GECs
Sony-speak from India head NP Singh
Mumbai: For all those who have been speculating about the future of NP Singh, one of the most spotlight-shy CEOs, at Sony in India following the impending merger with Zee Entertainment, there is no need to keep guessing. Singh’s future is not only secure, but his role is actually going to be expanding, in the overall scheme of the Japanese MNC.
This is amply evident from the fact that Singh shared centre stage at Sony’s annual corporate strategy day presentation in Tokyo mid-last week, along with group chairman & CEO Yoshida Kenichiro and Sony COO & CFO Totoki Hiroki.
At the meet, Sony executives reiterated that India is one of its pivotal markets. Singh highlighted that Sony Research India is actively collaborating with Sony Pictures Releasing India to develop AI models, such as video analytics, recommendation engines and speech recognition. This aside, Singh pointed out to other successful initiatives such as Sony Talent Ventures (with Sony Music) and the Hero project initiated by Sony Interactive Entertainment that is grooming game development talent, which are being ramped up even further..
The affable and soft-spoken Sikh revealed that its streaming service SonyLiv has managed to sign on 33.3 million subscribers globally, with an annual ARPU of Rs 573, according to a report in The Mint.
Singh emphasised that “India is a global economic powerhouse and an opportunity destination for artists, content creators, game developers, studios, platforms and technology companies. Our efforts in India are aligned with Sony’s purpose of filling the world with emotion and we strive to push the boundaries and go beyond what is expected.”
As far as the merger with Zee is concerned, Singh pointed out that it is still awaiting regulatory clearances. The expectation is that it should be completely green-signalled by the first half of this financial year. “Upon closing, it will enable us to expand our kind of content creation and strengthen connections with diverse communities within India,” he stated.
As has been reported, Singh is slated to get bumped upstairs as the chairperson of the combined entity, while current Zee MD & CEO Punit Goenka is to be given the former’s charge.
However, since the marger still has some distance to go, Singh has since reorganised SPNI with Danish Khan being handed Sony’s digital initiatives and Neeraj Vyas being made responsible for the company’s GEC broadcast business.
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.
