New guidelines for uplinking - TV 18 seeks clarifications on 'Public shareholding'

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Television Eighteen (TV 18), which owns CNBC-TV 18, has sought
clarifications from the Information and Broadcasting (I&B) Ministry on how
the public shareholding of the company would be treated in the wake of the
new regulations stipulating the need for a dominant Indian shareholder.

According to the recently revised norms, permission would be granted only to
those cases where equity held by the largest Indian shareholder is at least
51 per cent of the total equity. However, in the case of TV 18, the Indian
promoters hold just 24.52 per cent while the public holds a higher 31.53 per
cent. Domestic financial institutions, banks and mutual funds hold about
12.61 per cent, private corporate bodies hold 6.42 per cent while foreign
institutional investors (FIIs) hold about 8.14 per cent.

Source:
http://www.thehindubusinessline.com/2003/09/12/stories/2003091202590100.htm