- 1955: Cabinet committee bars foreign investment in print.
- 1994: A ministerial review wants the restriction revoked. Review never came up before Parliament.
- 1999: FEMA Bill cleared by Parliament, replaces FERA.
- May 2000: RBI issues FEMA regulations, prohibitingautomatic FDI in 13 sectors including print media, but imposing no restrictions on foreign portfolio investments.
- October & November 2000: Mid-Day Multimedia seeks and gets RBI approvals under these regulations for issuing shares to FIIs and NRIs from itsIPO.
- Feb 11, 2001: A newspaper raises questions about the IPO possibly violating policy barring foreign investment in print.
- Feb 12-15, 2001: Mid-Day decides voluntarily not to accept FII bids.
- Feb 16, 2001: Government gets RBI to amend the regulations, barring foreign portfolio investment in print.
Getting your Trinity Audio player ready...
Keeping the Foreign Hand at Bay
Keeping the Foreign Hand at Bay
