GECs
Sivasankaran buys 14.98 % in Sahara One for Rs 1.2 billion
MUMBAI: If the news and radio space swung into acquisition mode early this year, it is the other areas of media business which are now attracting investors. NRI businessman C Sivasankaran is pumping in Rs 1.2 billion to acquire 14.98 per cent stake in Sahara One Media & Entertainment Ltd.
Indiantelevision.com had earlier reported that Sivasankaran was in talks to put in around Rs 1.2 billion for a minority stake in Sahara One. Ernst & Young had valued the company at Rs 7 billion.
Sahara One will make a preferential allotment of 32,25,000 shares (of Rs 10 each) at Rs 372 per share to Aircel Televentures Ltd (Sivasankaran’s company). With this divestment, the promoters will hold 73 per cent, according to a Sahara Group spokesperson.
BCCL’s (Times Group holding company Bennet Coleman & Co Ltd) stake will be less than 6 per cent and Aircel Televentures will have 14.98 per cent while the rest will be with the public.
“Aircel Televentures has recognized the potential of the movies and TV business in which Sahara One operates and agreed to invest. The funds generated through this move will be utilised in expanding our business in movie and television business,” the spokesperson said.
The Sahara One board has approved the proposal of issuing the equity shares to Aircel Televentures on preferential basis. The board, which met today, has also called for an Extraordinary General Meeting of the company on 8 May. The shares will be issued subject to shareholders’ approval.
Sahara is also planning to raise up to $50 million, for which it has obtained an enabling resolution. “Sivasankaran’s investments will be used for expanding the business. We also plan to raise up to $50 million,” a company executive said.
Sahara is launching a music channel, adding up to a bouquet of general entertainment and movie channels. Sahara Group also owns a string of news channels.
Sivsankaran’s first media investment was in ETC Networks where he held 40 per cent stake. He went on diluting equity and exited from the company which was later acquired by Zee Telefilms.
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.
