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National News

Nov 16, 2020

MIB requests compliance of policy on FDI in digital media within a month

Information and Broadcasting Ministry has requested compliance of policy on FDI in digital media within a month.
The Ministry today issued a public notice to facilitate eligible entities involved in uploading and streaming of news and current affairs through digital media, to comply with the decision of Government, which had permitted 26 per cent FDI under Government approval route.
The entities having foreign investment below 26 per cent may furnish intimation to the Ministry of Information and Broadcasting within one month from today.
They have to provide details of the company, entity and its shareholding pattern along with the names and addresses of its Directors and shareholders. 
The names and address of Promoters and Significant Beneficial Owners. Permanent Account Number and the latest audited or unaudited Profit and Loss Statement and Balance Sheet along with the Auditor report.
The Ministry said, entities which, at present, have an equity structure with foreign investment exceeding 26 per cent will give similar details to the Ministry of Information and Broadcasting within one month from today.
It said, any entity which intends to bring fresh foreign investment in the country has to seek prior approval of the Central Government,  through the Foreign Investment Facilitation Portal of DPIIT.
The Ministry said, every entity has to comply with the requirements of citizenship of Board of Directors and of the Chief Executive Officers.
The entities are required to obtain security clearance for all foreign personnel likely to be deployed for more than 60 days in a year by way of appointment, contract or consultancy or any other capacity for functioning of the entity, prior to their deployment.

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