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Tag: FIPB

  • Den Networks gets Govt nod for increasing FDI to 74%

    Den Networks gets Govt nod for increasing FDI to 74%

    MUMBAI: Multi system operator (MSO) Den Networks has received clearance from the Foreign Investment Promotion Board (FIPB) to increase its foreign investment limit from the existing 49 per cent to 74 per cent.

     

    As was reported by Indiantelevision.com, on 29 July MSO Hathway Cable and Datacom had received the FIPB approval to up its foreign investment to 74 per cent, whereas Den Networks’ proposal had been deferred. Pertinent to note here is that on 14 July there was buzz that the company had received FIBP nod for the same. However, that was not the case and the MSO finally received the nod only today (13 August, 2015).

     

    With this, Den Networks, which is currently building its broadband base and also working towards digitisation in phase III and IV areas, is looking at attracting overseas capital into the company.

     

    The MSO had sought to increase foreign investment limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of secondary market and / or open market purchase.

     

    Earlier in March this year, the Board of Directors of Den Networks had approved the proposal to increase foreign investment limit.

     

    The decision was subject to shareholder approval (through postal ballot), FIPB nod and adherence to all other statutory requirements.

     

    Currently, FIIs hold 20.27 per cent stake in Den Networks.

  • Nick gets govt nod for Rs 940 crore foreign investment; INX proposal for Jhakaas rejected

    Nick gets govt nod for Rs 940 crore foreign investment; INX proposal for Jhakaas rejected

     
    NEW DELHI: The Government has approved a proposal by Nickelodeon Asia Holdings Pte. Ltd. (Nick Asia), a company incorporated in Singapore, to acquire 50 per cent equity interest in Prism TV Private Limited, a company incorporated in India.Involving foreign direct investment of Rs 940.5 crore, the acquisition is from Shinano Retail Private Limited, one of Prism’s shareholders.
     
    Following the clearance by the Foreign Investments Promotion Board (FIPB), approval has been given to Eros International Media Limited for making downstream investment by way of acquisition of shares of an Indian company for non-cash consideration, that is, by issuance of shares of the applicant company to the existing shareholders of the investee company. This does not involve any foreign investment.
     
    Meanwhile, permission has been denied to INX Music having 70.85 per cent indirect foreign investment to undertake the additional activity of broadcasting of a non-news and current affairs channels in various Indian languages.
     
    The proposal was that the 9X Jhakaas Marathi Channel shall be merged into INX Music Pvt Ltd.
    The Finance Ministry has deferred a decision on proposals by two multi system operators. Hathway Cable and Datacom Limited has sought approval for increasing foreign investment limit for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49 per cent of its issued and fully paid up share capital to 74 per cent.
     
    Den Networks had also sought approval for increase in foreign investment limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase. 
     
  • FinMin defers decision on Hathway & Den’s proposals for increasing FDI

    FinMin defers decision on Hathway & Den’s proposals for increasing FDI

    NEW DELHI: The Finance Ministry has deferred any decision on proposals by two multi-system operators (MSOs), Hathway Cable and Datacom Limited and Den Networks, for increasing the foreign direct investment to 74 per cent.

     

    The action was taken on the advice of the Foreign Investments Promotion Board (FIPB).

     

    Hathway Cable and Datacom Limited had sought approval for increasing foreign investment limit for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49 per cent of its issued and fully paid up share capital to 74 per cent.

     

    The government had in 2012 relaxed foreign direct investment (FDI) limit in direct to home (DTH), cable TV industry and teleports from 49 per cent to 74 per cent.

     

    In January, Hathway Cable & Datacom, which became the first MSO to have crossed the $1 billion mark in terms of enterprise valuation, announced that its Board of Directors had approved and passed the resolution to increase the foreign investment limit from the current 49 per cent to 74 per cent, subject to approval from the FIPB of India, Ministry of Finance and/or the Reserve Bank of India (RBI).

     

    “Subject to receipt of approval of the Foreign Investment Promotion Board of India, Ministry of Finance and / or the Reserve Bank of India and all other applicable authorities, increasing the foreign investment limit only by Foreign Institutional Investors, Foreign Portfolio Investors, etc. under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of the Foreign Exchange Management Act (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 in the Company from 49 per cent to 74 per cent of the issued arid fully paid-up share capital of the Company,” read the announcement.

     

    Meanwhile, Den had sought for increase in foreign investment limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of secondary market and / or open market purchase.

     

    A spokesperson for Den said that it would wait to hear from FIPB about the reasons for deferring the decision, before reacting.

     

    Earlier in March this year, the Board of Directors of Den Networks approved this proposal to increase foreign investment limit from the existing 49 per cent to 74 per cent of the issued and fully paid-up share capital of the company.

     

    The decision was subject to shareholder approval (through postal ballot), Foreign Investment Promotion Board nod and adherence to all other statutory requirements. Currently, FIIs hold 20.27 per cent stake in Den Networks. 

  • Star India gets FIPB nod for Maa TV investment; Jhakaas & Eros proposals deferred

    Star India gets FIPB nod for Maa TV investment; Jhakaas & Eros proposals deferred

    NEW DELHI: Star India has received permission for investing Rs 2500 crore in foreign direct investment in expanding its growth in the country. The approval by the Foreign Investments Promotion Board (FIPB) includes acquisition of the broadcasting business of Maa TV – engaged in broadcasting sector on a slump sale basis.

     

    A source in Star India told Indiantelevision.com that this meant acquisition of software and liabilities of Maa TV and not a take-over of the company.

     

    As was reported by this website earlier in February, Star India said it will acquire Maa Television Network’s four Telugu channels namely Maa TV, Maa Movies, Maa Music and Maa Gold. “Star will acquire all assets of Maa TV including broadcasting rights subject to regulatory approvals. After the approvals, Maa TV will become part of Star network. We do not have any Telugu channel in our portfolio,” Star India CEO Uday Shankar had then said.

     

    Maa TV group is owned by industrialist Nimmagadda Prasad, Rajya Sabha member Chiranjeevi and actor Nagarjuna.

     

    In addition, Star India has received the nod from FIPB for further issuance and transfer of shares to its foreign collaborator.

     

    Meanwhile, the FIPB once again deferred the proposal by INX Music to undertake the additional activity of broadcasting of a non-news and current affairs channels in various Indian languages. As proposed scheme of arrangement, the 9X Jhakaas Marathi channel shall be merged into INX Music, a company which aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment.

     

    Additionally, Eros International Media’s proposal for making downstream investment by way of acquisition of shares of an Indian company for non-cash consideration, that is, by issuance of shares of the applicant company to the existing shareholders of the investee company has been deferred.

     

    Today Magazines Lifestyle Private Limited received approval for Rs 2.05 crore foreign investment of 49 per cent by Cooperatief International Publications Holding through transfer and further issue for an aggregate consideration.

     

    Approval has also been given to Indium IV (Mauritius) Limited through India Value Fund IV for an investment of up to Rs 200 crore in an Indian company – Atria Convergence Technologies engaged in providing internet services. The two companies together propose to invest in the capital of Atria in excess of 49 per cent up to 100 per cent by subscribing to equity or compulsorily convertible preference shares or fully convertible debentures.

  • FIPB puts off INX Music’s merger bid for 9X Jhakaas

    FIPB puts off INX Music’s merger bid for 9X Jhakaas

    NEW DELHI: In a setback, the Foreign Investments Promotion Board (FIPB) of the Finance Ministry has yet again deferred a decision on the proposal for the merger of the Marathi channel 9X Jhakaas into INX Music.

     

    The proposal was by INX Music Private Limited to undertake the additional activity of broadcasting of a non-news and current affairs channel by merging 9X Jhakaas.

     

    INX Music aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment. Its proposal had earlier been deferred in January this year.

     

    In August 2014, INX Music had made a fresh application to get clearance from the FIPB for this purpose. This would have effectively meant that 9X Media would have been on course to transfer its channel Jhakaas to its subsidiary arm INX Music.

     

    The FIPB also deferred again an approval sought by Insight Media City (IMC) India for uplinking and downlinking of general entertainment channel (non-news category) and up-linking and down-linking of news & current affairs channel (news category).

     

    The proposed activities of IMC also includes production, sale and purchase of movies; conducting arts, educational and business events; establishing media education institute; production and sale of programme contents; operation of radio stations; and media support services such as consultancy & marketing services.

     

    Earlier this year, the FIPB had deferred a proposal by IMC India for allotting shares to a non-resident Indian.

     

    IMC was incorporated on 21 March, 2013. FIPB was informed that IMC has received inward remittance of Rs 2.40 crore from the NRI Alungal Mohammad and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians.

     

    After the FIPB approval, 17.4 per cent of the total share capital in IMC India will be held by Mohammad, whereas the remaining 82.6 per cent will be held by resident Indians.

     

    Meanwhile, the FIPB has approved a proposal by Integrated Databases India Limited (IDIL), Delhi, seeking permission to issue equity shares to Nikkei Business Publications, Inc., Japan, equivalent to 20 per cent of the shareholding of IDIL. This would involve foreign direct investment of Rs 7 crore.

     

    It also cleared a proposal by Hubert Burda Media India for further infusion of capital by its parent company involving FDI of Rs 4.67 crore.

     

    On the other hand, Springer (India) was allowed to transfer shares from Springer SBM Holding Limited, Mauritius to Springer Science +Business Media Singapore, Singapore.(NR-NR) not involving any FDI.

     

    IPG Advertising and Business Services was allowed to convert into a limited liability partnership firm. No fresh FDI is involved.

  • Govt. defers decision on 9X Jhakaas merger into INX Music

    Govt. defers decision on 9X Jhakaas merger into INX Music

    NEW DELHI: The Finance Ministry has deferred a decision on a proposal by Insight Media City for uplinking and down linking of general entertainment channel (non-news category) and uplinking and down linking of news and current affairs channel (news category).

     

    Following the recommendations by the Foreign Investments Promotion Board (FIPB), the Ministry also deferred a decision on the proposal under which the Marathi channel 9X Jhakaas will be merged into INX Music.

     

    INX Music has 70.85 per cent indirect foreign investment and proposes to undertake the additional activity of broadcasting of a non-news and current affairs channels in various Indian languages.

     

    Decision was also deferred on a proposal by India Value Fund IV for making downstream investment in companies engaged in ISP and Multi Subscriber Operator (MSO) activities.

     

    Chorus Call INC, USA will also have to wait as the FIPB deferred its proposal for increase in the foreign equity from 74 per cent to 100 per cent in Chorus Call Conferencing Services India engaged in providing services like transmission of voice, video and data.

     

    FIPB also deferred a decision on Thaicom Public Company Limited, Thailand, proposal for incorporating a WoS for providing leasing of satellite space for video broadcasting DSNG, VSAT services.

     

  • DEN Networks hikes foreign investment limit to 74 per cent

    DEN Networks hikes foreign investment limit to 74 per cent

    MUMBAI: Close on the heels of multi system operator (MSO)  Hathway Cable and Datacom’s decision to increase the foreign investment limit in its company, DEN Networks has now followed suit.

     

    It may be recalled that in January this year Hathway decided to increase the foreign investment limit from 49 per cent to 74 per cent. 

     

    DEN Networks, which is currently building its broadband base and also working towards digitisation in phase III and IV, is looking at attracting overseas capital into the company.

     

    DEN Networks has got the approval from the board of directors to increase the foreign investment limit in the company by Foreign Institutional Investors (FII) and Foreign Portfolio Investors etc. from the current 49 per cent to 74 per cent. This, subject to approval of the shareholders, Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) among others.

     

    In an announcement to the BSE, DEN Networks said, “The board of directors of the company has approved through circulation, increase in foreign investment limit in the company by Foreign Institutional Investors, Foreign Portfolio Investors etc., under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of Foreign Exchange Management Act (Transfer or Issue of Security by a person Resident Outside India) Regulations, 2000 (FEMA 20) from existing 49 per cent to 74 per cent of the issued and fully paid-up share capital of the company, subject to the approval of the Shareholders, Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) and all other applicable acts, laws, rules, regulations, circulars, directions, notifications, press notes guidelines and statutory approvals, if any.”

    The approval of shareholders for aforesaid resolution will be taken through Postal Ballot in accordance with section 110 of the Companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2014, the release further added.

  • FIPB defers INX Music’s proposal

    FIPB defers INX Music’s proposal

    NEW DELHI: The proposal by INX Music to undertake the additional activity of broadcasting of a non-news and current affairs channel as proposed scheme of arrangement has been deferred by the Foreign Investments Promotion Board of the Finance Ministry (FIPB).

    INX Music aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment.

    The FIPB has also deferred a proposal by Insight Media City for allotting shares to a non-resident Indian.

    IMC was incorporated on 21 March 2013. FIPB was informed that IMC has received inward remittance of Rs 2,40,00,052.05 from the NRI Alungal Mohammad and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians.

    After the FIPB approval, 17.379 per cent of the total share capital in Insight Media City will be held by Mohammad and the rest 82.621 per cent by resident Indians.

     

  • Hathway Cable gets board nod to hike FII limit to 74 per cent

    Hathway Cable gets board nod to hike FII limit to 74 per cent

    MUMBAI: It was in 2012, when the government had relaxed foreign direct investment (FDI) limit in direct to home (DTH), cable TV industry and teleports from 49 per cent to 74 per cent. In keeping with this, Hathway Cable & Datacom which early this week became the first multi system operator (MSO) to have crossed the $1 billion mark in terms of enterprise valuation, is now probably looking at attracting overseas capital into the company.

    The MSO has in an announcement to the BSE informed that its Board of Directors have approved and passed the resolution to increase the foreign investment limit from the current 49 per cent to 74 per cent, this subject to approval from the Foreign Investment Promotion Board of India, Ministry of Finance and/or the Reserve Bank of India.

    “Subject to receipt of approval of the Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) and / or the Reserve Bank of India (RBI) and all other applicable authorities, increasing the foreign investment limit only by Foreign Institutional Investors, Foreign Portfolio Investors, etc. under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of the Foreign Exchange Management Act (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 in the Company from 49 per cent to 74 per cent of the issued arid fully paid-up share capital of the Company,” reads the announcement.

    The Hathway Board has also passed the resolution of a postal ballot notice along with the explanatory statement and calendar of events for seeking approval of the shareholders of the Company by postal ballot for its foreign investment proposal.

    According to Hathway Cable & Datacom CEO and MD Jagdish Kumar Pillai, the cable TV sector is becoming lucrative for foreign investors. Pillai had earlier told Indiantelevision.com, “With broadband and cable TV getting more transparent, the market is viewing this as a great industry to invest in the next five years, and that’s reflected in the balance sheet. It is a promise of a good potential.”

    With the industry getting more organised courtesy its digitsation drive, Pillai expects more foreign investors to pump in funds into the cable TV sector.

     

  • Turner proposal for transfer of shares does not need FIPB approval

    Turner proposal for transfer of shares does not need FIPB approval

    NEW DELHI: The government has said that the proposal of Turner General Entertainment Networks India for post facto approval for transfer of one share held by resident shareholder to WoS of the foreign investor does not lie before Foreign Investments Promotion Board (FIPB) and is under automatic route.

     

    Meanwhile, Panacea Publishing, Mumbai, has got approval for 50 per cent foreign equity by Panacea Publishing International, UK, to engage in the business of print and advertising media. This involves FDI of Rs1 million.

     

    Vogel Business Media, engaged in publishing, got clearance for post facto approval for (i) induction of a new foreign investor in the approval letter to whom shares had been issued in 2011, (ii) change of name of one existing investor and (iii) induction of name of one foreign investor which was inadvertently not inserted in the approval letter. This did not involve any FDI.

     

    GETIT Infoservices, engaged in publishing, got approval for increasing foreign equity participation in its share capital from present 96.266 per cent to up to 100 per cent involving Rs 184 crore.