Top Story

e4m_logo.png

Home >> Media – Print >> Article

Government caught unaware of RBI nod to FII funds

10-February-2001
Font Size   16
Government caught unaware of RBI nod to FII funds

The Mid-day Group’s claim that it has secured the permission of the Reserve Bank of India to offer shares in the company to Foreign Institutional Investors (FIIs) when it enters the capital market with a public issue has raised eyebrows in the Union ministries of finance and information & broadcasting.

Both the ministries said that they were unaware of any RBI decision to allow the FIIs to enter the print media and that they would look into the matter instantly. The reason why the Mid-Day group’s claim has provoked such responses from officials is that successive governments at the Centre have clearly stated that they oppose the entry of foreigners in the print media.

Media observers believe that allowing FIIs to acquire equity is equivalent to a back door entry for foreigners into the print media. They fear that the distinction that is sought to be made between FDI (by overseas corporate groups) and foreign portfolio investment (by FIIs) is little more than an attempt to blur the real issue. The government has unequivocally stated its stand against FDI in the print media—a stand which finds favour across the political spectrum.

Tags

Vijay Mansukhani, speaks to exchange4media about the resurgence of Onida, the scope of growth of consumer electronics market in India and the reasons why Indian consumer electronics brands don’t compete on a global scale

Projjol Banerjea opens up about hiring Anne Macdonald and GroupM's Rob Norman, and the brand's new identity

Meera Iyer tells exchange4media that in FY 2016/17, bigbasket clocked a revenue of Rs 1,400 crore. The online supermarket currently stands at 70,000 orders a day, with operations in 25 cities.

CMO, Kashyap Vadapalli on the start-up’s marketing play, why it has decided to stay away from IPL and response to its furniture rental apps

Meanwhile Radio City and Radio Mirchi ruled Bangalore and Kolkata respectively

Pankaj Belwariar, who recently resigned from the post of Vice President Marketing at Sakal Media Group, has now joined Rajasthan Patrika as the Head of Marketing in North and East region.

A look at Vivo’s ad campaign with their all-new brand ambassador Aamir Khan, which has fetched them a whopping 21 million views on YouTube