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MSM to shift telecast operations from Singapore to India
MUMBAI: Multi Screen Media (erstwhile Sony Entertainment Television) is in the process of shifting the telecast operations of all its channels from Singapore to India, as it plans to simplify the tax structure.
Since its inception, all MSM channels—Sony Entertainment Television (SET), SAB, Max, Mix, Six and Pix—have been running from Singapore and the exercise is putting a lot of tax burden on the company.
“We have been telecasting from Singapore, but we are not reviewing the structure,” MSM chief financial officer Nitin Nadkarni said, without giving further details.
However, sources in the company confirmed to TelevisionPost.com that the company has already got approval from the Foreign Investment Promotion Board (FIPB), the High Court and the Reserve Bank of India (RBI) for the same.
“Only the Information and Broadcasting ministry’s permission is pending, which should not take much time. We are expecting to shift operations from 1 April,” the source added.
Following the shift, Singapore will be an offshore office of MSM India Pvt Ltd. The move is expected to save substantial tax for the company.
MSM is headquartered in Mumbai and the company’s business is run from India. It is headed by chief executive officer NP Singh.