The fear was palpable. As trading closed on the Bombay stock exchange a chill went down the spines of media related executives as the rumour gathered pace that action was being planned against the biggest player on the Indian stock markets. The broker, who reportedly paid out advance tax of Rs 910 million sometime back, is likely to be arrested on the morning of 6 March, if the buzz is to be believed. Apparently, some documents implicating him were discovered in the locker of film financier and diamond baron Bharat Shah, who is currently in the cooler for his alleged links with the underworld.
If the gossip turns out to be true then there could be a run on the stock markets. And on media, telecom and software stocks as the broker is believed to have huge exposures to Zee Telefilms, HFCL, Global Telesystems and some say Balaji Telefilms, amongst several other stocks. That the market is wary was seen from the selling pressure on Zee, HFCL and Global Tele. Zee Telefilms crashed to a new 12 month low when it slumped to below Rs 115. HFCL and Global Tele also saw more than 16 per cent being lopped off from their share price.

Saregama India (Rs 286.95) lost 16 per, Jain Studios (down 13.75 per cent to Rs 56.90), Balaji Telefilms (Rs 205.90), Mukta Arts (Rs 171.60), Creative Eye (Rs 28.80), Padmalaya Telefilms (Rs 65.75), Cinevista Communications (Rs 68.05), Tips Industries (Rs 129.30) and Vision Tech (Rs 23.75) were media shares that went into a tizzy.

The alarm bells were ringing with the possibility of Zee TV dropping to below the Rs 100 mark should the arrest of the broker happen on 6 March. The broker has in recent times turned a seller of the Zee stock as he has got into a bit of a financial crunch on account of the take over of Global Trust Bank by the Unit Trust of India.

Zee TV on Monday laid down the gauntlet to its rivals and announced the commissioning of India‘s first ever Reality TV show. Announcing the launch of POW (Prisoner of War), Indian television‘s pioneering effort in the realm of reality TV, Partha Pratim Sinha, senior vice-president marketing, Zee TV said: "Reality television has already proved its credentials in the West, becoming the most popular genre of television ever. The reality TV concept has caught the imagination of viewers across the world, irrespective of age, sex and social background. We are today presenting the future of Indian television."

According to Sinha: "POW and Reality television are the spearhead of a brand new programming initiative being developed by Zee TV. This initiative will see the roll out of over 17 new programmes over the course of the next two months. While we have already rolled out some of the new programmes such as Aanchal ke Chaoon Main, Ankahee, Gardish, Samandar and Hamare Tumhare, we will shortly be introducing further additions to our programme portfolio. This will make Zee‘s programming content the most comprehensive of any channel in India."

Madhavi Mutatkar, president, Zee TV, said while announcing the new shows being introduced by Zee TV, "Zee‘s programming content is undergoing significant changes, providing the viewer with a channel which ensures a multiplicity of choice and viewing delight. Zee‘s positioning as an entertainment channel with broad based appeal will be enhanced by these additions to our channel. Shows such as Chandan Ka Palana, Resham Ki Dori, Sansaar, Ek thi Rajkumari, Yeh Dil Kya Kare, Pradhanmantri are scheduled to air over the course of the next few weeks. These programming innovations by Zee will provide wholesome entertainment for TV audiences in India."

POW is a Zee in-house production and will be directed by Vivek Agnihotri. The contestants will be called next week and there will be nine per show, Sainath Aiyar, Zee‘s head corporate communications, said.

Programming head Sameer Nair had let it slip some time in December last that Star might at some point consider taking its Kaun Banega Crorepati gameshow off air for a while to keep interest alive. There was a storm raised at the time with hurried clarifications that no such move was planned.

Wonder what the reaction would be today if he were to make a similar statement. With TRPs (television rating points) slipping and soaps ruling the roost again like in days of yore, Star is going to cut down the frequency of KBC from four episodes to three on weekdays from next month. A Kiddies KBC is planned on the weekend, and will probably be slotted for Sunday, according to Yash Khanna, head communications**.

"We have two big serials lined up for the prime time slot, Ji Mantriji, is one of them," Khanna said, adding that these serials would make up for the absence of KBC.

Star may well have to take KBC off air for a while at some point to give the viewers a breather. Interest is definitely waning and it makes sense for Star to give itself some lead time in which it can make plans to go forth and multiply.

So don‘t be surprised if KBC announces a monsoon break.

That aside, it is clear that the weekend Kiddies KBC is aimed at scuppering Sony Entertainment Television‘s Jeeto Chappar Phaad Ke. And Sony hasn‘t been sleeping while Star works on ways to eat into JCPK. Recent ads appearing in print and on the telly exhort viewers to watch Sony Entertainment Television Monday to Thursday, 9 PM to 10 PM and get a chance to be on JCPK. Its not a coincidence that KBC airs at that time on star Plus.

**In the report originally posted, Yash Khanna was inadvertantly referred to as head of programming when his correct designation is that of communications head. The error is regretted.