MUMBAI: Balaji Telefilms Ltd said on Monday SGL Entertainment Ltd, part of broadcaster Star group, has terminated sourcing and telecasting TV serial
'Kyunki Saas Bhi Kabhi Bahu Thi' from November 10.
The serial is produced by Balaji and the termination is in breach of contractual obligation owed by the Star group to Balaji, it said in a statement to the stock exchange.
Balaji is pursuing all legal remedies available to it, it said.
Star is owned by Rupert Murdoch's News Corp.
Television content provider Balaji Telefilms extended its fall to over 13 percent to hit a 52-week low after the firm said SGL Entertainment Ltd, part of broadcaster Star group, has terminated sourcing and telecasting the TV serial.
At 11:15 am, shares were trading at Rs 99, down 8.84 per cent after dropping to as much as 94.20 in the first few minutes of trade.
'Kyunki Saas Bhi Kabhi Bahu Thi' has been one of Balaji's longest running shows and is one of six programs presently being produced by the company for the Star group.
Last month, Star sold out its 26 per cent equity stake in Balaji Telefilms to its promoter Ekta Kapoor. Recently, the two companies also ended their exclusivity contract. Star and Balaji had signed an exclusivity agreement in 2004 according to which Balaji could not produce shows for other television broadcasters during the time band that it showcased its soaps on Star Plus
6 months ago