Tag: Padmalaya Telefilms

  • Padmalaya Telefilms on a restructuring mode

    MUMBAI: In a major restructuring move, Padmalaya Telefilms Ltd. board of directors have accepted the resignations of Atul Goel and Rajiv Garg as directors of the company with effect from 10 December, 2004 and the resignation of K Srinivasan as director of the company with effect from 7 December 2004.
     
     

    The company has also accepted the resignation of G Adiseshagiri Rao as chairman and managing director of the company with effect from 1 January, 2005. Rao will continue as non executive director of the company.

     

    The development follows Zee Telefilms Limited (ZTL) making allegations of misappropriation of 6,264,631 equity shares that Padmalaya Enterprises Private Ltd (PEPL) held in Padmalaya Telefilms Ltd (PTL). ZTL has also announced that it would be seeking market regulator Securities and Exchange Board of India’s (SEBI) intervention for action against the promoter shareholders of Padmalaya.
     
     

    When contacted, ZTL spokesperson told indiantelevision.com, “All of the nominees and executive members representing Zee in Padmalaya have resigned. Now it is up to the major shareholders who will meet to decide the future course of action.”

  • Padmalaya Telefilms announces movie plans

    MUMBAI: Padmalaya Telefilms Ltd (PTL) is swinging back into action, after the exit of Zee Telefilms as a stakeholder in its holding company Padmalaya Enterprises Pvt Ltd.
     
    The company promises to roll out three Hindi and two Telugu movies. Padmalaya is all set to start the production of a mega movie with Sunny Deol as hero in the current financial year. The release is expected in the last quarter of the current financial year. Two more Hindi movies are on the cards with script, cast and schedules being finalised.
     
     

    The company has informed BSE that the turnover is expected to be in the region of Rs 767.50 million in the current financial year (spanning film production, distribution, exhibition, TV software and animation activities). The Company hopes to substantially improve upon the turnover projections on the execution of 100 digital theatres project.

    Zee recently reached a settlement with the promoters of Padmalaya companies, whom it had accused of misappropriation of shares.

  • ZTL accuses Padmalaya promoters of fraud, to sue

    ZTL accuses Padmalaya promoters of fraud, to sue

    MUMBAI: This is one takeover that appears to have gone horribly wrong for Subhash Chandra’s Zee Telefilms Ltd (ZTL). Zee’s plans to use Hyderabad-based Padmalaya Telefilms Ltd (PTL) for carving out a movie production and animation empire may turn sour with the company deciding to take legal action against its chairman and managing director GA Seshagiri Rao and promoter shareholders.

    ZTL’s interest in PTL through a 64 per cent stake buy in holding company Padmalaya Enterprises Private Ltd. (PEPL) stands at the crossroads with allegations of misappropriation made against Rao and the promoter shareholders. The misappropriation of 6.265 million shares of PTL held by PEPL has brought down Zee’s indirect interest in PTL from about 33 per cent to around 13 per cent.

    PEPL’s holding in PTL has fallen from 50.3 per cent to about 20 per cent. The promoter shareholders had pledged the PTL shares held by PEPL against raising loans without informing the board of PEPL and ZTL. “Keeping the Board of PEPL and ZTL in the dark, the promoter shareholders fraudulently with dishonest intentions, misappropriated 6,264,631 equity shares of PTL held by PEPL to provide security for raising loans in the name of Rao, brother GSR Krishna Murthy and their related entities/companies, primarily Padmalaya Studios Private Limited and Padmalaya Vision Ltd,” Zee informs in a release.

    The ZTL board, which met today, has directed the company management to take suitable criminal and civil action against Rao and his relatives and to make efforts to recover the losses suffered by the shareholders because of the fraudulent acts.

    ZTL has also accused the promoters of cooking up the accounts of PTL in 2002-03 and 2003-04. “Substantial amounts of fictitious transactions were put through resulting in overstating of turnover and profits and consequent inflation in current assets,” the release says. “Huge amounts of cash were withdrawn from PTL and funds were diverted to related to the promoter shareholder.”

    As a result of ZTL’s inquiry into the books of PTL for the year 2003-04, its audited accounts were recast. As per the earlier audited accounts dated 26 July 2004, PTL’s total revenue was stated at Rs 1.06 billion with a net profit of Rs 180 million. As per the re-cast accounts approved by the board in its meeting held on 6 December 2004, total revenue was restated to Rs 940 million with a net loss of Rs 320 million.

    Zee’s accusations are based on an investigation it initiated after alleged irregularities in the functioning of PEPL and PTL were brought to its notice. The company appointed M/s Guru and Ram, Chartered Accountants, Chennai, to look into the matter. A final investigation report was submitted on 9 December, 2004.

    When ZTL had acquired stake in PEPL and thereby in Padmalaya Telefilms (promoter shareholders), it nominated Rao as managing director of both the companies. According to the shareholders agreement, PEPL can’t deal in the shares of PTL unless agreed to by the company and promoter shareholders and approved by the board of PEPL. No person, including the board of PEPL, had authority to deal with its investments in PTL.

    “The loans raised on the misappropriated shares were not reflected in the books of accounts of PEPL and no explanation has been furnished as to the end use of the funds so raised,” the release says.

    At the time of filing this report, attempts by indiantelevision.com to elicit a response from Rao on the charges Zee had thrown his way were to no avail.

  • Padmalaya-Zica launches first Apple training centre in Hyderabad

    Padmalaya-Zica launches first Apple training centre in Hyderabad

    MUMBAI: Padmalaya – Zica, which is an established animation training division of Padmalaya Telefilms, has recently launched the Apple Training Center in Hyderabad which is the first ever authorised Apple set up in India.

    Earlier this year, the company had successfully rehauled the Zica brand as the most premium training institute in the field of animation film making, in the West, South and Kolkatta.

    Coming to Mumbai next month and in Kolkatta by the start of 2005, these centers will cater to upcoming demand for professionals in high end software like Shake, Final Cut Pro (FCP), DVD Pro and Maya. Zica will also be launching various modules giving solutions to different needs of the industry.

    Padmalaya – Zica director Rajiv Sangari said, “Padmalaya – Zica believes not only in giving training but our objective is to create careers for students. Our mission is to give more than value to our students, which can happen only by continued genuine hard work and effort.”

    Talking to indiantelevision.com on how the Apple tie up came through, Sanghari says, “Zica had been contemplating to start special effects and editing training, and the best partner that came to our mind was Apple. We’ve also has invested in all Apple G-5 machines, which are one of the best machines in the world today, and Zica can claim that our students get to learn on the best machines possible today.”

    Apple will provide the complete training material and prerequisite for the know-how on how to be training students. That apart, students will receive an Apple certification in association with Padmalaya – Zica.

  • Padmalaya to launch 10 films this fiscal

    Padmalaya to launch 10 films this fiscal

    MUMBAI: Padmalaya Telefilms with its new chairman-cum-managing director (CMD) Adiseshagiri Rao, is moving on to greater heights with a whopping figure of ten feature films all set to be unveiled this financial year.

    The company is planning to get five Hindi films and five regional films (which break up into two Tamil films, two Telugu films and one Bengali film) off the ground. Add to this, is the much-anticipated live action cum animated film Bhagmati, in the making for eons now, which looks to be all set for an October release.

    Bhagmati is being touted as the first live action cum 2D animation film to come out of Asia. 

    Speaking to indiantelevision.com, Padmalaya Telefilms executive director GV Narsimha Rao, gushes, “It’s almost finished now; it is now in the process of editing. This will be a big achievement, although it’s yet to be seen how the industry will respond.”Although the company is very optimistic about the initiative, a major concern that was voiced during the discussion with Indiantelevision.com was the fact that Indian audiences are not ready for cartoons and animated films.

    On the television software front, Padmalaya is set to enter the Hindi fray with the backing of its parent company and media heavyweight Zee Telefilms. With an already established clout in the regional space, with 5-6 hrs of television programming in Tamil and Telugu, Padmalaya is testing the waters with Zee.

    Discussions are on regarding the production of content for the Zee umbrella. Padmalaya will be producing a number of shows for Zee this year. On the regional front, they are producing a show each for Maa TV, Gemini TV, ETV and Visa TV, the Telegu channels and are also in negotiations with Sun TV, the Tamil channel.

    With all the progress that Padmalaya seems to have made on the animation front translating into all their major overseas deals, the film and TV software arms of the company have also not been left behind. The company seems to have an interesting vision for the year 2004-05, hoping to be a significant player in all three fields.

    Some may call it blind optimism, but by the looks of it, Rao seems to be reaching for the stars. GM Krishna, the former CMD of the company, interestingly is himself a very renowned actor in the south credited with over 325 films in lead roles. 

    With his first love being movies, Krishna has decided to pursue his dream and now it is all left to CMD 
    Adiseshagiri Rao and GV Narasimha Rao to steer Padmalaya onto a higher pedestal.

  • Padmalaya Telefilms gets a new CMD

    Padmalaya Telefilms gets a new CMD

    MUMBAI: Adiseshagiri Rao, one of the founder members of Padmalaya Telefilms, has officially taken over as chairman-cum-managing director of the company after the resignation of GSR Krishna Murthy.

    The appointment was made official yesterday at the Subhash Chandra-promoted Zee Telefilms’ annual board meeting. Padmalaya is now majority-controlled by Zee Telefilms after Chandra bought into the Southern organisation few years back.

    Speaking to indiantelevision.com, Rao stated that this year Padmalaya Telefilms would be expecting a turnover of Rs 1,400 million, which would mean an anticipated jump of Rs 300 million. He also stated that the company would be moving on to the digital cinema platform also soon.

    Incidentally, Murthy, who resigned with effect from 2 February 2004, is the brother of Rao.

    On the feature film front, Padmalaya has its hands full with about eight films. Three of them are in Hindi and the rest being in regional languages.

    With regards Padmalaya Telefilms Ltd. having bagged orders worth over $24 million from three global animation majors, Rao confirmed the development, but added that only a memorandum of understanding (MOU) has been signed till date with an Italian company.

    “The formal contract will come through next month,” he added. One of the business deals involves Italy-based Mondo TV, which will be involved in all the pre and post production work for the television series that will cater to the western market. The series is estimated to be a total of 104 episodes.

  • Zee might go slow on localization for its proposed kids channel

    Zee might go slow on localization for its proposed kids channel

    NEW DELHI: Following major announcements in the recently held MIPTV festival at Cannes, Zee Telefilms and its subsidiary Padmalaya Telefilms are getting ready for new projects, which include animation co-production deals and launch of kids channel, a segment which is gearing up for an intense battle going by the way its shaping up.

    Padmalayas spokesperson Rajiv Sangari said that the new kids channel is expected to go on air in another three months duration. “The details about Zee kids channel is still under wraps and we are working out the details.” Sangari said that the channel is expected to be in Hindi.

    On programming strategy, he said, “The plan is to have at least two episodes per day specially made for only Indian kids that is local and the other will be outside content, to start with, then gradually we will build up the local content.”

    Late last year, Padmalaya has announced its plans of launching 52-episode 22-minute flash animation series Bheema Keema on 24-hour general on Zee TV.

    Elaborating on the reasons for the delay of the airing of series, Sangari said, “Due to the top structural changes in Zee, the complete packaging is going through a detailed analysis. Also, the show on its own its getting a bit delayed, since we planning to add some value to the same.”

    The series, to be aired in Hinglish, is being targeted at the urban and semi-urban kids, in 8-15 age-group. Sangari said that the series will be aired only on Zee network and there are no immediate plans of targeting the international market for its original content.

    On his recent visit to Cannes, where Padmalaya signed co-production deals with Scotlands Mallard Media and UK-based Ealing Animation, and another one with Italys Mondo TV, Sangari said the occasion was momentous. “Cannes was fantastic for Padmalaya because we announced two deals. And these are significant to the Indian animation industry, since there we will be having first time a equal participation along with our partners while in the making of the show.”

    “I was impressed with the way the government of different countries support the companies of their nations. China almost swamped the market, with the support of their government, (others to impress included) Scotland, Korea, Japan and the best was Canada pavilion. Its great to see their big pavilion, whereas till now, courtesy our non-cooperation from our government, we Indian companies still walk around with briefcase all across like sales men. Nothing wrong about it, but it doesnt leave a good image from the nations perspective,” he said.

    “Our government has been saying a lot about the animation industry, but yet, nothing much has been supported from any angle, and its time that we start looking for support from the government,” concluded Sangari.

  • Padmalaya, Mondo TV announce alliance at MIPTV

    Padmalaya, Mondo TV announce alliance at MIPTV

    MUMBAI: Zee telefilms subsidiary Padmalaya Telefilms signed up a $ 14 million deal with Mondo TV for the co-production and licensing of animation, at the ongoing MIPTV 2004 in Cannes on Monday.

    The Zee subsidiary has also committed $ 5 million for the licensing rights of 1,000 cartoon episodes from the Italian animation major’s library. As reported by indiantelevision.com last Saturday, Padmalaya will hold the licensing rights for the South Asian region, while the Mondo TV titles will also be utilised for financing new productions.

    The two companies have signed three memoranda of understanding (MoUs) for the co-production and commercial exploitation of four new animated TV series and the licensing of 1000 Mondo TV library episodes, it is learnt. The total deal involves co-production of 104 half hour episodes that will cost $ 135,000 each.

    Padmalaya has acquired from Mondo TV the commercial exploitation rights of the new series for India, Pakistan, Sri Lanka and other countries in the Indian area and 20 per cent of the exploitation rights for the rest of the world, excluding Italy, which remains Mondo TVs property, at $ 100,000 for each new episode, for a total amount of $ 10.4 million.

    According to the deal, Mondo TV will also be the international distributor of the new products. Through the agreement, Padmalaya also receives six years of license of exploitation rights for 1,000 episodes included in Mondo TVs old library, for a total amount of $5 million, which will be paid part by cash and part by Padmalaya equity shares.

    Once the official contract is signed, Mondo TV will be able to pay the net amount (equal to the difference between total production costs and the purchase by Padmalaya of part of new series exploitation rights) not by cash but through contribution of part of its old library. According to the terms of the deal, Mondo TV and Padmalaya have to define the definitive contract within 60 days.

  • Padmalaya in $14 million co-production deal with Italy’s Mondo TV

    Padmalaya in $14 million co-production deal with Italy’s Mondo TV

    MUMBAI: Zee Group subsidiary Padmalaya Telefilms has reached preliminary agreement for co-production and licensing of cartoons with Italian animation major Mondo TV Group in a deal worth more than $ 14 million.

    Padmalaya has also put down $ 5 million for the licensing rights of 1,000 cartoon episodes from Mondo TVs library. Padmalaya will hold the licensing rights for the South Asian region. The Mondo TV titles will also be utilized for financing new productions, it is learnt.

    Mondo TV is a leader in Europe for the creation, realization and distribution of cartoons for TV and cinema. In all, three memorandum of understanding (MoUs) for the co-production and commercial exploitation of four new animated TV series and licensing of 1,000 Mondo TVs library episodes have been signed.Co-production of 104 half-hour episodes costing $ 135,000 each (total amount $ 14.04 million) is what the deal involves.

    The details of the Padmalaya-Mondo alliance are expected to be unveiled during the International Television Programme Market (MIPTV) 2004 at Cannes that is being held between 29 March and 2 April.

    Mondo TV is listed on the Nuovo Mercato of the Italian Stocks Exchange, and is involved in the production and distribution of cartoon series and full-length features for television and cinema, as well as in several related sectors (audiovisual and musical distribution, multimedia and merchandising).

  • West Bengal to spruce up animation biz

    West Bengal to spruce up animation biz

    MUMBAI: Seems like animation is the industry of future. Joining the animation bandwagon is West Bengal. The state that has been thus far striving to project itself as a preferred destination for IT firms is now eyeing animation.

    The industry hopes to establish the animation business by capitalising on its pool of low-cost skilled professionals.

    In a bid to turn itself into a hub for outsourcing animation projects by local as well as overseas companies, the state government will be setting up a state-of-the-art animation academy as the first of a series of measures.

    “Animation is certainly going to be a focus area for us in the coming years. We believe we have all the requirements to emerge as the animation outsourcing hub,” said West Bengal IT minister Manabendra Mukherjee.

    “We already have a huge base of creative professionals and now many technology companies are setting up their centres in the state,” Mukherjee, in the Indian capital to take part in an IT industry seminar, told IANS.

    “I think we will be in an ideal position to offer animation services to companies all across the world if we merge the creativity aspect with the advancements in the field of IT. The animation academy is just a first step towards this.”

    The West Bengal Electronics Industry Development Corporation Ltd (WEBEL), the government-owned nodal IT and electronics industry body, has tied up with the Kerala-based production house Toonz Animation India to set up the academy.

    Likely to be unveiled in May, the academy, the first of its kind in the state, is being set up with an investment of Rs 10 million, said Mukherjee, adding all financial requirements would be met by the state government.

    “We have tied up with Toonz Animation for academic requirements. They will help in framing the course curriculum and recruiting international faculty members comprising veterans from the animation industry,” he said.

    Mukherjee said “Toonz will also use its industry linkages for placing students with animation studios in India and overseas. The academy will offer a one-year diploma and a six-month certificate course to around 100 students in the first year.”

    Set up with an investment of $7 million in 1999, Toonz Animation has emerged as one of the leading players in the nascent Indian animation market.

    Besides focusing on developing its own cartoon animation, skits, serials and full-length feature films for the export market, Toonz also has a co-production deal with Britain-based Tree House Production for a fun animation series.

    The proposed academy is coming up at a time when India is emerging as a potential player in animation software supply, with the convergence of talent and low production costs.

    According to an animation industry study report, Indian animation production costs are the lowest, as compared to production rates in the US, Canada, South Korea and the Philippines – the major global centres for animation production.

    While the rates for production of a half-hour television animation programme would be around $250,000-400,000 in the US and Canada, it is in the region of $60,000 in India, the report says.

    The total animation production by Indian companies is expected to rise from $600 million in 2001 to $1.5 billion by 2005, while the total global animation production would touch $51.7 billion.

    The animation market in India today is characterised by the presence of multiple players including Crest Communications, UTV Toons, Pentamedia Graphics, Padmalaya Telefilms, Moving Pictures and Toonz Animation.

    The animation studios are catering to the requirements of segments such as feature films, television programmes, advertisements and computer games.

    “We expect the success of the animation academy will on its own draw a large number of Indian and overseas animation production houses to West Bengal and enthuse them to step up their development centres in the state,” said Mukherjee.

    The communist-ruled state, long seen as an industrialist’s bane with labour unrest and poor infrastructure, plans to go all out to roll out a red carpet to animation firms by harping on its competitive advantages.