New Delhi: The government on Monday directed entities involved in uploading/streaming of news and current affairs through digital media and having below 26 percent FDI to furnish details to the Information and Broadcasting Ministry within one month, an official spokesman said.
‘’The Union Government had on September 18, 2019, permitted 26 percent FDI under Government approval route. The Ministry today laid out the detailed actions to be undertaken by eligible entities to comply with this decision within a month,’’ the spokesman said.
Under the government directions, the entities having below 26 percent FDI have to furnish details of the company / entity and its shareholding pattern along with the names and addresses of its Directors / shareholders and names and address of Promoters/Significant Beneficial Owners.
The details to be furnished also include confirmation of compliance with pricing, documentation and reporting requirements under the FDI Policy, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019, along with copies of relevant reporting forms in support of the past/existing foreign investment and downstream investment(s).
Permanent Account Number (PAN) and the latest audited/unaudited Profit and Loss statement and Balance Sheet alongwith the auditor report are also to be submitted.
Entities which, at present, have an equity structure with FDI exceeding 26 percent, will also have to give similar details and take necessary steps to bring down the foreign investment to 26 percent by October 15, 2021 and seek approval of the I and B Ministry.
