Govt okays FDI norms for TV news

The notification also says that FDI, including investment by foreign institutional investors (FIIs) up to 26 per cent, would be permitted with prior approval of the government for uplinking a news and current affairs TV channel but would be 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.

The notification also specifies that while calculating foreign equity, the foreign holding component, if any, in the equity of the Indian shareholder companies of the applicant company will be reckoned on pro-rata basis, so as to arrive at the total foreign holding in the applicant company.

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.

The company which has been given government permission for uplinking would have to give a compliance certificate to the government by end of the financial year.