(16 April 2007 9:25 pm)

NEW DELHI: Finance Minister P Chidambaram has finally cleared the FIPB application from Dish TV, allowing the Subhash Chandra held company to allocate shares to foreign collaborators of Zee Telefilms, consequent upon the demerger scheme approved by the Delhi High Court.

"This paves the way for listing of Dish TV India Ltd (formerly known as ASC Enterprises Ltd). The listing is likely to happen sometimes this week. BSE & NSE have already granted in principle approval for listing," a senior Dish TV executive told indiantelevision.com.

The listing of Dish TV, Zee Group's demerged direct-to-home (DTH) business, had been being delayed as the company awaited this approval.

Zee chairman Subhash Chandra had earlier said in an analyst meet that Dish TV would get listed either on 26th or 28th March. The clearance came finally on 9 April, though the formal announcement had been delayed further.

Last reported, the board of Zee Entertainment Enterprises Ltd (Zeel) has approved an extension by two months up to 31 May for implementation of the Scheme of Arrangement (for Demerger of Direct Consumer Services Business Undertaking of the company in favor of Dish TV India Ltd). Zeel, which had the assets of Dish TV, has already started trading as a demerged standalone entity.

"The approval for extension has been done "in view of the delay in the process of allotment and listing of shares of Dish TV (formerly ASC Enterprises Ltd) due to non-receipt of certain regulatory approvals. The process is expected to be completed by mid-April," Zeel said.

Dish TV is planning to pump in Rs 10 billion over the next two-and-a-half years through a mix of debt and equity. The company is looking at a 30-40 per cent debt component and is in talks to get in an equity investor