Cable TV
SC directs ETV and MAA TV to provide signals to JAINHITS
MUMBAI: The Supreme Court of India has refused the request of ETV and MAA TV to give stay on the order of the Telecom Disputes Settlement & Appellate Tribunal’s (TDSAT) dated 14 March 2014 which had directed the two channels to provide signals to the Headend In The Sky (HITS) operator JAINHITS.
Moreover, the Apex court has directed ETV and MAA TV, in the interim, to provide signals within two-days on pan-India basis to the HITS player.
“Noida Software Technology Park Limited (NSTPL) has been trying to get signals for JAINHITS from various broadcasters for the past two years, but have been denied the same on various grounds. It was only in October last year that broadcasters started providing signals, after orders were passed by the Tribunal. However ETV and MAA TV still were reluctant to provide signals thus necessitating NSTPL to approach TDSAT,” informed NSTPL counsel Vivek Chib.
According to the Tribunal’s 14 March 2014 order that comprised TDSAT chairperson Justice Aftab Alam and Kuldip Singh, ETV and MAA TV could not refuse to grant signals to JAINHITS on the grounds that certain defaulter local cable operators (LCOs) or multi system operators (MSOs) may approach NSTPL for signals.
The Tribunal held that the respondents i.e. ETV and MAA TV had not furnished the name of a single MSO or LCO that might have been held to be its defaulter by a court or competent authority and to whom the petitioner might supply the signals. Undeniably, the petitioner itself was not in any default in payments to the respondent for the simple reason that they were not in any business relationship earlier. Thus looked at from any angle, the prohibition of the provision to regulation 3.2 of the Telecommunication (Broadcasting and Cable Services) Interconnection Regulations, 2004 was not applicable to this case.
Both ETV and MAA TV had preferred appeals challenging the Tribunal’s orders in the Supreme Court showing unwillingness to provide signals to NSTPL’s JAINHITS.
As a result of this interim order passed in favour of NSTPL, JAINHITS consumers would now be able to subscribe to ETV and MAA TV.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
