NEW DELHI: The proposal by INX Music to undertake the additional activity of broadcasting of a non-news and current affairs channel as proposed scheme of arrangement has been deferred by the Foreign Investments Promotion Board of the Finance Ministry (FIPB).

INX Music aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment.

The FIPB has also deferred a proposal by Insight Media City for allotting shares to a non-resident Indian.

IMC was incorporated on 21 March 2013. FIPB was informed that IMC has received inward remittance of Rs 2,40,00,052.05 from the NRI Alungal Mohammad and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians.

After the FIPB approval, 17.379 per cent of the total share capital in Insight Media City will be held by Mohammad and the rest 82.621 per cent by resident Indians.