After the dramatic exit of Kumar Mangalam Birla, whose stake has been bought by adman Suhel Seth, Star's news operations on Wednesday received yet another week's extension to continue uplinking in the present format.
Officials in the ministry of information and broadcasting said Star had replied 'adequately' to almost all of the 15 queries it had posed last week and these will now be examined in detail by the inter-ministerial group of ministries of law and company affairs soon.
Meanwhile, Equus Advertising Co Ltd chief executive officer Suhel Seth has confirmed the acquisition of Kumar Mangalam Birla's 25 per cent equity in Star's uplinking venture - Media Content and Communication Services Ltd.
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This takes Seth's total exposure in MCCL to 30 per cent, they said, adding that Birla had communicated his decision to exit the venture to Star late on Tuesday night.
Star had earlier denied reports that Kumar Mangalam Birla had sold off his stake in MCCL.
Asked for confirmation of Suhel Seth picking up Birla's equity in the venture, Star India chief operating officer Peter Mukherjea had said from Mumbai, "We have been informed that Birla has decided to withdraw and now it is for the company's existing shareholders to look for an alternate."
"I am sure some way will be found," he said but did not confirm or deny whether one of the existing stake holders in the venture, Suhel Seth, was buying out Birla's equity in Star's news venture.
