The Government today said it had approved the publication of an Indian edition of the British magazine Spectator, subject to conditions laid down by the Union Information and Broadcasting Ministry.
The edition, under the title of Spectator India, would deal with news and current affairs and would be published by Telegraph Publications Private Limited, an official press release said.
Telegraph Publications has been allowed to enter into financial arrangements, such as royalty payments, with the owners of the foreign magazine, subject to the rules and regulations of the government.
Telegraph Publications would have to inform the I&B Ministry within 15 days of effecting any changes in the composition of resident Indian directors or key executives and editorial staff. Such changes would be subject to post facto approval of the I&B Ministry, the release said.
The company is liable to intimate the names and details of any foreigners/non-resident Indians/persons of Indian origin proposed to be employed/engaged in the magazine for more than 60 days in a year, either as consultants or as regular employees or in any other capacity. The magazine will have to dispense with the services of such persons if they are subsequently found to be not cleared from the security angle.
The company will have to obtain prior clearance from the I&B Ministry of all persons who are not resident Indians and are proposed to be inducted in the Board of Directors or as key executives or editorial staff of the magazine.
At least three-fourths of the Directors of the Indian company and all key executives and editorial staff have to be resident Indians.
Spectator India is the second foreign magazine in the news and current affairs category to be allowed to publish an Indian edition. In May this year, Forbes India, published by Digital 18 Media Private Limited, had started publication.