Television

NRI or Foreign? Zee pulls out of FM race

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The Subhash Chandra owned Zee Telefilms has again landed into equity problems.

First it was the earth station at Noida where Zee had planned to uplink it's television channels. The proposal is still pending before the Information and Broadcasting Ministry. The issue is the same; whether the NRI equity should be considered as foreign equity. The Finance Ministry is still considering that aspect. Zee Telefilms is still awaiting the Government decision on the same.

This time it is the FM sector whire Zee Telefilms was bidding. The Government of India is treating the NRI equity in Zee Telefilms which amounts to 60% as foreign equity. This has put off India's media Mughol Subhash Chandra who has decided to pull out of the FM fray.

However, another venture of Chandra, New Media would still be in the fray.

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