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Proposal for FDI by Sistema Shyam Tele Services rejected by government

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NEW DELHI: The government has permitted foreign direct investment of Rs 30 lakh to Ironman Media and Advisory Services.

The amount by the company which is engaged in the print media will be used to issue shares for the amount received as FDI, according to the clearance granted by the Finance Ministry on the advice of the Foreign Investments Promotion Board.

Verizon Communications India has been permitted to bring in FDI amounting to Rs 2.32 crore to increase foreign equity participation by its foreign parent from 74 per cent to 100 per cent. The company is engaged in telecom.

Axes Studios LLP has sought approval to accept NRI investment of up to Rs 99 lakh from Britain-based non-resident Indian Gunjan Dhirendra Chag. The company is involved in information technology.

The Government rejected a proposal for increases in FDI up to 100 per cent in Sistema Shyam Tele Services and its downstream WoS Shyam Internet Services, both engaged in telecom sector, on account of conversion of Redeemable Preference Shares into equity.

A proposal for FDI by Pureplay Investment Partners Mauritius for investing up to 74 per cent in Indiverse Broadband, an existing company engaged in the cable television networks business and undertaking upgradation of networks towards digitisation and addressability, and 49 per cent each in two joint venture companies has been deferred.

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