Yesterday, scenes on the set of Bengali channel Tara Muzik resembled a primetime soap opera, except that these weren't scripted. About 850 employees of the channel had just learnt they had lost their jobs. The owner of the channel, Saradha Group, shut all its media outfits - Bengal Post, Sakalbela, Azad Hind, Tara News, Tara Muzic and Tara Bangla. In the past month, about 1,300 media persons have lost jobs in different Saradha media outfits.
Sudipta Sen, chairman and managing director, Saradha Group of companies, couldn't be contacted for comment.
Sebi has begun a clampdown on collective investment schemes. In May 2012, it had issued an order against a Kolkata-based company, directing it not to raise money from the public. In December 2012, it issued another order against the company, stating its intention to prosecute the firm for continuing to raise deposits. On April 10, Sebi issued another order, cautioning investors against another instrument, potato bonds, floated by a West Bengal-based company.
In 2010, when the national media environment was still reeling under recessionary tendencies, the West Bengal media landscape saw a sudden boom. A hitherto unknown name in media circles, Saradha Group, stepped into the fray.
The company invigorated the sleepy media market in West Bengal by launching new media entities-Channel 10 (now Rice group), Bengal Post, Sakalbela, Azad Hind, Prabhat Varta, Parama and the Seven Sisters Post.
A large number of Bengali channels in the state have their roots in chit funds. The regulatory clampdown on these funds has taken a toll on these media operations.http://www.business-standard.com/article...017_1.html