Thakur
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NEW DELHI:INX Music that had earlier applied for foreign direct
investment(FDI)to launch a general entertainment channel (GEC) has
requested the Foreign Investment
Promotions Board (FIPB) to withdraw its proposal for the
time being. The case for it was to come up for
hearing in early July.
However, due to its own request, its
application for FDI clearance was not taken up
in the last meeting of the FIPB. The company
aggregates and distributes music content for TV
channels having 70.85 per cent indirect
foreign investment. 9XM, 9x Jalwa and 9X
Jhakaas are its three channels.
INX Music CFO Bhupendra Makhi
told indiantelevision.com that the application
had not been taken up as the group is required
under a Bombay High Court order to take the
court’s permission before transferring any
assets to a subsidiary. The case can only be
heard once the HC gives its permission. http://www.indiantelevision.com/television/tv-channels/music-and-youth/inx-music-temporarily-withdraws-fdi-proposal-140808
investment(FDI)to launch a general entertainment channel (GEC) has
requested the Foreign Investment
Promotions Board (FIPB) to withdraw its proposal for the
time being. The case for it was to come up for
hearing in early July.
However, due to its own request, its
application for FDI clearance was not taken up
in the last meeting of the FIPB. The company
aggregates and distributes music content for TV
channels having 70.85 per cent indirect
foreign investment. 9XM, 9x Jalwa and 9X
Jhakaas are its three channels.
INX Music CFO Bhupendra Makhi
told indiantelevision.com that the application
had not been taken up as the group is required
under a Bombay High Court order to take the
court’s permission before transferring any
assets to a subsidiary. The case can only be
heard once the HC gives its permission. http://www.indiantelevision.com/television/tv-channels/music-and-youth/inx-music-temporarily-withdraws-fdi-proposal-140808
