NEW DELHI: The Finance Ministry has rejected Hyderabad based VIL Media?s proposal to raise funds for a news and current affairs channel.

The Foreign Investment Promotion Board (FIPB) rejected the proposal filed by the company for induction of foreign equity to carry out the business of uplinking news and current affairs television channel.

Meanwhile, the Ministry said Pared Media and Entertainment?s proposal does not require any post facto approval since the company has deleted all reference to broadcasting. 

The company had sought post facto approval for induction of foreign equity to carry out the business of film production and distribution of films, cinemas, motion pictures, television entertainment, animation and internet portals.

The proposal involved foreign direct investment/non resident Indian inflows of Rs 19.1 million ($3.96 million), which has already been received.