The Ministry of Information & Broadcasting has approved publication of Indian edition of the foreign magazine ‘Fortune’ under title “Fortune India”, dealing with News and Current Affairs by M/s Business media private Limited, subject to the following conditions:




(i) That the Indian company shall obtain requisite approval to enter into financial arrangements (such as royalty payment etc.) with the owners of the foreign magazines as per the rules and regulations of the Government of India issued in the matter from time to time.
(ii) That at least 3/4th of the Directors on the Board of Directors of the Indian company M/s Business Media Private Limited and all key executives and editorial staff should be resident Indians.

(iii) That the applicant company shall obtain prior clearance from the Ministry of Information & Broadcasting of all persons not being resident Indians who are proposed to be inducted in the Board of Directors/Key Executives/Editorial Staff of the company.

(iv) That the applicant company shall inform the Ministry of Information & Broadcasting within 15 days of effecting any change in the composition of resident Indian Directors, key executives and editorial staff. Such a change would be subject to post facto approval of the Ministry of Information & Broadcasting.

(v) That the applicant company shall be liable to intimate the names and details of any foreigner/NRI/PIO proposed to be employed/engaged in the Entity for more than 60 days in a year, either as Consultant or as regular employee or in any other capacity. The Entity shall be liable to dispense with the services of such persons if subsequently found to be not cleared from security angle.

vi) That the applicant company shall inform about any subsequent change in the License Agreement/Financial Arrangement with the foreign entity for publishing Indian edition of the foreign magazine.

(vii) That M/s Business Media Private Limited shall comply with all the relevant laws and guidelines applicable to Indian Newspapers and their publishers.

(viii) The publisher would have to ensure compliance with all relevant Indian laws on the subject, failure of which would result in revocation of this approval.

(ix) That clearance as required under the Press and Registration of Books Act, 1867 be obtained from the Registrar of Newspapers for India.

(x) That clearance as required from Project Approval Board in the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry regarding royalty payments to Time Inc. 1271 Avenue of the America, New York, NY 10020-1393 shall be obtained by M/s Business Media Private Limited.

(xi) That the Government of India, Ministry of Information & Broadcasting shall have the right to suspend/withdraw/cancel the permission to the company for a specified period or for whole time, if the conditions specified in the grant of permission is violated or in public interest or in the interest of national security. (xii) The company shall stop publication of the Indian edition of the magazine whenever approval for such publication is suspended / withdrawn / cancelled by the Ministry of Information & Broadcasting.

(xiii) That the applicant company shall permit the Government agencies to inspect the facilities required for publishing Indian edition of foreign magazine, as and when required.




(xiv) That M/s Business Media Private Limited shall supply copies of every issue of the magazine “FORTUNE INDIA”, each to Director, Research Reference & Training Division, M/o Information & Broadcasting, Room No. 447, Phase-IV, Soochana Bhawan, Lodhi Road, New Delhi and to Director (IP), Ministry of Information & Broadcasting, Room No. 760, ‘A’ Wing, Shastri Bhawan, New Delhi so as to reach within a week of their publication.

Prior to this, ‘Spectator India’ and ‘Forbes India’ had also been permitted by the Ministry of Information & Broadcasting for publication in India.