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The clearance came after the information and broadcasting (I&B)
ministry gave its go ahead for the same.
What this means is that now the impediments have been removed for
a final permission from the I&B ministry for long-term uplink from
India, senior I&B ministry officials said. However, the I&B
ministry can still ask questions and seek clarifications from MCCS.
MCCS proposes to have a paid-up capital of Rs 625 million according
to an application submitted to the government on 22 September.
The authorised share capital of the joint venture between the Aveek
Sarkar family-controlled ABP Pvt Ltd and Star Group Pvt Ltd, the
application had said, would be Rs 700 million, while the current
paid-up capital is Rs 100,000.
MCCS is the company that would uplink and look after the affairs
of Star News from India wherein ABP holds 74 per cent equity stake
and Star has a 26 per cent shareholding. The former shareholders
of MCCS, including ad man Suhel Seth and Balaji Telefilms chairman
and actor Jeetendra, were bought out by ABP.
Also Read:
MCCS
applies for uplink clearance; paid-up capital is Rs 625 million
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