GECs
UTV acquires STV Studios
MUMBAI: UTV’s post-production and special effects division, USL-WOA has acquired a specialized post-production studio, STV.
Close on the heels of acquiring Western Outdoor Advertising (WOA) earlier this year, USL has signed the management and franchising agreement with STV, says UTV Allied Content COO Sandeep Bhargava. STV, says USL, has made investments close to Rs 250 million for two high end Domino machines, plus special effects and computer graphics as well as state-of-the-art reverse telecine facilities that will allow films shot on video to be mastered on 35mm and for the big screen.
USL-WOA, so far centralized at Worli in South Mumbai will now have suburban operations too, says a company release.
“We cater to the Ad Films, Television, Broadcasting and Film Industry. Expansion was a must and with STV, we have further consolidated our market share at the same time become closer to our 150 customers located just in Bombay” adds Bhargava.
UTV now plans to further strengthen USL- Delhi and open a full-fledged branch in Chennai where UTV’s TV division is active in the Tamil space. Among the deals USL-WOA has recently closed are a Rs 40 million, three year deal for live coverage of horse races to be broadcast on Ten Sports and a Rs 30 million deal on creation of captive content for terminals for an on-line lottery company.
The company has also taken on multiple movie SFX projects, the big one being almost 22-minutes of SFX for their in-house co-produced forthcoming block buster – Lakshya, for which it has appointed two professionals from the UK and Germany to head the SFX and High End Telecine.
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.
