FIPB refuses to consider Turmeric Vision proposal for contravention of foreign equity of 80%

NEW DELHI: Even as it refused to consider a proposal by M/s Turmeric Vision Private Limited on the ground that this does not come within its domain, the Foreign Investments Promotion Board has deferred a proposal by M/s Quintillion Business Media Private Limited seeking approval for the issuance of equity shares to BLOOMBERG L.P.

With regard to the Quintillion proposal, the Finance Ministry said “the investee company is proposed to be engaged inter alia in the uplinking and broadcasting of a business news television channel and operating the related digital content platform in India”.

Turmeric Vision Private Limited had sought Post facto approval for contravention of the foreign equity of 80% as approved vide approval letter of even no. FC II 60(10)/91(2010) of 14 June 2010.

FIPB also deferred a proposal by M/s Tikona Digital Networks Pvt Ltd for approval for the issuance of CCDs thereby increasing foreign equity to 76.73%; and a proposal by Netmagic Solutions Private Limited for increase in the shareholding of NTT Communications Corporation, Japan, in the company from 81.63% to 100%.

The Board rejected a proposal by M/s Sistema ShyamTeleServices Limited seeking approval for the exit of the resident shareholders and transfer of their holdings to the existing foreign shareholders i.e. M/s Sistema Joint Stock Financial Corporation, Russia and Federal Agency for the State Property Management (Rosimushchestvo), thereby increasing the foreign shareholding in the company from 73.95% to 100% and consequently increasing the foreign shareholding in its downstream company i.e. Shyam Internet Services Limited to 100%.

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