New Delhi, November 17: Issuing a notice to all the news websites, portals, aggregators, and digital media agencies, the I&B Ministry asked all the entities to comply with the Centre's earlier order permitting 26 % foreign direct investment.

 

 

 

According to the notice, the entities having foreign investment below 26 % may furnish intimation to the Ministry of Information and Broadcasting within one month from today providing details of the company, its shareholding pattern, and the names and addresses of its directors and shareholders.

 

The government has said that the companies, which have FDI exceeding 26%, will have to seek government approval and also bring foreign shareholding down to 26% by October 15th, 2021.

 

 

 

Moreover, the I&B Ministry has also directed such entities to submit the Permanent Account Number and the latest audited or unaudited Profit and Loss Statement and Balance Sheet along with the Auditor report.

 

The Ministry said every entity has to comply with the requirements of citizenship of the Board of Directors and the Chief Executive Officers. The entities are required to obtain security clearance for all foreign personnel likely to be deployed for more than 60 days in a year by way of appointment, contract or consultancy, or any other capacity for the functioning of the entity, prior to their deployment.

 

"Entities which, at present, have an equity structure with foreign investment exceeding 26% would give similar details as above to the ministry within one month from today, and take necessary steps for bringing down the foreign investment to 26 % by October 15, 2021, and seek approval of the ministry," the notice said.

 

In its notice issued on Monday, the ministry also said that any entity which intends to bring fresh foreign investment in the country has to seek prior approval of the central government, through the Foreign Investment Facilitation Portal of DPIIT, as per the requirements of the FDI policy of the government.

 

The Ministry said every entity has to comply with the requirements of citizenship of the Board of Directors and the Chief Executive Officers.Furthermore, the entities are required to obtain security clearance for all foreign personnel likely to be deployed for more than 60 days in a year by way of appointment, contract or consultancy, or any other capacity for the functioning of the entity, prior to their deployment.

The notice comes exactly a week after the Centre brought 'Over-the-top' (OTT) platforms under the aegis of the Ministry of Information and Broadcasting and gave it powers to regulate policies and rules for the digital space.