NEW DELHI: The proposal by M/s INX Music Private Limited to undertake the additional activity of broadcasting 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.

M/s INX Music Private Ltd aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment.

The FIPB has also deferred a proposal by M/s Insight Media City (India) Pvt. Ltd for allotting shares to a non-resident Indian.

FIPB was informed that IMC, which was incorporated on 21 March 2013, 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, 17.37 per cent of the total share capital in M/s Insight Media City (India) Pvt. Ltd. will be held by Mohammad and the remaining 82.62 per cent by Indian residents.