| 04 Mar 2024
Proposal for acquiring Jhakaas by INX Music rejected

NEW DELHI: The Government has rejected the proposal by INX Music to merge Marathi channel 9X Jhakaas into M/s INX Music Pvt Ltd.

The permission has been denied to M/s INX Music Private Limited, 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.

This is the third time in 2015 that the Government has deferred INX Music Pvt Ltd. The first in January, next was in May, and now in July again.

Meanwhile, the Government has approved M/s Eros International Media Limited’s request for making a downstream investment, by way of acquisition, of shares of an Indian company for non-cash consideration, i.e., by issuance of shares of the applicant company to the existing shareholders of the investee company. This does not involve any foreign investment.

This decision was made following the recommendation by Foreign Investments Promotion Board (FIPB), in its 219th meeting held on 15th June 2015. The Government has approved 10 proposals of Foreign Direct Investment amounting to Rs 1675.15 crore, approximately.