Zeel to transfer shares abroad to promoters for non-news channel

Zee Entertainment Enterprises Ltd. has been allowed by the Finance Ministry to transfer fully paid equity shares to an overseas entity belonging to the promoters Group for uplinking a non-news and current Affairs TV channel.

However, a Finance Ministry release said this does not involve any fresh inflow of foreign direct investment (FDI).

UTV Software Communications Ltd. has been permitted to increase its share holding from 75 per cent to 85 per cent by purchase of equity shares and to amend the FC approval letter.

This will not involve any fresh FDI inflow.
Following the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on 10 July, the Government has permitted Interpublic Mauritius Ltd, Mauritius, to make investment of 50 per cent equity by way of subscribing to equity shares, involving foreign investment of Rs 7.5 million.

The Ministry deferred a proposal by Dish TV India Ltd. to issue convertible bonds, convertible into equity shares at a ‘conversion price’ as specified in an offering circular in relation thereto and on terms and conditions mentioned thereunder, to such persons resident outside India, as may be permissible under the applicable laws.

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