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FIPB puts off INX Music’s merger bid for 9X Jhakaas

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NEW DELHI: In a setback, the Foreign Investments Promotion Board (FIPB) of the Finance Ministry has yet again deferred a decision on the proposal for the merger of the Marathi channel 9X Jhakaas into INX Music.

The proposal was by INX Music Private Limited to undertake the additional activity of broadcasting of a non-news and current affairs channel by merging 9X Jhakaas.

INX Music aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment. Its proposal had earlier been deferred in January this year.

In August 2014, INX Music had made a fresh application to get clearance from the FIPB for this purpose. This would have effectively meant that 9X Media would have been on course to transfer its channel Jhakaas to its subsidiary arm INX Music.

The FIPB also deferred again an approval sought by Insight Media City (IMC) India for uplinking and downlinking of general entertainment channel (non-news category) and up-linking and down-linking of news & current affairs channel (news category).

The proposed activities of IMC also includes production, sale and purchase of movies; conducting arts, educational and business events; establishing media education institute; production and sale of programme contents; operation of radio stations; and media support services such as consultancy & marketing services.

Earlier this year, the FIPB had deferred a proposal by IMC India for allotting shares to a non-resident Indian.

IMC was incorporated on 21 March, 2013. FIPB was informed that IMC has received inward remittance of Rs 2.40 crore from the NRI Alungal Mohammad and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians.

After the FIPB approval, 17.4 per cent of the total share capital in IMC India will be held by Mohammad, whereas the remaining 82.6 per cent will be held by resident Indians.

Meanwhile, the FIPB has approved a proposal by Integrated Databases India Limited (IDIL), Delhi, seeking permission to issue equity shares to Nikkei Business Publications, Inc., Japan, equivalent to 20 per cent of the shareholding of IDIL. This would involve foreign direct investment of Rs 7 crore.

It also cleared a proposal by Hubert Burda Media India for further infusion of capital by its parent company involving FDI of Rs 4.67 crore.

On the other hand, Springer (India) was allowed to transfer shares from Springer SBM Holding Limited, Mauritius to Springer Science +Business Media Singapore, Singapore.(NR-NR) not involving any FDI.

IPG Advertising and Business Services was allowed to convert into a limited liability partnership firm. No fresh FDI is involved.

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