GECs
Zee Business features P. Chidambaram on 18 June
MUMBAI: Zee Business will feature a show in which the finance minister has come down hard on ICICI Bank and HDFC for raising interest rates on home loans. In an exclusive interview to Zee Business finance minister P. Chidambaram said, “They are seizing an opportunity for profit.” Through the interview Chidambaram will speak on interest rates, insurance bill, allowing foreign players in the pension sector and petro prices.
The interview of the finance minister will air on 18 June at 7.00pm and 10.00pm.
According to an official communique, the finance minister went on to say that he doesn’t think that there would be a general rise in interest rates, indicating that the public sector banks are unlikely to follow suit.
Experts from the interview:
On the Monsoon:
Maintaining that it’s too early to panic at the pace of the monsoon, Chidambaram accepted that the government is concerned at the delay of the arrival of the monsoon in Maharashtra and Central India.
On withdrawals from savings instruments becoming fully taxable: those who have been putting in their savings in a gamut of instruments like PPF, EPF, life insurance, annuity funds, etc. with the presumption that they would not get taxed on maturity or withdrawal, need not worry about the ensuing EET system for such schemes, informs the press release.
The finance minister has given a categorical assurance that even after eventually moving on to the system in which such withdrawals would be fully taxable, the withdrawals from savings made till the date of the switchover, would remain tax-free. “Nobody’s current savings would be affected. Whatever model is adopted would only be prospective”, he said.
On Banking Sector Reforms:
In a free-wheeling discussion on the state of financial sector reforms, the finance minister agreed that the government not being the 100 per cent owner of public sector banks anymore, the MOUs of the ministry with individuals banks on goal-setting, announced just a few days ago, were not in sync with the spirit of corporate governance standards being advocated.
On Insurance Bill:
Insurance sector reforms seem to have gone on the slow track yet again. “The Insurance Bill is not coming now (in the monsoon session) as the committee has asked for more time to come up with legislative proposals”, the finance minister said.
On Allowing Foreign Players in the Pension Sector:
However, the government looks ready to take on the left parties on the issue of allowing foreign players in the pension sector. The finance minister said that in the case of pensions, “we are at the beginning of a curve which could become a crisis” in the years to come. “We have to do pension reforms NOW”, he said and that would involve allowing foreign companies in the sector, adding that such companies would come in “only as fund managers”.
On Petro Prices and MSA:
Justifying the impending petroleum products price hike and taking a dig at his ‘bete noire’ in the cabinet, Mani Shankar Aiyyar in the same breath, Chidambaram said, “Not even your best friends in the middle east give you crude for free…..the petroleum minister will say if you want me to go to the Caspian and other seas for oil exploration, I need more money”.
Maintaining that the CMIE has “jumped the gun” as regards the reduction of the GDP growth forecast due to the apprehensions of the monsoon not being normal this year, Chidambaram said, ” My watchword is- Be Confident, but Be Alert”.
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.
