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No decision yet on NRI investment in print media

The Parliamentary Standing Committee on Communications on Tuesday could not arrive at a final decision on the issue of FII (foreign institutional investors) and NRI (non-resident Indians) investment in the print media with members expressing sharply divergent views on it.

The Committee, headed by Somnath Chatterjee, is meeting again later this month to further discuss the matter, sources said.

They said "strong" views were expressed both in favour of such investment and against it and no final decision was taken.

Information and Broadcasting Minister Sushma Swaraj had recently referred the issue to the Committee after she received a letter from five editors pleading for allowing investment by FIIs, NRIs and OCBs (overseas corporate bodies) in the print media.

They contended that this would not go against the 1955 Cabinet resolution, which had barred foreign ownership and editorial control.

The ministry, after having categorically rejected entry of foreign print media, is now trying to evolve a consensus on the issue and is also awaiting the response of the Law Ministry besides the Standing Committee.

The minister has asked media-persons -- Narendra Mohan, Aroon Purie, Chandan Mitra, Shekhar Gupta and T N Ninan -- to try to build a consensus in the industry as well.

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