Digital news outlets have until October 15, 2021 to reduce their foreign investments to 26%, the Ministry of Information & Broadcasting announced on Monday. Additionally, these companies have one month to share details of their foreign investors to ministry. This is a part of the government's enforcement of the 26% cap on foreign investments, which was notified in September 2019. The development comes just days after digital news media and streaming services were brought under the administrative control of the I&B ministry. It essentially marks the first real assertion of this control by the ministry. 'Submit all details within a month' Companies have been directed to submit the following details within a month from November 16, 2020. Details of company/entity and its shareholding pattern; names and addresses of directors and shareholders. Names and addresses of promoters, significant beneficial owners Whether they comply with the current FDI rules PAN, latest profit and loss statements, and balance sheet Companies that currently have more than 26% foreign investment have one month before which they have to the I&B ministry what steps they will take to bring this figure to below 26% before October 15, 2021. They will essentially have to seek approval from the ministry to continue functioning. Foreign employees in digital media need I&B approval In another major move, the ministry has given itself the power to scrutinise and approve foreign employees at these companies. Companies have to obtain security clearance for all foreign personnel likely to be deployed for more than 60 days in a…
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