| 28 Feb 2024
Proposal by INX Music for merging 9X Jhakaas Marathi channel deferred by FIPB

NEW DELHI: The proposal by M/s INX Music Private Limited to undertake the additional activity of broadcasting of a non-news and current affairs channel by merging the 9X Jhakaas Marathi Channel has been deferred once again 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. Its proposal had been deferred in January this year. The proposal was to undertake the additional activity of broadcasting of a non-news and current affairs channels in various Indian languages.

As a proposed scheme of arrangement, the 9X Jhakaas Marathi Channel is to be merged with M/s INX Music Pvt Ltd. In August 2014, INX Music had made a fresh application to get clearance from the FIPB for this purpose. This would have effectively meant that 9X Media would have been on course to transfer its channel Jhakaas to its subsidiary arm, INX Music.

The FIPB also deferred again an approval sought by M/s Insight Media City (India) Pvt. Ltd for uplinking and downlinking of General Entertainment Channel (Non-News Category) and up-linking and down linking of News and Current Affairs Channel (News Category).

The proposed activities of IMC also includes production, sale and purchase of movies; conducting arts, educational and business events; establishing media education institute; production and sale of programme contents; operation of radio stations; and media support services such as consultancy and marketing services.

Earlier this year, the FIPB had deferred a proposal by M/s Insight Media City (India) Pvt. Ltd for allotting shares to a non-resident Indian.

IMC was incorporated on 21 March 2013. FIPB was informed that IMC 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 resident Indians.

Meanwhile, it has approved a proposal by M/s Integrated Databases India Limited (IDIL), Delhi, seeking permission to issue equity shares to M/s Nikkei Business Publications, Inc., Japan, equivalent to 20 per cent of the shareholding of IDIL. This would involve foreign direct investment of Rs 7 crore.

It also cleared a proposal by M/s Hubert Burda Media India Private Limited for further infusion of capital by its parent company involving FDI of Rs 4.67 crore.

M/s Springer (India) Private Limited was allowed to transfer shares from M/s Springer SBM Holding Limited, Mauritius to M/s Springer Science +Business Media Singapore Private Limited, Singapore (NR-NR) not involving any FDI.

M/s IPG Advertising and Business Services Pvt. Ltd. was allowed to convert into a Limited Liability partnership firm. No fresh FDI is involved.