ITV

Tag: Farokh Balsara

  • Indian M&E sector increasingly victimised: Ernst & Young

    Indian M&E sector increasingly victimised: Ernst & Young

    MUMBAI: In the last two years, the Indian Media and Entertainment industry has seen a stark increase in fraud related cases that have contributed to a major loss in profits as well as increased costs according to EY’s Media and Entertainment (M&E) Fraud Survey 2014.

     

    Commenting that the Indian M&E sector has been increasingly victimised, EY partner, fraud investigation and dispute services Mukul Shrivastava said, “Being on an upward trajectory, the Indian M&E sector is increasingly victimised by the growing challenges around governance breakdowns and unethical practices. This has led to extensive losses (monetary and reputational), sub-par performance and arrested development.”

     

    Of the total respondents, approximately 98 per cent said that unethical practices had led to a major loss in profits and at the same time had increased costs. One out of six respondents also said that they had seen an increase in fraud within their organisations.

     

    Another serious issue that the survey reported was false invoicing and overbilling. Shrivastava went on to add that “In light of the changing industry dynamics, organisations will have to improve vigilance, boost internal controls and raise compliance benchmarks for sustainable growth.”

     

    An astonishing 57 per cent of the respondents are yet to set up a whistle blowing mechanism within their organisations and 41 per cent do not have much knowledge about anti corruption laws and regulation laws.

     

    EY India M&E sector leader Farokh Balsara said, “As companies in the M&E sector increase in size and move from unorganised to organised operations, the need for proactive fraud prevention has increased. The adoption of an ethical business conduct and sound governance policies will play a crucial role in determining its true success.”

     

    The report also outlined ways for organizations in preparing a strong fraud management programme through regular training, awareness programmes, interactive sessions with case studies and scenarios.

     

    The survey features insights of companies with domestic operations as well as multinational corporations. It also reveals content distribution and TV/film content production, finance and advertisement sales functions as particularly vulnerable areas.

  • E&Y elevates Farokh Balsara to M&E Practice leader EMEIA region

    E&Y elevates Farokh Balsara to M&E Practice leader EMEIA region

    MUMBAI: The research, audit and consulting major Ernst & Young (E&Y) has promoted Farokh Balsara to the Media & Entertainment (M&E) industry leader for Europe, Middle East, India and Africa (EMEIA) region.

    Based in Mumbai, Balsara has been E&Y‘s M&E Practice leader in India for over a decade. In his new role, Balsara will now drive the sector program throughout Europe, Middle East India and Africa. He is the first partner from India to lead a sector at an EMEIA-wide level.

    EMEIA area comprises 12 sub-areas – Africa; Belgium and The Netherlands; Commonwealth and Independent States; Central and South-East Europe; Algeria, France and Luxembourg; Financial Services Office; Germany, Switzerland and Austria; India; Mediterranean; Middle East and North Africa; Nordics; UK & Ireland.
     
    E&Y accounts, industries and business development leader – EMEIA Julie Tiegland said, “Over the last several years, he (Balsara) has built what is undoubtedly India‘s leading M&E Practice among all professional services firm, advising both Indian and multinational M&E companies.”

    “The appointment is also reflective of the growing importance of the Indian M&E sector on the global landscape and also of the strength of Ernst & Young‘s media and entertainment practice in India. As the M&E sector increasingly converges across boundaries, Farokh‘s knowledge and experience will be deeply valued by our clients across the EMEIA area. M&E is a priority sector for our firm globally and we are seeking to significantly strengthen our M&E market presence across the EMEIA region,” Tiegland added.

    Balsara said, “I am looking forward to taking on my new responsibilities as Ernst & Young‘s EMEIA leader for M&E Practice. E&Y is the market leader in working with the M&E industry and we would continue to strengthen our market leadership position. We have a strong M&E industry practice in France, Germany, UK, Italy, Spain, India and the Nordics and with the challenging business environment, our endeavor would be for our clients to benefit from cross coordination of ideas and best practices between developed and emerging markets. In my new role, I am looking forward to working with a strong EMEIA-wide team of professionals to significantly ramp up our Transactions and Advisory practice for M&E and growing the business through the provision of fresh, innovative services to our clients.”

    Balsara has over 25 years of experience and has extensively advised several large Indian M&E companies in risk management and in improving the efficiency and effectiveness of key processes.
     
    He is also experienced in performing a variety of market reviews and feasibility studies, and developing entry strategies for multinational M&E companies desiring to establish a business presence in India. In the past, he has also specialised in providing a range of Transaction Support Services (due diligence reviews, Valuation, M&A support, etc.) to multinationals, strategic investors and private equity funds across sector categories including television, films, new media, radio and music, advertising and marketing and print.

    E&Y‘s key M&E clients in EMEIA include Bertelsmann, Pearson, Lagardere, Publicis, Technicolor, Reed Elsevier, Vivendi and Axel Springer amongst others.