New Delhi
Vikram Vishal
ANI
The Central Government today announced that 100 per
cent foreign direct investment (FDI) in up-linking
of television channels in non-news and current affairs
TV channel would be allowed.
An official release of the Ministry of Information
and Broadcasting said on Tuesday that FDI up to 100
per cent would be allowed with 'prior approval of
the government' for up-linking of non-news channel
and 26 per cent for up-linking a news channel.
For the news channels, the government has put the
condition that portfolio investment in the form of
FII and NRI deposits would not be persons acting in
concert with FDI investors as defined by Securities
and Exchange Board of India.
“The Company permitted to uplink the channel
shall certify the continued compliance of this requirement
through the Company Secretary at the end of each financial
year,” said the statement.
Government also approved FDI up to 49 per cent for
setting up hardware, up-linking hub.
While calculating foreign equity of the applicant
company, the foreign holding component, if any, in
the equity of the Indian shareholder companies of
the applicant company will be duly reckoned on pro-rata
basis.
However, the indirect FII equity in a company as
on March 31 of the year would be taken for the purposes
of pro-rata reckoning of foreign holdings.
“FDI for up-linking TV channels will be subject
to compliance with the up-linking policy of the Government
of India notified by the Ministry of Information and
Broadcasting from time to time,” it added.
'Govt
OK's 26% FDI for news channels'
NEW DELHI, January 17, 2006
PTI
The government Tuesday allowed 100 per cent foreign
direct investment in uplinking of television channels
in the non-news category and 26 per cent for news
channels.
"FDI up to 100 per cent would be allowed with
prior approval of the government for uplinking of
non-news and current affairs TV channels. FDI up to
26 per cent will be permitted with prior approval
of the government for uplinking a news and current
affairs channel," a statement issued here said.
For the news channels, the government has put the
condition that portfolio investment in the form of
FII and NRI deposits shall not be persons acting in
concert with FDI investors as defined by Securities
and Exchange Board of India.
For setting uplinking hub and teleports the government
has allowed FDI of 49 per cent.
Indirect
FII equity to be taken into account for uplinking
New Delhi, January 17, 2006
UNI
The equity held by Foreign Institutional Investors
(FII) as on March 31 this year will be taken into
account when considering applications for granting
uplinking facilities to television channels under
the new policy which permits 49 per cent foreign direct
investment for setting up earth stations.
While calculating foreign equity of the applicant
company, the foreign holding component, if any, in
the equity of the Indian shareholder companies of
the applicant company will be duly reckoned on pro-rata
basis, so as to arrive at the total foreign holding
in the applicant company, an official release here
said.
The indirect FII equity in a company as on March
31 of the year would be taken for the purposes of
pro-rata reckoning of foreign holdings, it said.
FDI for Up-linking TV Channels will be subject to
compliance with the Up-linking Policy of the Government
notified by the Ministry of Information & Broadcasting
from time to time.
Under the revised guidelines for Up-linking notified
on December 2, the Government has decided to allow
FDI in the Up-linking of TV Channels as under: FDI
up to 49 per cent would be permitted with prior approval
of the Government for setting up Up-linking HUB/ Teleports;
FDI up to 100 per cent would be allowed with prior
approval of the Government for Up-linking a Non-News
and Current Affairs TV Channel; FDI (including investment
by Foreign Institutional Investors (FIIs) up to 26
per cent would be permitted with prior approval of
the Government for Up-linking a News and Current Affairs
TV Channel subject to the condition that the portfolio
investment in the form of FII/ NRI deposits shall
not be 'persons acting in concert'' with FDI investors,
as defined in the (Substantial Acquisition of Shares
and Takeovers) SEBI Regulations, 1997.
The Company permitted to uplink the channel shall
certify the continued compliance of this requirement
through the Company Secretary at the end of each financial
year, the release said.
