GECs
Sony Electronics focusses on transformation this year
MUMBAI: Sony Electronics says that it is continuing its transformation into an entertainment powerhouse.
At the Consumer Electronics Show in Las Vegas it has a 100,000 square-foot exhibit that brings together all of the company’s strengths from electronics, music and gaming to movies, television and online entertainment.
In a press conference kicked off by Sony BMG Music Grammy award-winning musician Joshua Bell, several of the company’s US business leaders announced products and technologies related to four strategic growth areas — gaming, high definition, digital imaging and mobile products.
Sony Electronics president and COO Stan Glasgow unveilled the company’s first Internet video system. He announced that in 2007 the majority of new Sony televisions — starting
with several Bravia flat-panel LCD TVs this year– will accept an attachable module that can stream broadband high-definition and other Internet video content with the press of a remote control button. The module will be available this summer.
Glasgow said, “While other companies struggle with standard definition, Sony has developed a scalable Internet HDTV solution with some notable partners providing content”. Those partners include AOL, Yahoo! and Grouper, now part of Sony Pictures Entertainment, as well as Sony Pictures itself and Sony BMG.
Sony’s Xross Media Bar (XMB), an icon-based user interface similar to what is already found on Playstation 3 (PS3), PlayStation Portable
and a recently introduced Sony A/V receiver, made its debut in conjunction with the Internet video demo.
Glasgow also reported that Sony Electronics enjoyed strong holiday sales in the US, which have put the company on track for a year of double-digit growth.
PlayStation: Sony claims to have shipped one million units of PS3, equipped with high-definition, Blu-ray disc drives, in the US by the end of December.
More High Definition: Acknowledging its position in what the company calls ‘Full HD’ across practically every product category in both consumer and professional
arenas Sony Electronics’ home products division senior VP Randy Waynick highlighted a continuum of HD technology from the lens
to the living room.
Waynick previewed a prototype 55-inch SXRD Grand Wega rear projection micro-display television with a new laser light engine
technology that enhances color uniformity and brightness, while maintaining a slim profile.
He also recounted the success of Sony’s Bravia flat-panel LCD line, which comprises 16 models ranging in size from 23- to 52-inch screens,
before announcing the newest member of the family, a 70-inch 1080p HD television.
The model features a new backlighting system and contrast ratio enhancements, as well as three HDMI inputs for full 1080p connectivity to
the latest Blu-ray Disc players. It is also distinguished by its high refresh rate and x.v.Colour technology, which is Sony’s name for xvYCC, a new international standard in colour technology for personal video applications.
GECs
Sebi sends show-cause notice to Zee over fund diversion, company responds
Regulator questions 2018 letter of comfort and governance lapses; company vows robust legal response
MUMBAI: India’s markets watchdog has reignited its long-running scrutiny of Zee Entertainment Enterprises, issuing a sweeping show-cause notice that drags the broadcaster and 84 others into a widening governance storm.
The notice, dated February 12, has been served by the Securities and Exchange Board of India to Zee, chairman emeritus Subhash Chandra and managing director and chief executive Punit Goenka, among others. At its heart: allegations that company funds were indirectly routed to settle liabilities of entities linked to the Essel Group.
The regulator’s probe traces its roots to November 2019, when two independent directors resigned from Zee’s board, flagging concerns over the alleged appropriation of fixed deposits by Yes Bank. The deposits were reportedly adjusted against loans extended to Essel Group entities, triggering questions about related-party dealings and board oversight.
A key flashpoint is a letter of comfort dated September 4, 2018, issued by Subhash Chandra in his dual capacity as chairman of Zee and the Essel Group. The document, linked to credit facilities availed by certain group companies from Yes Bank, was allegedly known only to select members of management and not disclosed to the full board—an omission SEBI believes raises red flags over transparency and governance controls.
Zee has pushed back hard. In a statement, the company said it “strongly refutes” the allegations against it and its board members and will file a detailed response. It expressed confidence that SEBI would conduct a fair review and signalled readiness to pursue all legal remedies to protect shareholder interests.
The notice marks the latest twist in a saga that has shadowed the broadcaster since 2019. What began as boardroom unease has morphed into a full-blown regulatory confrontation. The final reckoning now rests with SEBI—but the reputational stakes for Zee, and the message for India Inc on governance discipline, could scarcely be higher.
