With a fresh set of directors and a new Indian partner, Media Content and Communication Services (MCCS), the joint venture between the Ananda Bazaar Patrika Group and Star Television, today applied for permission to uplink Star News channel.MCCS chairman Aveek Sarkar and director Peter Mukherjea today submitted their application with the I&B Ministry. With the deadline for receiving Star News’ application fixed on September 28, officials at the ministry said they need more time to process the application. Star News will not be affected by the delay.ABP will hold 74 per cent stake in the news company with Star retaining 26 per cent as per the amended rules of uplinking announced for news channels with foreign equity.With a paid-up capital of Rs 1 lakh, authorised capital of Rs 70 crore, and proposed capital of Rs 62.50 crore, MCCS has assured the I&B Ministry that it confirms to the uplinking rules for news channels.New directors on the board are — Arup Sarkar (publisher ABP and brother of proprietor Aveek Sarkar, Aniruddha Lahiri (CE0, ABP), Naresh Chandra (former diplomat), S. Nihal Singh (journalist), G. Subramanium (chief finance officer, Star India), Peter Mukherjea (CEO, Star India) and one director to be nominated. Aveek will be the chairman of the company.The previous shareholders of MCCS — Hemendra Kothari (25 per cent), Suhel Seth (30 per cent), Maya Alagh, Jeetendra, Rian Karanjewala and Vir Sanghvi — have been bought over by ABP to make way for new shareholder and directors, sources in the ministry said.Under the rules of uplinking, a single shareholder has to have 51 per cent stake with foreign companies allowed 26 per cent. MCCS had sought permission to uplink Star News on June 19. Since then Star News was on life support with its weekly extensions. The application was rejected when MCCS was found to be a shell company of Newscorp.
