Rupert Murdoch's Star Group has offloaded 74 per cent stake in its news operations to resident Indians and subsequently submitted an application to the ministry of information and broadcasting for permission to uplink from India.
"Star Group has restructured News Channel business to be within the framework of the guidelines. In accordance to that, Star Group holds 26 per cent of the total paid-up capital in the Star News channel business. The balance 74 per cent is held by resident Indian," it said in a statement in New Delhi.
It said an application has been made to the I&B ministry for permission to uplink Star News from India, adding the application has been made as per guidelines issued by the government on March 26 this year on uplinking of news and current affairs channels.
The statement did not say who comprise the resident Indian shareholders of Star News nor was it clear on whether Star News has been hived off into a separate company.
When contacted, a Star India spokesperson said the application for uplinking has been made by Media Content and Communication Services, a new company floated for the purpose.
"It is in this new company that Star Group holds 26 per cent stake while the remaining 74 per cent is held by resident Indians," he said on phone from Mumbai.
Asked about the Indians who have acquired stake in the news channel, the spokesperson declined to comment.
However, industry sources said among the stakeholders in Media Content and Communication Services are Kumaramangalam Birla, Equus chief Suhel Seth, DSP Merill Lynch chief Hemendra Kothari, leading lawyer Rian Karanjiwala, Hindustan Times' Vir Sanghvi and ousted Britannia managing director's wife Maya Alagh.
They said most of these people have invested in their personal capacities and not through the companies they represent.
