A proposal by the Mauritius-based Delgrada Ltd, a financial collaborator of Zee Telefilms Ltd, to pledge 50 million equity shares of the media company to Credit Suisse First Boston (CSFB), Singapore, for a term loan of $40 million, has been put on the backburner by the Foreign Investment Promotion Board (FIPB).
The FIPB reasoned that the proposal was for a future transaction