ETC Networks Ltd has received a welcome cash infusion after its board yesterday approved the preferential allotment of slightly over 2.2 million equity shares to Subhash Chandra‘s Zee Telefilms Limited for about Rs 70 million.

This latest transaction takes Zee‘s stake in ETC to 73.35 per cent in the immediate term. The cash inflow is likely to be used to finance any further expansion plans that ETC may have.

A total of 2,220,812 shares were alloted at Rs 31.52 per Rs 10 share for just under Rs 70 million (Rs 69,999,994 to be exact) and ETC convened an extraordinary general body meeting (EGM) today to obtain shareholders‘ approval.

It was last Monday that Zee took a controlling stake in ETC by mopping up 48.32 per cent of the company‘s issued subscribed share capital for Rs 178.4 million. This was followed up last Wednesday by Zee announcing its open offer for 2,339,900 shares to acquire an additional 20 per cent equity stake of ETC Networks at Rs 31.52 per share.

In the end he was out almost before he had set foot inside. Satish Menon has left the still-up-in-the-air Manoranjan Aur Kya (Mak) TV and joined Sahara TV, industry sources revealed today.

Sources say Menon is likely to be heading ad sales and marketing at Sahara. When contacted Priya Raj, Sahara TV vice-president (publicity, promotions & PR), confirmed Menon‘s having joined Sahara but said details regarding his designation were still awaited.

Menon joined Mak from Zee TV where his last posting there was as president of Zee News. His has been just one of the high-profile departures from the Zee Group in the last few months.

Menon‘s leaving Mak just a couple of months after joining the network is likely to further fuel doubts about whether the network will finally see the light of day. Mak was originally scheduled to launch on 31 December as a six-channel bouquet. Then 26 January (Republic Day) was being talked off as a launch date but there is still no word available on what is happening there.

News channels are rolling up their sleeves once again, as the second important event of the Indian polity‘s calendar year unfolds on 28 February. The claimant to the number one position, Aaj Tak has already put into place a comprehensive coverage plan branded Aapka Budget 2002

Satellite and landline connections are being utilised to the fullest, and a number of teams and OB vans have fanned out across the country to garner reactions to the Union Budget as and when it happens. The channel‘s special programming initiatives that commnced on 20 February and will continue till 1 March have been divided into three parts, according to an official release.

The pre-budget segment that concludes today, has been running stories focusing on consumers and issues that have a direct bearing on family budgets. Today, the channel will showcase a curtain raiser on the Railway Budget. This will cover the state of Indian railways, expectations from the forthcoming railway budget, both from the industrial sector and the common traveller. Aaj Tak will air the Railway Budget 2002 live from 11 am on Tuesday, interspersed with interviews with experts and common citizens. This will be followed by a half hour show on the rail budget from 10:30 pm, comprising stories on the Economic Survey, graphical display of data and guest speakers.

A budget curtain raiser on 27 February at 10:30 pm will focus on the direction the budget will take, as well as expectations and options before the finance minister. This programme will also deal with the budget preparations through picture packages, and will take stock of the economic situation in the country.

Budget Day will see the channel going live to Parliament and to the stock markets to talk about budgetary expectations at 10:30 am. The budget presentation by the finance minister will be complemented by a panel of experts in the studio explaining the budget speech of the FM. The panel will include industry captains, economists and industrialists. The channel will simultaneously get the views of the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) through OB links and air the views of the industrialists watching the budget, according to an official release.

A debate over the finer points of the budget will be held at 9 pm the same day, comprising four half hour sessions covering personal finance, industry and the politics of the budget. The post budget coverage will include a live telecast of the finance ministry‘s media briefing at 11 am, followed by a discussion on the budget implications on the industrial and domestic sectors at 9:30 pm.