The following code will extract a program with dvb subtitles included 

vlc mux1.clip.ts --demux=ts --noaudio --novideo --play-and-exit --intf dummy --sout-all --sout '#duplicate{dst=std{access=file,mux=ts,dst='s.ts'}",select="program=213"'

The following command line actually burns dvb subtitles into the video 

vlc mux1.clip.ts --demux=ts --noaudio --novideo --play-and-exit --intf dummy --sout-all --sout '#duplicate{dst="transcode{senc=dvbsub}:transcode{vcodec=mpgv,soverlay}:std{access=file,mux=ps,dst='s.mpg'}",select="program=213"'

So putting it all together 

vlc mux1.clip.ts --demux=ts --noaudio --novideo --play-and-exit --intf dummy --sout-all --sout '#duplicate{dst="transcode{senc=dvbsub}:transcode{vcodec=h264,vb=200,venc=x264{preset=superfast},soverlay,acodec=mp3,ab=96,width=466,height=240,samplerate=44100}:std{access=file,mux=ts,dst='-'}",select="program=213"' | ffmpeg -i - -acodec copy -vcodec copy -y s.flv

creates a flash video with subtitles!!!!!!

We can also do the same thing purely in vlc 

 vlc ~/ftp/mux1.ts --demux=ts --noaudio --novideo --play-and-exit --intf dummy --sout-all --sout '#duplicate{dst="transcode{senc=dvbsub}:transcode{vcodec=h264,vb=200,venc=x264{profile=baseline,preset=superfast,tune=zerolatency},soverlay,deinterlace,audio-sync,acodec=mp2,ab=96,width=466,height=240,samplerate=44100}:std{access=file,mux=ffmpeg{mux=flv},dst='s.flv'}",select="program=213"'