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NRI or Foreign? Zee pulls
out of FM race
The Subhash Chandra owned
Zee Telefilms has again landed into equity problems.
First it was the earth station at Noida where Zee had planned
to uplink it's television channels. The proposal is still
pending before the Information and Broadcasting Ministry.
The issue is the same; whether the NRI equity should be
considered as foreign equity. The Finance Ministry is still
considering that aspect. Zee Telefilms is still awaiting
the Government decision on the same.
This time it is the FM sector whire Zee Telefilms was bidding.
The Government of India is treating the NRI equity in Zee
Telefilms which amounts to 60% as foreign equity. This has
put off India's media Mughol Subhash Chandra who has decided
to pull out of the FM fray.
However, another venture of Chandra, New Media would still
be in the fray.
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