NEW DELHI: INX Music that had earlier applied for foreign direct investment (FDI) to launch a general entertainment channel (GEC) has requested the Foreign Investment Promotions Board (FIPB) to withdraw its proposal for the time being. The case for it was to come up for hearing in early July.
However, due to its own request, its application for FDI clearance was not taken up in the last meeting of the FIPB. The company aggregates and distributes music content for TV channels having 70.85 per cent indirect foreign investment. 9XM, 9x Jalwa, 9XO and 9X Jhakaas are its four channels.
INX Music CFO Bhupendra Makhi told indiantelevision.com that the application had not been taken up as the group is required under a Bombay High Court order to take the court’s permission before transferring any assets to a subsidiary. The case can only be heard once the HC gives its permission.