Kairali TV seeks funds to stay on air
By James Paul | 04 Apr 2002
1
Kochi:
A shareholders meeting, to be held on 5 April 2002 (Friday),
will decide the fate of the loss-making Malayalam television
channel Kairali.
The 19-month-old Kairali channel, promoted by the Communist Party
of India (Marxist), has accumulated losses of nearly Rs 8 crore.
The Friday meet at Palakkad has been called to discuss the need
for and the ways to raise Rs 25 crore to fund its expansion and
growth plans.
The authorised share capital of the channel is Rs 75 crore with a paid-up capital of Rs 59 crore. Reports indicate that only few shareholders out of the total 235,546 have been called for the general body meeting.
Recently the CPI(M) held discussions with other television companies who had evinced interest in taking over the unprofitable channel. And it is apparent that the party may not take further interest in mobilising funds for it.
The CPI(M) had raised the share capital for the channel through a massive drive before its launch in August 2000. Top party leaders, led by CPI(M) state secretary Pinnarayi Vijayan, even travelled abroad to raise funds.
The party received media flak for its fund collection drive. Its unsuccessful bid to not to be identified as a party-affiliated channel by appointing superstar Mammooty as its chairman also came under severe criticism. Mammooty has been the running the channel with an iron hand; last year he sacked about a dozen employees, including journalists, to cut down losses, due to which the pro-labour CPI(M) had to face considerable criticism.
Kairali TV director Thomas Issac says the increase in the share capital is expected to fund the channels expansion plans. To keep up with the technological developments in this field we have to immediately buy new equipment and the money thus generated will be utilised for it.
Issac, a CPI(M) legislator, says there are no plans to sell the channel. We are in the red, but this is our second year of operations and we have told our shareholders that to break even it would take a minimum of three years. There is no cause for worry. You should also remember that we have several influential people as our friends and we are hopeful of raising Rs 25 crore. I do not think the party as such is planning to go out for a [collection] drive.
With indications that the CPI(M) may not come to the channels aid, Mammooty has an opportunity to increase his hold over the channel. But that would greatly depend on how quickly he manages to mobilise Rs 25 crore.
The 19-month-old Kairali channel, promoted by the Communist Party
of India (Marxist), has accumulated losses of nearly Rs 8 crore.
The Friday meet at Palakkad has been called to discuss the need
for and the ways to raise Rs 25 crore to fund its expansion and
growth plans.The authorised share capital of the channel is Rs 75 crore with a paid-up capital of Rs 59 crore. Reports indicate that only few shareholders out of the total 235,546 have been called for the general body meeting.
Recently the CPI(M) held discussions with other television companies who had evinced interest in taking over the unprofitable channel. And it is apparent that the party may not take further interest in mobilising funds for it.
The CPI(M) had raised the share capital for the channel through a massive drive before its launch in August 2000. Top party leaders, led by CPI(M) state secretary Pinnarayi Vijayan, even travelled abroad to raise funds.
The party received media flak for its fund collection drive. Its unsuccessful bid to not to be identified as a party-affiliated channel by appointing superstar Mammooty as its chairman also came under severe criticism. Mammooty has been the running the channel with an iron hand; last year he sacked about a dozen employees, including journalists, to cut down losses, due to which the pro-labour CPI(M) had to face considerable criticism.
Kairali TV director Thomas Issac says the increase in the share capital is expected to fund the channels expansion plans. To keep up with the technological developments in this field we have to immediately buy new equipment and the money thus generated will be utilised for it.
Issac, a CPI(M) legislator, says there are no plans to sell the channel. We are in the red, but this is our second year of operations and we have told our shareholders that to break even it would take a minimum of three years. There is no cause for worry. You should also remember that we have several influential people as our friends and we are hopeful of raising Rs 25 crore. I do not think the party as such is planning to go out for a [collection] drive.
With indications that the CPI(M) may not come to the channels aid, Mammooty has an opportunity to increase his hold over the channel. But that would greatly depend on how quickly he manages to mobilise Rs 25 crore.
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