NEW DELHI: Network18?s proposal to get foreign direct investment (FDI) for publish business has been deferred by the Foreign Investments Promotions Board (FIPB).

The FIPB has also put on hold Cellcast Interactive India?s proposal to set up three non-news and current affairs television channels in Hindi, Tamil and Telugu in India. Recently, Cellcast launched social TV channel, MyTV.

In toto, FIPB has deferred five proposals relating to the Information and Broadcasting sector. Three of these relate to publishing. Apart from Network18 Media & Investment?s proposal, the others include Packt Publishing, Mumbai, to carry out the business of writing, editing, summarising, compiling, printing, publishing, buying, selling, importing, exporting, circulating or otherwise dealing in books publication and any other information or data pertaining to all areas and sectors such as computer and information technology; and Reed Elsevier India to undertake the additional activity relating to the business of publishing and co-publishing (in and outside India), including digital publishing, printing, reprinting, adaptation, article reprinting, repackaging, translation, distribution of scientific, technical, medical, specialty and research journals/magazines/periodicals in any media including print media.

Two proposals relating to television were also deferred. One was from Catvision Limited, Noida, to increase foreign equity participation to carry out the business of manufacture of CATV equipment, selling CATV equipment like dish antenna, other CATV equipment, cables, energy management equipment and repair of apparatus for television transmission, other business services.

The FIPB, however, approved the proposal from Fine Publishing India. The company has been permitted to induct foreign equity to the extent of Rs 500,000 to carry out the business of publishing specialty/technical magazines covering the subject of wine and champagne.

Jeevan Telecasting Corporation has been given permission for post-facto approval to ratify NRI investment but this does not involve any foreign direct investment.

However, in one case, the Ministry has reiterated an earlier decision. This relates to Wolters Kluwer for expansion of business by purchasing the assets of the companies engaged in business of publishing and distribution of journals and other publications in print form as well as in electronic form involving an FDI component of Rs 304.5 million.

MUMBAI: The Network18 Group has announced elevation of B Saikumar as its Group CEO. Saikumar, 37, replaces Haresh Chawla who recently quit.

In his new role, Saikumar will be responsible for the strategic and operational management of the Network18 Group. He would have direct responsibility of the Group?s News, Web, Publishing, Factual Entertainment and allied businesses which would include the IBN General News Network, CNBC TV18/ Awaaz Business News Network, Web18, Yellow Pages, Forbes India, AETN18 and the niche magazine stable among others.

Saikumar will also shortly be joining the Boards of Viacom18 and HomeShop18. The current CEOs and Management Teams of Viacom18 and HomeShop18 will continue to report to their respective Boards.

The company said that Network18 founder and editor Raghav Bahl is expected to step up engagement with the management teams of Viacom18 and HomeShop18 and Saikumar will be working closely with him on both of these businesses.

Bahl said, ?Haresh has led Network18 with extraordinary distinction in the first phase of our growth and identity. Now, as we gear up for our most ambitious phase yet, I am convinced that Sai (or ?B Saikumar? as the world knows him, formally) has the inclusive skills and mature leadership that are needed to get us there - he has our best wishes and our wholehearted support.?

Prior to this development, Saikumar was serving as Group COO and was responsible for leading management teams across Group companies apart from being a core member of Network18?s Business Strategy Team. Through his decade long stint, he has been responsible for providing ?operational leadership? and enabling ?stellar organic growth across the Group?s market leading brands?, the company said.

He has also played an integral role in the various inorganic forays of the Group across businesses.

Chawla said, ?I am absolutely delighted to handover the mantle to Sai, who has worked very closely with me for over a decade, as we built the Network18 franchise. He has seen the Network grow from its very early days across various businesses, which has given him a width of experience that is tough to find in the media business. He is an accomplished leader and a true people?s person and I have no doubt that he?ll take the legacy forward to even greater heights. I will always be available to him as a friend and mentor and wish him success.?

Saikumar added, ?It?s an honour to lead this world-beating team at Network18. The next phase of growth promises to be exciting and I look forward to it. Building upon the inspiring legacy left behind by Haresh, we have some very ambitious dreams for the future and we intend to see each one of them fulfilled.?

Saikumar will be reporting into Bahl in this new capacity. Prior to joining the Network18 Group in 2000, Saikumar was with the Times of India Group, where he worked with Times Music and Times FM.

MUMBAI: Former head of the Mumbai edition of the Hindustan Times Gurmeet Singh has joined Network18 Group as CEO - Forbes India, with immediate effect.

Prior to heading the Mumbai edition of Hindustan Times, he was handling ad sales for Hindustan Times and Mint in the West Zone.

Singh started his professional career with FMCG major Marico Industries Limited. After over five years of FMCG sales and brand management experience at Marico which included successful alliances with Pepsi and Camlin, he moved to Sony Music to handle sales and marketing for North Zone.

He has also worked at the India Today Group, where he was the business director of Music Today.

Network18 Group COO B.Sai Kumar said, "After the tremendous success of ?Forbes India? and the strong debut of ?Forbes Life India? recently, we believe that the Forbes India stable in India is poised for its next phase of growth and profitability and are delighted to have Gurmeet on board to drive that. His diverse experience & strong understanding of media brands, position him well to lead Forbes India forward."

TV18 Business Media president and editorial director Senthil Chengalvarayan added, "Forbes India?s growth has been built on challenging conventions and delivering a premier editorial product and we believe Gurmeet will be instrumental in pushing that agenda further."