Category: Broadcast

The Indian Space Research Organisation (ISRO) is preparing to close 2024 on a high note with the Space Docking Experiment (SpaDeX), scheduled for December 30. This mission aims to achieve the complex feat of docking two satellites in space, a capability mastered by only a few nations.

Announced by Union Minister Jitendra Singh, SpaDeX represents a significant milestone in India’s space programme. It is set to demonstrate advanced spacecraft docking technology using an indigenous system called the “Bharatiya Docking System.”

The SpaDeX mission will involve two satellites, referred to as the ‘Chaser’ and ‘Target,’ which will dock at an orbital altitude of 470 km. They will operate at speeds of 28,800 km/h, requiring precise manoeuvring to align and reduce relative velocities to just 0.036 km/h before docking. This process will result in the two satellites merging into a single unit, paving the way for advancements in satellite servicing, long-term missions, and space station development.

The project will utilise the PSLV-C60 rocket, launching from Sriharikota at 21:58 IST. ISRO’s ability to execute this intricate procedure will demonstrate India’s expertise in managing such advanced operations in the challenging conditions of space.

The mission will test key capabilities, including precision rendezvous, docking manoeuvres, power transfer between docked spacecraft, and scientific payload operation post-undocking. The satellites, each weighing approximately 220 kilograms, are expected to remain operational for two years, enabling further experiments and data collection.

Docking technology is essential for India’s ambitions in space exploration, such as lunar and interplanetary missions and the development of the Bharatiya Antriksh Station, India’s proposed space station. It is also a critical component for multi-launch missions and future human spaceflight initiatives like the Gaganyaan project.

The fourth stage of the PSLV rocket, known as POEM-4, will carry 24 payloads from academic institutions and startups. These experiments will leverage the microgravity environment to conduct research, adding another layer of scientific exploration to the mission.

If successful, SpaDeX will place India among the few nations—currently including the United States, Russia, and China—that have achieved satellite docking in space. The mission underscores ISRO’s commitment to pushing technological boundaries and strengthening India’s position in global space exploration. East Mojo

The NBA saw its most-watched Christmas Day lineup in five years, the league said on Thursday, as it went head-to-head with the NFL’s splashy debut on streaming giant Netflix.

An average of 5.25 million viewers tuned in per game across five games on Walt Disney Co’s, opens new tab ABC, ESPN, ESPN2, Disney+ and ESPN+, the NBA said, up 84% over last year’s audience.

A marquee showdown between the league’s two biggest stars, LeBron James and Stephen Curry, led the charge with an average of 7.76 million viewers, as the Los Angeles Lakers beat the Golden State Warriors 115-113.

The New York Knicks’ 117-114 win over the San Antonio Spurs, meanwhile, averaged 4.91 million viewers to become the most-watched Christmas Day opener in 13 years.

The NBA has been a reliable Christmas Day fixture in American households since first airing on the holiday in 1947, but had to contend this year with the NFL’s highly anticipated inaugural two games on Netflix, opens new tab.

Viewers from more than 200 countries tuned in for the first game between the Kansas City Chiefs and the Pittsburgh Steelers, according to the NFL, while Beyonce’s blockbuster halftime show during a game between the Baltimore Ravens and Houston Texans set social media ablaze.

But James, who led the Lakers in scoring with 31 points for a record 11th Christmas Day win in 19 appearances, said he had no concerns about tackle football stealing the NBA’s holiday cheer.
“I love the NFL,” James told a reporter in televised remarks. “But Christmas is our day.” Reuters 

Deloitte is under regulatory scanner for ignoring red flags in its audit of Zee Entertainment, with the National Financial Reporting Authority (NFRA) highlighting serious lapses. On December 23, National Financial Reporting Authority (NFRA) imposed a Rs 2 crore fine on Deloitte, barred partner A.B. Jani from audits for five years, and restricted another partner, Rakesh Sharma, for three years. This order adds to regulatory issues, which Deloitte has faced.

Deloitte is expected to challenge the NFRA order, potentially leading to prolonged litigation, possibly reaching the Supreme Court. NFRA’s orders can be contested at the National Company Law Appellate Tribunal (NCLAT) or in High Courts.

Controversy over Yes Bank FD
The case dates to March 2020 when Yes Bank, one of the many lenders of the ZEE group sent an email to Deloitte, raising concerns over alleged governance failures in the company and which it described as a “colossal failure of the finance audit as a control function.”

The crux of the issue is around a Rs 200 crore fixed deposit (FD) given by Zee as a guarantee to Yes Bank for loans to Essel Green Mobility, a group entity. NFRA found that neither the creation nor the redemption of this FD had board or shareholder approval. Despite this, Deloitte did not raise any red flags or conduct further investigations as mandated by the Companies Act.

The Rs 200-crore fixed deposit (FD) maintained by Zee with Yes Bank was due for maturity on September 10,2019. However, Yes Bank prematurely closed the FD on July 24,2019 and the lender used the amount to settle the loans due from seven related parties of Zee, including Essel Green Mobility.

This led to a conflict between Zee and Yes Bank since neither the Zee board nor its shareholders had given any approval for closure of the FD. Zee questioned how Yes Bank could unilaterally wind-up the FD without board approval of Zee. However, Yes Bank was acting based on letter of comforts(LOCs) given by Zee promoter Subhash Chandra.

Three months later, on September 18,2019 the seven related parties together transferred the Rs 200 crore back to Zee saying Yes Bank had ‘erroneously’ transferred the money to them. Zee and Yes Bank decided to settle the issue without any further escalation.

NFRA found that neither the creation nor the redemption of this FD had board or shareholder approval as mandated by law. Despite this, Deloitte did not raise any red flags or conduct further investigations as mandated by the Companies Act

The NFRA order further highlights key lapses by Deloitte. The regulator noted that Deloitte neither responded to specific governance and financial red flags raised by Yes Bank in its email to the auditor nor it took any steps to address them.

Additionally, Deloitte seemingly sided with Zee’s internal management the reasons for which are not completely clear.

Notably When Zee conducted an internal investigation into the episode on October 17,2019, the probe was led by Rakesh Chaturvedi, Zee’s head of internal audit. This investigation excluded promoters and group entities and concluded that no wrongdoing had occurred. Deloitte accepted these findings without further questioning or independent checks, breaching all audit norms.

Since the whole issue involves significant financial and governance implications on the company, the board is required to share all the details of the case with the auditors. However, NFRA probe showed the company shared selective information with the auditor and Deloitte did not further probe what the report terms as missing links.

An email sent to Deloitte remained unanswered at the time of publishing the story.

Letters of Comfort
For instance, on September 30, 2019, Zee asked Yes Bank why the FD had been closed without consent of Zee. This email was part of the audit file shared with Deloitte. However, in response to this email, Yes Bank cited a letter of comfort from Zee promoter Subhash Chandra in 2018 and accused Zee of feigning ignorance. This reply from Yes Bank was not shared by Zee with the auditors. NFRA opined Deloitte did not attempt to verify if Yes Bank had responded to the email from Zee.

NFRA’s findings also point to Deloitte’s lack of “ professional skepticism”, a fundamental requirement in auditing as per convention. Despite multiple warning signs, Deloitte failed to question discrepancies or probe deeper into Zee’s transactions. NFRA highlighted that Deloitte was aware Subhash Chandra had been issuing letters of comfort to banks, even though he was neither a full-time director nor an authorized signatory at Zee. Deloitte had flagged the existence of these letters in previous audits but did not follow up further.

As a result of these findings, NFRA imposed a Rs 2 crore fine on Deloitte, barred partner A.B. Jani from audits for five years, and restricted another partner, Rakesh Sharma, for three years. This order adds to Deloitte’s growing list of regulatory troubles in India. The firm had already faced action over its audit of IL&FS, which remains under investigation by multiple agencies, including the Enforcement Directorate (ED) and Serious Fraud Investigation Office (SFIO). Legal experts believe the latest NFRA action will increase scrutiny on Deloitte, with market regulator SEBI already probing Zee Entertainment. SEBI had issued an interim order against Zee promoters last year. Moneycontrol

British Airways owner IAG SA is in discussions with Elon Musk’s Starlink to outfit its jet fleet with Wi-Fi service, reflecting the increasing inroads SpaceX’s satellite internet business is making with major global carriers.

IAG, which also owns Spain’s Iberia and Ireland’s Aer Lingus, hasn’t made a final decision and is weighing options with multiple providers including Amazon.com Inc.’s nascent Project Kuiper, the airline group’s head of innovation, Annalisa Gigante, told Bloomberg in an interview.

“We are working a lot, both with Starlink and with Amazon’s Kuiper,” Gigante said. “We’ve got some really exciting things coming up, but that’s going to be for next year.”

The talks underscore a looming shakeup in the aviation services market fueled by the deployment of satellite constellations orbiting closer to Earth. Airlines are inking deals with Starlink and others to replace costly, limited in-flight Wi-Fi. Expanded satellite bandwidth has helped to produce web-surfing experiences closer to what consumers expect on the ground.

Starlink, SpaceX’s internet-from-space initiative, serves some 4 million customers through a network of thousands of satellites in a relatively low orbit around Earth. Together, the spacecraft work in tandem to beam broadband internet coverage to the ground below.

One obstacle for Starlink is the complexity of the certification process, Gigante said. She said IAG is evaluating various options, including when the group could install a new service.

US airlines can easily switch on Starlink because it’s already certified by the Federal Aviation Administration, but European carriers have to go through a certification process, Gigante said. British Airways would need a separate certification from Iberia, she said.

“There has been an announcement frenzy,” Gigante said. “I really want to make sure that when we announce it, we can actually implement it.”

Asked about the discussions with IAG and the comments on certification, a SpaceX spokesperson said by email, “this is not accurate,” without providing specifics or elaborating.

Amazon plans on launching the first operational satellites for Kuiper early next year, with service beginning by the end of 2025. The company didn’t respond to requests for comment.

Starlink Deals
United Airlines Holdings Inc. announced a deal in September with Starlink for onboard internet in Musk’s biggest coup so far with major carriers. Outside of the US, AirBaltic is expected to be the first carrier in Europe to provide Starlink on its fleet. The service is used by Qatar Airways QCSC, while Air New Zealand Ltd. and ZIPAIR Tokyo Inc. have announced agreements with the company.

Starlink’s growth with residential customers in rural areas, maritime shippers and beyond is among the factors pressuring the shares of traditional satellite internet providers like Viasat Inc. and Gogo Inc.

IAG in 2017 announced an inflight broadband deal with Inmarsat, which was acquired by Viasat last year.

Analysts say established internet providers will remain the market leaders for several years, given the industry’s slow-moving nature and because Starlink doesn’t yet offer considerably more than competitors. Business Standard

Manish Kalra, Chief Business Officer, Zee5, has called it quits to pursue other opportunities.

Kalra quit his role of handling Zee5’s business across markets, ending an almost five-year stint at the OTT platform.

Sources close to the matter told BestMediaInfo.com that Kalra will serve a two-month notice period.

Kalra started his journey with Zee5 as Business Head AVOD (Advertising-based Video on Demand). In a year’s span, Kalra ascended to the role of Chief Business Officer, handling the Indian markets.

In October this year, Kalra’s role expanded to overseeing Zee5’s business across the global markets. This expansion followed the then Chief Business Officer, Archana Anand, moving on from the company.

Before joining ZEE5 in 2020, he spent the last decade in roles such as Chief Marketing Officer, Chief Business Officer, and CEO at companies like Amazon, MakeMyTrip, HomeShop18, Dell, and Craftsvilla.

Kalra holds a master’s in business administration from XLRI, Jamshedpur, and a bachelor’s degree in mechanical engineering from the Punjab Engineering College, Chandigarh. Best Media Info

Telecom regulator Trai will issue recommendations on rules for satellite spectrum allocation very soon, an official said on Monday.

The government will evaluate recommendations of the Telecom Regulatory Authority of India (Trai) and thereafter decide on allocating spectrum to satellite communication companies, which will pave the way for satellite-based broadband services in the country.

In response to a question on the recommendation on satcom spectrum rules during an event on National Consumer Day, Trai Chairman A K Lahoti said it will be issued “very soon”.

Trai concluded an open-house discussion on the terms and conditions for the assigning spectrum for certain satellite-based commercial communication services in the second week of November.

Telecom service providers like Reliance Jio and Bharti Airtel want spectrum for full mobility across the country should be allocated through auctions only. However, Elon Musk’s Starlink and global peers like Amazon’s Project Kuiper and other satellite communication companies back an administrative allocation of satcom spectrum.

With battle lines between terrestrial players and satellite aspirants clearly drawn, Trai’s marathon open-house discussion stretched for several hours and saw telcos Reliance Jio and Bharti Airtel banding together and speaking in unison about the need for a level-playing field as India works out the norms for satcom spectrum.

Jio, which has made a case for the auction of satellite spectrum, on Friday said it is “not afraid of competition” but that ‘same services same rules’ must apply.

The Mukesh Ambani-led firm had approached a retired Supreme Court judge for a legal opinion, which says that Trai’s consultation paper on spectrum allocation for satellite communications seems to have completely sidestepped the issue of level-playing field with ground-based telecom networks.

Musk’s Starlink and other global peers like Amazon’s Project Kuiper back an administrative allocation of satcom spectrum.

During the open house discussion, Parnil Urdhwareshe, Director, Starlink Satellite Communications, said Indian users want satellite broadband services and these “intelligent consumers” have the right to choose an operator who will provide them with an affordable, high-quality service.

Starlink prices for any country are readily available on its website, and it is proud of making satellite broadband affordable for users who have so far been unserved, he pointed out. Business Standard

The National Financial Reporting Authority (NFRA) has imposed a ₹2-crore fine on Deloitte Haskins & Sells LLP and penalised two auditors for deficiencies in their audit of Zee Entertainment Enterprises Ltd (Zee) during the 2018-19 and 2019-20 financial years.

The regulator fined A.B. Jani, the engagement partner, ₹10 lakh and barred him from auditing for five years.

Rakesh Sharma, the engagement quality control review partner, was fined ₹5 lakh and received a three-year ban.

Both auditors are prohibited from serving as statutory or internal auditors for any company during their respective debarment periods.’

The NFRA’s review of Zee’s statutory audits initiated suo motu found the auditors in violation of the Companies Act and Standards on Auditing (SA).

Its 30-page order, dated December 23, identified serious lapses, including negligence, failure to exercise professional scepticism and inadequate evaluation of suspected fraud.

One key irregularity involved a ₹200-crore fixed deposit pledged by Zee’s chairman in September 2018 as a guarantee for loans to Essel Group company Essel Green Mobility Ltd.

Yes Bank appropriated the deposit in July 2019 to settle dues from seven Essel Group firms.

This transaction lacked approval from Zee’s board or shareholders. The auditors failed to detect and report the unauthorised arrangement, the NFRA said.

The regulator also highlighted additional failures, including the premature closure of the fixed deposit by Yes Bank and the unauthorized use of Zee’s funds to settle promoter group loans.

Despite being aware of these issues, the auditors did not adequately challenge management’s assertions or evaluate the reporting of fraud.

A show-cause notice was issued to Deloitte and the auditors, and their responses were reviewed.

The NFRA concluded that the firm and auditors were guilty of professional misconduct. It stated that the lapses caused a significant breach of trust and failed to protect shareholders’ interests.

The penalties aim to ensure accountability and uphold auditing standards.

The NFRA’s findings underscore the importance of professional scepticism and diligence in addressing complex financial arrangements, particularly those involving significant related-party transactions.

Meanwhile, chartered accountants’ apex body ICAI president Ranjeet Kumar Agarwal on Monday said its disciplinary committee is investigating alleged auditing lapses at edutech firm Byju’s.

ICAI found gross negligence on the part of the auditors of Byju’s and that the matter was referred to the Financial Reporting Review Board (FRRB). Telegraph