Amid speculation that Kumar Mangalam Birla has divested his 25 per cent stake, Star India on Monday said he has not communicated any such decision till date and there was no question of submitting a revised shareholding pattern to the government.
The government had on Friday posed about 15 fresh queries to Star including the shareholding pattern of the new entity Media Content and Communication Services and asked for a copy of the shareholder agreements between Star and the Indian stakeholders in MCCS.
"Why should we submit a fresh application? Nothing has been communicated to us by Birla till date. So there is no change in the shareholding pattern of MCCS," a Star spokesperson told PTI on phone from Mumbai.
The government had made it clear that if reports that Birla has exited the new venture were true, Star would have to apply afresh with the new shareholding pattern. Till date, Star News has been given three weekly extensions to continue operations in the present format.
"We hope to reply to all the new queries the government has raised last Friday in a day or two," he added.
Meanwhile, Star is yet to respond to information and broadcasting ministry query seeking clarification on reports indicating that Kumar Mangalam Birla had offloaded his stake in MCCS, sources said in New Delhi.
Asked whether a new company had been floated for providing media infrastructure support to MCCS, the spokesperson said, "Touch Telecontent India Private Ltd is 100 per cent owned by Star India and its main business would be to provide media infrastructure support to MCCS".
Meanwhile, even the status of Birla in MCCS is not clear. Another media company Jain TV has evinced interest in equity participation in Star's news operations.
"We are not averse to the idea of acquiring equity in Star's news operations....technically, professionally and business wise, we are the most suitable partner for Star," Jain TV chief J K Jain said.
Jain said he is keen to partner with Star through a group company NSTPL, which is into video uplinking and has a running teleport in Greater Noida.
Of the 74 per cent equity Star offloaded in MCCS in favour of resident Indians, 25 per cent each has been picked up by Birla and DSP Merrill Lynch chief Hemendra Kothari.
Five per cent each has been bought by Hindustan Times' Vir Sanghvi, actor Jeetendra Kapoor and Maya Alagh. Lawyer Ryan Karanjawala has picked up another four per cent stake in Star's new venture.
