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Nimbus, IMC cases cleared amongst FDI approvals
NEW DELHI: The Indian government today cleared a clutch of media-related FDI proposals, including that of Nimbus Communications and the Hinduja-promoted Indusind Media Communications.
In the case of Nimbus Communications, the government has permitted transfer of shares representing 10.57 per cent held by an erstwhile overseas corporate body, Transatlantic Corp, to Americorp Ventures.
This means that 10.57 per cent shareholding in Nimbus is now held by Americorp. Government document state that there is no inflow of foreign investment.
This approved transaction will also lead to a change in the nature of foreign equity holding of the media and communications company as the shareholding will shift from an overseas corporate body to the Mauritius-based Americorp.
Transatlantic Corporation, also based in Mauritius, used to hold before the government approval over 4.3 million shares in Nimbus, which were acquired through foreign inward remittance under the automatic route of FDI policy.
The Mumbai-founded Nimbus is a company that operates in the media and entertainment space dabbling in activities like advertising, publicity, marketing consultancy/research, entertainment through music, dance, drama, movie, TV and other mass media communications.
Nimbus’ case was amongst the 29 foreign direct investment (FDI) cases approved by finance minister P. Chidambaram amounting to Rs. 1,470 million. These proposals related to ministries/departments of bio-technology, commerce, environment & forests, information technology, information and
broadcasting, etc.
The Indusind Media Communications (IMC) case envisaged allotment of equity shares in IMC to a foreign company (Kudelksi S.A. of Switzerland) against funds received in an escrow account in London.
Though the government today did not specify the amount of shareholding that Kudelksi will have in IMC, company sources said it is likely to amount to less than five per cent.
At a time in 2003 and 2004 when conditional access system (CAS) was a hot topic, IMC had entered into a deal with Kudelksi for supply of encryption technology and other related services for setting up a cable TV network for distribution of multi-channel information/entertainment package and other
value added services. The foreign company was also to supply IMC with the set top boxes.
Other media cases included that of editing, printing, sales and distribution of the Indian edition of the International Banking Systems Journal, produced by IBS Publishing of the UK and a proprietorship concern relating to production of motion and video films involving a non-resident Indian from Australia. Here
the FDI inflow will amount to Rs. 20 million.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
