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June 13, 2001
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Money > Business Headlines > Report June 13, 2001 |
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I&B ministry to review FII stake in print mediaAnjan Mitra The information and broadcasting ministry will revisit the issue of allowing investments by FIIs, NRIs and OCBs in the print media. Information and broadcasting minister Sushma Swaraj said that the government is willing to take a fresh look at the issue as long as ownership and editorial control remain with Indians. "We have received a new proposal which gives a fresh angle to the issue of foreign investment in print media," Swaraj said without elaborating. The standing committee on communications headed by CPM member Somnath Chatterjee is slated to meet shortly to discuss the issue, Swaraj said. The move follows a controversy earlier this year, involving Mid-Day Multimedia, which offered shares to FIIs as a part of its Rs 500 million initial public offer. RBI had allowed Mid-Day to offer the shares under a provision of the Foreign Exchange Management Act. However, following pressure from the information and broadcasting ministry, RBI amended the provision, revoking its earlier order. The I&B ministry's contention at that time was that a Cabinet resolution of 1955 banned any foreign ownership of print medium products as also investments in the same. Terming the Fema provisions as a "lacunae" in the law, Swaraj had then said that the media was not just another sector of trade, which could be opened blindly. Powered by YOU MAY ALSO WANT TO READ:
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