The Ministry of Information and Broadcasting has declined its approval on the grounds that the proposed sale is not in conformity with the FM Radio Guidelines
BestMediaInfo Bureau | Mumbai | May 11, 2015
TV Today Network Ltd has informed Bombay Stock Exchange (BSE) that the Ministry of Information and Broadcasting (MIB) has declined the approval of sale of Oye FM on the grounds that the proposed sale is not in conformity with the FM radio guidelines.
TV Today had made the application to the Government of India seeking its approval regarding the sale of its radio FM business comprising seven radio stations under the Oye FM brand to Entertainment Network (India) Ltd (ENIL). The MIB order was issued on May 1, 2015, and was received on May 8, 2015.
Further, the statement to the BSE informed that the Committee meeting of senior officials was held on May 8 to take note of the said order. Keeping in view the said order, the Committee has considered and approved the amendment letter to the Non binding Memorandum of Understanding to be signed between the company and ENIL.
The Board further noted that in relation to the proposed sale of seven radio stations to ENIL, since time is of essence and with approval of the MIB getting delayed, hence in order to expedite the matter, an urgent writ petition in the High Court is listed for hearing to seek necessary relief.