Music and Youth
FIPB puts off INX Music’s merger bid for 9X Jhakaas
NEW DELHI: In a setback, the Foreign Investments Promotion Board (FIPB) of the Finance Ministry has yet again deferred a decision on the proposal for the merger of the Marathi channel 9X Jhakaas into INX Music.
The proposal was by INX Music Private Limited to undertake the additional activity of broadcasting of a non-news and current affairs channel by merging 9X Jhakaas.
INX Music aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment. Its proposal had earlier been deferred in January this year.
In August 2014, INX Music had made a fresh application to get clearance from the FIPB for this purpose. This would have effectively meant that 9X Media would have been on course to transfer its channel Jhakaas to its subsidiary arm INX Music.
The FIPB also deferred again an approval sought by Insight Media City (IMC) India for uplinking and downlinking of general entertainment channel (non-news category) and up-linking and down-linking of news & current affairs channel (news category).
The proposed activities of IMC also includes production, sale and purchase of movies; conducting arts, educational and business events; establishing media education institute; production and sale of programme contents; operation of radio stations; and media support services such as consultancy & marketing services.
Earlier this year, the FIPB had deferred a proposal by IMC India for allotting shares to a non-resident Indian.
IMC was incorporated on 21 March, 2013. FIPB was informed that IMC has received inward remittance of Rs 2.40 crore from the NRI Alungal Mohammad and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians.
After the FIPB approval, 17.4 per cent of the total share capital in IMC India will be held by Mohammad, whereas the remaining 82.6 per cent will be held by resident Indians.
Meanwhile, the FIPB has approved a proposal by Integrated Databases India Limited (IDIL), Delhi, seeking permission to issue equity shares to Nikkei Business Publications, Inc., Japan, equivalent to 20 per cent of the shareholding of IDIL. This would involve foreign direct investment of Rs 7 crore.
It also cleared a proposal by Hubert Burda Media India for further infusion of capital by its parent company involving FDI of Rs 4.67 crore.
On the other hand, Springer (India) was allowed to transfer shares from Springer SBM Holding Limited, Mauritius to Springer Science +Business Media Singapore, Singapore.(NR-NR) not involving any FDI.
IPG Advertising and Business Services was allowed to convert into a limited liability partnership firm. No fresh FDI is involved.
MUMBAI: Mumbai is about to witness something it has never seen before. The Global Youth Festival arrives on 6-7 December at Jio World Garden with 15,000 attendees and 60-plus experiences sprawled across six sprawling arenas. On its sixth edition, this is no ordinary jamboree—it is a carefully orchestrated collision of wellness, adventure, arts, music, yoga and social change.
Chief Minister of Maharashtra Devendra Fadnavis will throw open the proceedings with a landmark ceremony, signalling the state’s backing for a movement that has already mobilised youth across 20-plus countries and 170-plus cities. The sheer scale is staggering: 500-plus volunteers powering the machine, 600,000-plus volunteer hours logged across previous editions, and millions of lives touched annually.
The speaker roster is formidable. Diipa Büller-Khosla and Dipali Goenka, chief executive of Welspun India, will share the stage with Malaika Arora in conversations spanning leadership, creativity and culture. Union Minister for Sports and Youth Affairs Mansukhbhai Mandaviya will also attend, reinforcing GYF’s reach into the corridors of power.
But this is not mere talk. The Solaris Mainstage promises concerts from renowned Indian artists. Innerverse delivers a 360-degree LED spectacle of art, technology and sound. The Love and Care Arena houses hands-on projects spanning women’s empowerment, child education, rural upliftment and animal welfare. India’s largest outdoor sound-healing experience awaits. An inflatable obstacle course, neon drifter karts and open-sky bouldering cater to thrill-seekers.
Some have branded GYF the “Coachella of Consciousness.” Others call it “India’s Largest Sober Festival.” Spiritual visionary Pujya Gurudevshri Rakeshji, who inspired the festival, will deliver the Wisdom Masterclass. Every rupee goes to charity.
After Mumbai comes Kolkata on 14 December. New York looms next year. For one weekend in December, Mumbai becomes the epicentre of youth-driven change—and nothing will be quite the same after.
Tickets available on BookMyShow. Visit youthfestival.srmd.org or follow @globalyouthfestival on Instagram.
