GECs
SparkTv aims for first mover advantage in interactive television
Broadband may still be a while away but Gaurang Shah CEO, SparkTv, wants to position his company as one of the leading content providers to the media industry when it does happen.
“Interactive Television is one of the next big things coming and with the advent of broadband technology there would be a mad rush of channels trying to exploit this medium,” says Shah. “Since we were among the first people to explore this area, we need not fear competition. A year or two from now others might acquire the technology but we still would be ahead since we have the technology as well as the knowhow,” he says.
And Shah is confident the first mover advantage will keep Spark ahead of the competition. Shah’s plans for SparkTv include interactive content production, repurposing existing video, interactive video authoring, virtual anchors, virtual stage and live and delayed webcasting. With a fully equipped studio, Spark presently provides facilities right from copy writing and design services to full animation and video creation, he says.
Shah said he had pumped in Rs 10 million into developing the idea. Since the set-up required for content creation was already in place, there was no additional investment in new equipment, he pointed out.
SparkTv was looking at producing 30 hours of programmes in a month, developing original content as well as re-purposing the content the channel already has to make it interactive. Shah said he expected a turnover of RS 500 million annually once broadband becomes a reality in India.
And when would this happen? Shah said he saw it interactive TV becoming a viable proposition within the next two years. Shah claimed deals had already been struck with three major players but he couldn’t reveal their names because of non-disclosure clause in place.
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.
