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FIPB Roundup: Unitech Wireless Deferred Again; Verdant, UTV, ZEEL, Dish TV, BenQ

UTV Software Communications will increase its shareholding to 85% by purchase of equity shares, however there will be no fresh FDI flow.

ZEEL’s attempt to uplink a TV channel under the non-news, current affairs category have received the green signal from FIPB, which has permitted it to transfer equity shares to an overseas company owned by its promoters who will uplink the channel.

Unitech Wireless‘ application to increase the foreign shareholding to 74% has been deferred yet again by the Foreign Investment Promotion Board. This is likely to delay, again, the inflow of funds from Telenor, into the new telecom operator, and may adversely impact rollout plans. No reason has been mentioned for the repeated deferring of the proposal. Telecom companies are allowed to raise upto 74 percent in foreign investment. We’ll update with more from Telenors financial results later this week.

Handset maker BenQ India‘s proposal to amend the foreign collaboration terms have been rejected and the FIPB has noted that it will not accept violations of test marketing conditions.

Dish TV‘s plans to  issue convertible bonds, convertible into equity shares to people living outside India are also delayed due to FIPB deferring its decision  on it.

Verdant Telemetry & Antenna Systems was given the go ahead to invest Rs. 0.75 crores in setting up a manufacturing plant to produce antennae, telemetry transceivers and other components for defence and aerospace firms.

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