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MSO applicants need to have positive net worth, says IMC

MUMBAI: The Inter-Ministerial Committee (IMC), which had met on 2 December to discuss the issue of net worth for grant of multi-system operator (MSO) registration, has decided that this net worth has to be positive.

IMC has not fixed any minimum monetary ceiling for grant of MSO registrations. It also decided that the net worth of existing registered MSOs applying for additional areas has to be positive.

According to the IMC, financial strength does not matter since an entity can take loan.

If an MSO requires Rs 25 lakh (Rs 2.5 million) to establish his business, he can take a loan from a bank. Government is providing loans without collateral to small entrepreneurs for starting any business.

Hence the net worth of the entity applying for MSO registration has to be positive, IMC noted.

For the purpose of net worth evaluation, the existing criteria of immovable/movable assets generally included in the net worth certificates submitted by the applicants will continue to be considered.

During the meeting, the IMC had discussed whether the net worth of an applicant should be considered for grant of MSO registration and, if yes, what the quantum of net worth should be for MSO registration. It also considered whether an applicant for MSO registration with negative net worth may be considered as eligible for MSO registration.

The IMC also brainstormed whether an entity already registered as an MSO for certain areas may be considered eligible for registration in extended areas even if his net worth is now negative.

The IMC meeting was attended by Mihir Kumar Singh, Joint Secretary (KA), Anju Nigam, Joint Secretary (B-11), Yogendra Pal, Advisor (DAS), and Shankerlal, Dy. Secretary (DAS) from the MIB. Also in attendance were officials from other ministries and departments.