NEW DELHI: Sony Pictures has been permitted by the Competition Commission of India (CCI) to buy out the Indian promoters in Multi Screen Media as it feels that the "proposed combination is not likely to have an appreciable adverse effect on competition in India".

The Commission gave its approval under Section 31 (1) of the Competition Act, noting that the approval is without prejudice to any other legal/statutory obligations and will stand revoked if the information provided by the parties is found to be incorrect.

The Commission said: "Upon consummation of the proposed combination, the shareholding of Sony In MSM will increase from 62 to 94.39 per cent and thereafter, the acquirers will make MSM India undertaken any action including those mentioned in the Shareholders Agreement for which currently the consent/approval of the sellers - Atlas Equifin and Grandway Global Holdings would be required."

Thus, the combination will result in transfer from joint to sole control for the purposes of the Combination Regulations.

Sony Pictures Television (SPT), a wholly owned subsidiary of the US-based Sony Pictures Entertainment, had in June inked a deal with these shareholders to acquire 32 per cent stake for $271 million.

The seven Indian promoters, including Singapore-based investment banker Rakesh Agarwal, Shemaroo Films managing director Raman Maroo, World Media Group‘s Sudesh Iyer, actor Jackie Shroff and businessman Sadanand Sule, together own 32 per cent in the broadcaster via their consortium company Atlas Equifin and Grandway Global Holdings.

After the acquisition, the remaining six per cent will be held by international fund Capital International Group.

The deal is subject to government approval and the transaction will be completed by the end of December.

According to MSM CEO Manjit Singh, acquisition of the shares will be made in stages, with $145 million (about Rs 8.09 billion) expected to be paid by SPT by the end of December. The remaining $126 million will be paid in three equal annual installments starting from the fiscal year ending March 2014.

MSM runs eight channels: Sony TV, Max, Sab, Sony Pix, AXN, Animax and the recently launched music channel Mix and sports channel Six.

MUMBAI: Multi Screen Media (MSM), the Indian arm of the Sony Pictures Television International (SPTI), has appointed Smriti Krishna as its senior vice president and head of human resources.

Krishna moves from for NBC Universal Asia Pacific where she was VP and head of HR based in Singapore. Prior to NBCU, she has worked in New York, Tokyo and India with the General Electric Company (GE) and its affiliates in HR leadership roles. 

MSM CEO Man Jit Singh said, "We are glad to welcome Smriti Krishna to the MSM family. We are confident that Smriti?s experience in human resources and her global perspective will contribute to the growth of our network and our people. We wish her all the best for her new role."

Krishna comes with a rich background in human resources. She had started her career with Xerox India before joining GE in 2000.