GECs
Govt role: CAS’ fate linked to political compulsions
The Indian government (read the information and broadcasting ministry) is suddenly finding itself caught between the devil and the deep blue sea, which more often than not takes great pleasure in turning red.
Sandwiched between a strident judiciary — justifiably so in the present circumstances — and the politics of running a coalition government with vocal allies (who seem to have a view on anything and everything), the Manmohan Singh regime is bound to find it difficult to implement a recent Delhi High Court order that in short says: implement conditional access system in the areas notified earlier by a previous Bharatiya Janata Party-led coalition regime over 18 months ago.
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The I&B ministry hasn’t yet held any talks with the various state governments where CAS is sought to be implemented. Nor have any meetings been held with industry stakeholders |
State-level elections in April-May would compel the government to give a deep thought to the so-called concerns of regional politicians. And, decision-making gets that much tougher when one of the states going to the polls, West Bengal, is ruled by a Left party, which is also a crucial ally of the federal government in New Delhi.
Though the Delhi High Court order exhorts the I&B ministry to rise above regional level party politics and not use ‘public interest’ to influence an executive order (the notification related to CAS rollout) passed by the federal government, reticent politicians would definitely try to have their own way. Don’t forget that the I&B minister Priya Ranjan Dasmunsi’s parliamentary constituency lies in West Bengal and the street-smart politician has cut much of his political teeth in Bengal.
With Kolkata in West Bengal, one of the metros targeted for CAS rollout, already swinging to the election tune, the I&B ministry would have to see how New Delhi’s Left-oriented allies react to the issue of CAS or ‘watching TV channels via a black box that would cost around Rs 3,000 (approximately $ 67),’ as some politicians are explaining addressability to the people.
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It can just be that the ministry goes in for an appeal one day ahead of the month-long court-mandated deadline |
Though it hasn’t reached a crescendo, already there are murmurs amongst politicians of the Communist Party of India (Marxist), especially the local ones, on how CAS’ introduction around election time can be ‘disruptive’ and have telling effects on the electoral fortunes of the party in West Bengal.
It is pertinent to note that the I&B ministry hasn’t yet held any talks with the various state governments where CAS is sought to be implemented. Nor have any meetings been held with industry stakeholders to discuss the issue in the light of the court’s observation.
Apart from the West Bengal politicians, those representing the seven constituencies of Delhi in Parliament have already been petitioned by some cable operators on the ground that implementation of CAS might upset cable TV consumers of the National Capital Territory.
With Delhi’s aam junta (hoi polloi) totally clueless on what CAS is all about — apart from what has been fed to them by politicians and the media — scepticism is bound to run all across on something new, which is not part of the basic infrastructure that is severely lacking here and making daily life that much more worrisome.
And, the Congress-led Delhi government, trying to battle its own intra-party differences on demolition of illegal constructions all over Delhi (as directed by Delhi HC) that has left the denizens of the Capital fuming, the will to immediately implement another court order (on CAS) is definitely lacking.
It would also be interesting to see how New Delhi could read the Delhi court order, which is not as simple as is being made out by many industry stakeholders — the benefits of CAS or addressability, notwithstanding.
For the I&B ministry to plan a rollout of CAS as per the court order, it has to first revoke an executive order that suspended implementation of CAS.
Now, here is the piece de resistance: the court order is silent on the fact whether addressability should be introduced, as per the prayer of the petitioners, ONLY in the south zones of the metro cities of Kolkata, Delhi, Chennai in Tamil Nadu and Mumbai in Maharashtra or the whole of the cities.
After revoking an earlier notification, the federal government can stick to CAS’ introduction only in the south zones of the metros or interpret the court order as rollout in the whole of the cities. A clarification on the interpretation hasn’t been sought yet by the I&B ministry as there is a section that feels an appeal should be made against the present court order.
If the government goes in for an appeal, which can turn out to be time consuming, then the timing of it would also be important. It can just be that the ministry goes in for an appeal one day ahead of the month-long court-mandated deadline.
As things stand today, the government is keeping things fluid — deliberately so — to weigh all options, including the biggest challenge: political compulsions.
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.
