply. Of course, our viewers are not going to be happy with such a sudden call to action and their favourite Indian TV shows going off just like that, and our ratings will probably drop. But, we have to deal with it, positively as, it is in the two nations’ interest.”
In the meanwhile, Pakistan channels are looking at filling the gap created by Indian content going off-air with Turkish and American content.
Among the Indian TV networks which will feel the brunt of the ban include Viacom18, Zee TV, Sony and Star India.
Of course, music labels will also feel the impact, but to what extent was not clear at the time of writing.
The point of concern is whether the Pakistani ban will lead to a spurt in piracy of Indian content online and offline. “This is what Pakistan probably has in mind,” says a media specialist. “The official ban will lead to revenue losses on account of trade, but the piracy losses could probably be in multiples. And if Pakistan so desires it can magnify the problem.”
(Updated on 20 October; the figure of losses that Indian broadcasters would suffer was upped to Rs 150 crore after discussions with broadcasters and theatrical film distributors.)
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.
