MUMBAI: The Foreign Investment Promotion Board (FIPB) has deferred a proposal by Kalanithi Maran-owned Kal Media Services, which would have allowed Malaysia-based Astro Group to increase its holding in Sun Direct from 20 per cent to 35 per cent.Kal Media Services, a company owned by the Maran family, had applied for permission for Astro to pick up 37.5 per cent stake in Kal Media Services.
Kal Media Services was then to pick up 40 per cent stake in Sun Direct, giving Astro an effective indirect stake of 15 per cent, taking Astro’s effective holding in the DTH company to 35 per cent.
Astro, via its subsidiary South Asia Entertainment Holdings, holds 20 per cent stake in Sun Direct.
Astro said in its quarter results that it would continue to account for its share of anticipated losses of Sun Direct TV of approximately Rs 7.11 billion over the 5 years from commencement of operations.
Meanwhile, the FIPB has cleared a proposal of Sea TV Network, a leading multi-system operator (MSO) in Agra to raise Rs 502 million. The company has been allowed to induct foreign equity to carry out the cable networking operations.
Indiantelevision.com had earlier reported the MSO had plans to raise Rs 502 million via an initial public offering (IPO).
FIPB has also approved the proposal from DB Corp, which is demerging its radio business, to take note of the demerger and reduction of foreign equity from 26 per cent to 20 per cent.
Among the other deferred proposals is the one by Bharat Broadcasting Network for ex-post-facto approval for transfer of shares to NRI to carry out the business of uplinking news and current affairs channel. Bharat Broadcasting Network jointly runs Malayalam TV channel Jaihind TV (promoted by Indian National Congress).
A proposal by Zee Entertainment Enterprises for transfer of shares by way of share swap has also been deferred.
Source: Indiantelevision.com
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