Tag: INX Music

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.

July 15, 2015
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.

May 25, 2015
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.

March 25, 2015
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.

January 9, 2015
INX Music temporarily withdraws FDI proposal

NEW DELHI: INX Music that had earlier applied for foreign direct investment (FDI) to launch a general entertainment channel (GEC) has requested the Foreign Investment Promotions Board (FIPB) to withdraw its proposal for the time being. The case for it was to come up for hearing in early July.

However, due to its own request, its application for FDI clearance was not taken up in the last meeting of the FIPB. The company aggregates and distributes music content for TV channels having 70.85 per cent indirect foreign investment. 9XM, 9x Jalwa, 9XO and 9X Jhakaas are its four channels.

INX Music CFO Bhupendra Makhi told indiantelevision.com that the application had not been taken up as the group is required under a Bombay High Court order to take the court’s permission before transferring any assets to a subsidiary. The case can only be heard once the HC gives its permission.

August 8, 2014