Television

MCCS applies for uplink clearance; paid-up capital is Rs 625 million

NEW DELHI: Media Content Communications Services (MCCS) India, the holding company for the Star News venture in India, proposes to have a paid-up capital of Rs 625 million, according to the application submitted to the government today for necessary approvals.

The authorised share capital of the joint venture between the Aveek Sarkar family-controlled ABP Pvt Ltd and Star Group Pvt Ltd, the application states, 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.

A senior information and broadcasting ministry official said that the government does not foresee any apparent problems with the new structuring of MCCS. "The structure that we had objected to, has been dismantled. It now looks like a far more real company (than before)," the official added.

So, in effect, it would mean that ABP would be coughing up slightly less than Rs 500 million at the moment, which has been calculated at the rate of 74 per cent of Rs 620.5 million.

This figure is contrary to the figure of Rs 750 million that the media had been reporting, basing most of their observations on an authoritative report filed by a business newspaper two days before the final agreement was signed in Mumbai between Star India CEO Peter Mukerjea and ABP's Aveek Sarkar last Friday.

A Star source told indiantelevision.com that in the coming months the investments would be ramped up and the paid-up capital is in consonance with the valuation of the company.

Meanwhile, Sarkar would be the chairman of the restructured MCCS that would have an eight-member board. The other members will include Aveek's brother Arup Sarkar, ABP's CEO A Lahiri, Star India CEO Peter Mukerjea, Star India CFO G Subramaniam, senior journalist and former editor of The Statesman and The Indian Express S Nihal Singh, Naresh Chandra and one yet-to-be nominated member.

However it is not clear whether the last three, including a yet-to-be-nominated person, are representatives of ABP Pvt Ltd or independent board members. Still, industry sources pointed out that the last three people are likely to be ABP nominees considering the board representation would have to be in the ratio of 6:2 as per the shareholding pattern.

MCCS filed its application for government approvals today afresh after the restructuring, including one with the Foreign Investment Promotion Board for bringing in foreign direct investment of 26 per cent from the Star Group. There are no FII, NRI or overseas corporate body (OCB) investments in the MCCS at the moment, the application states.

A government official pointed out that it may not be possible to get the whole process cleared within the deadline of 28 September as various clearances, including police verifications for new board members of MCCS, were needed. "I don't think so (that the I&B ministry would be able to clear the application by Sunday)," the government official said to a pointed question on the time likely to be taken for processing the Star News application. He added, "But we don't expect any real problem with the new application."

So, Star News, the brand name that has been leased out to MCCS for an undisclosed amount, would continue to be on air with its motto of keeping the viewers' needs and choices ahead ('Aap ko rakhe aage').

Having got the controversies behind it - and permanently too - it now needs to be seen whether the news channel can give the leader Aaj Tak, from The India Group, a real run for its money.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/29/dhoni.jpg?itok=rI3xfkSP
Star launches Tamil sports channel, localisation features Ashwin, Dhoni, TNPL & Chennaiyin stars

Star Sports has added another channel in its sports cluster and entered the Tamil market with Star Sports - Tamil. The channel went live on 28 May.

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/29/rrrrrr.jpg?itok=sOh8JJax
Star India reimagines sports business

Star India reimagines sports business

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/29/arnab.jpg?itok=a5H8ZYOV
Times Now gives its POV on Republic TV IPR case

Now, it’s the turn of Bennet Coleman & Co to give its perspective on the civil case it has filed in the Delhi High Court against ARG Outlier Media, the company that runs Republic TV.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/29/bhaubali.jpg?itok=JdvMWerO
Colors to air animated series 'Baahubali: The Lost Legends'

Colors has announced the acquisition of the broadcast satellite rights to the animated series spin-off called, Baahubali: The Lost Legends.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/29/Sun-Tv.jpg?itok=tl1b2slc
Sun TV regains top spot across genres as IPL 10 comes to a close

BENGALURU: As IPL 10 came to a close, the Sun TV Networks' Tamil flagship GEC Sun TV regained its top spot in Broadcast Audience Research Council of India (BARC) weekly list of top 10 channels across genre: All India (U+R): 2+ Individuals in week 20 Saturday, 13 May 2017 to Friday, 19 May 2017.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/27/nadiu.jpg?itok=RyA5CSpc
DD committed to truthful information & wholesome entertainment: Naidu

Information and Broadcasting Minister M Venkaiah Naidu today said yjr Government planned to enhance the reach of Doordarshan FreeDish by distributing Free DD direct-to-home boxes in remote and interior areas of the country through State Governments, especially in the LWE impacted areas.

Television TV Channels Terrestrial
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/27/V-naidu.jpg?itok=ETtaGQq9
National sports meet to see participation of government and sports persons

NEW DELHI: A day-long Conclave is to inaugurated by Information and Broadcasting Minister M Venkaiah Naidu tomorrow (28 May 2017) to discuss ways in which India can become a sports superpower. Organised by Doordarshan Sports, the meet being held at the Central Production Centre of Doordarshan in...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/27/Sun%20Tv-Story.jpg?itok=vogrMKBD
Sun TV fiscal 2017 numbers grow

BENGALURU: Sun TV Network Limited (Sun TV) reported improved numbers across all important parameters for the year ended 31 March 2017 (FY-17, current year, fiscal) as compared to the previous year (FY-16). Sun TV reported 8.1 percent higher consolidated total income in the current year at Rs 27,...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/05/27/Untitled-1.jpg?itok=8pFkg8Sb
Shashi Tharoor files defamation case against Arnab Goswami's Republic

NEW DELHI:On Friday, the Delhi High Court gave some relief to Republic TV’s Arnab Goswami in a case of IPR theft filed by Times of India group, but was petitioned by Congress leader and Thiruvanthapuram MP Shashi Tharoor who filed a defamation case against Goswami and his Republic. Tharoor in the...

Television TV Channels News Broadcasting

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories