| Though Zee News was hived off from Zee
Telefilms into a separate company, which had majority Indian investment,
mid-September, information and broadcasting minister Jaipal Reddy
few days later had expressed ignorance of any restructuring in Zee
News or CNBC TV 18.
Reddy had then maintained that the 30 September deadline would
be strictly followed. On being contacted, an executive of Zee News
Pvt. Ltd reiterated that compliance of government norms has been
completed and the company had “not heard” anything new
from the I&B ministry after the deadline.
Though CNBC TV 18 was not available for comments, industry sources
claimed that the restructuring process is complete. It is expected
to be on the lines of restructuring done by Zee News that is based
on calculating the foreign holding in news companies on a pro rata
basis, which makes the whole thing complicated.
“The complication cannot be helped as government norms are
such,” a source close to the TV 18 CNBC restructuring told
Indiantelevision.com.
On 16 September, Zee Telefilms had informed the Bombay Stock Exchange
that it has decided to hive off its news business into a separate
company, Zee News Pvt Ltd, which will have scaled down foreign holding.
In Zee News Pvt Ltd, Jayaneer Capital Private Ltd will hold 40
per cent and Churu Trading Company Private Ltd 25 per cent equity
stake, while Zee Telefilms' equity stake is 35 per cent, which works
out under a complex
formula to about 20 per cent of foreign holding to comply with the
26 per cent cap.
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