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NEW DELHI: The Finance Ministry has decided to defer the approval for induction of foreign equity in a company engaged in FM Broadcasting services for which approval was sought by South Asia Multi-Media Technologies of Mumbai.
No reasons were given by the Finance Minister P Chidambaram for deferring this proposal, even as he approved three other proposals for foreign direct investment in the field of information technology.
The approvals include induction of 100 per cent foreign equity by Russell Square Holding BV, the Netherlands, in Indian company Quasar Media Private Limited engaged in advertising besides other activities. Transfer of shares without any FDI/NRI inflow has been allowed to Wortal Technologies Bangalore by way of share swap, for the purpose of acquiring an US-based company Wortal Technologies Inc. The company is engaged in design and development of virtual web portal environments and internet presence technologies and applications.
