GECs
Zee Tele gets restructure approval, to launch religious channel
MUMBAI: The restructuring of the Zee Network continues. At a meeting held this afternoon, the Zee Telefilms Ltd (ZTL) board gave the management the go ahead to merge ETC Networks with Econnect India Ltd (EIL) another ZTL subsidiary.
The merger process is expected to be completed within five-six months. Both ZTL and ETC informed the Bombay Stock Exchange of the developments today. The boards of ETC and EIL have also approved of the proposal.
A press release issued by ZTL pointed out that the merger will be synergistic for the two companies as EIL has full fledged offices in Bangalore and Hyderabad, and a network of associates across south India.
ETC, which has plans to launch a southern language music channel, would get access to ready infrastructure courtesy the merger.
This apart ETC also intends to launch an interactive entertainment portal which it could do so immediately using the technical resources available with EIL. The merger will also help shore up ETC’s financials as the combined entity will have a better balance sheet as compared to those of the individual companies, the release states.
Earlier this year, ZTL had got board and shareholder approval to whittle down EIL’s equity capital from Rs 210 million to Rs 2.6 million. ZTL had also written off the value of its investment of Rs 614.5 million in EIL and another subsidiary Zee Interactive Learning Systems Ltd (ZILS). Consequent to this, ZTL had effected a corresponding reduction in its reserves and surplus by Rs 612.2 million to Rs 34483.6 million.
The ZTL meeting today also approved the merger of five Mauritius based operating entities viz. Software Suppliers International Ltd (SSIL), Zee Telefilms International Ltd (ZTIL – syndication of ZTL content), Zee MGM (managing movie channel MGM), Expand Fast Holding Ltd, BVI (EFHL – providing satellite services to group broadcasting companies) and Asia TV (Africa) Ltd (marketing and distributing the Zee Network in Africa) with Asia Today Ltd (ATL), Mauritius (broadcasting of Zee TV and Zee Cinema).
Addittionally, the board also put the stamp of approval on the launch of a new television channel Jagaran which would have religious content. This would be Zee’s second attempt at launching a channel on alternative lifestyles and religion after its earlier aborted attempt through Chakra in 2001.
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.
