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Months after getting a favourable verdict from the court, Sun TV Network has finally got the formal approval from the government about its successful bidding in the first batch of auction for Phase III radio channels.
The Ministry of Information & Broadcasting (MIB) has announced South Asia FM Ltd, a group company of Sun TV Network, as a successful bidder in the first batch of e-auction of private FM radio Phase III channels.
The company won five frequencies, thus strengthening its presence in Surat, Amritsar, Patna, Chandigarh and Jammu. The network spent Rs 47.59 crore (Rs 475.9 million) for five channels.
In compliance with the Madras High Court order, the results of the first batch e-auction for South Asia FM Ltd were withheld after the Ministry of Home Affairs (MHA) denied security clearance to the company due to pending cases against its promoters/owners. However, the Madras High Court, via an interim order dated 23 July 2015, allowed the company to participate in the auction and directed the MIB to keep their auction results in a sealed cover.
The above WPs were disposed of by the HC vide its judgment dated 14 June 2016 with directions to declare the auction results and to allow the company to migrate to FM Phase III. The auction results have already been placed before the committee of secretaries (CoS) and have been approved by the MIB.
The ministry may also ask the company for the bid amount (NOTEF), 25% within five days and the rest within 15 days, as prescribed in the NIA.
The e-auction for the first batch of FM Phase III was held in August–September 2015. At the end of the first batch e-auction, 97 channels in 56 cities became provisionally winning with cumulative provisional winning price of about Rs 1,156.9 crore (Rs 11.57 billion) against their aggregate reserve price of about Rs 459.8 crore (Rs 4.6 billion).
MIB declares Sun TV subsidiary winner in first batch of FM Phase III auction | TelevisionPost.com
The Ministry of Information & Broadcasting (MIB) has announced South Asia FM Ltd, a group company of Sun TV Network, as a successful bidder in the first batch of e-auction of private FM radio Phase III channels.
The company won five frequencies, thus strengthening its presence in Surat, Amritsar, Patna, Chandigarh and Jammu. The network spent Rs 47.59 crore (Rs 475.9 million) for five channels.
In compliance with the Madras High Court order, the results of the first batch e-auction for South Asia FM Ltd were withheld after the Ministry of Home Affairs (MHA) denied security clearance to the company due to pending cases against its promoters/owners. However, the Madras High Court, via an interim order dated 23 July 2015, allowed the company to participate in the auction and directed the MIB to keep their auction results in a sealed cover.
The above WPs were disposed of by the HC vide its judgment dated 14 June 2016 with directions to declare the auction results and to allow the company to migrate to FM Phase III. The auction results have already been placed before the committee of secretaries (CoS) and have been approved by the MIB.
The ministry may also ask the company for the bid amount (NOTEF), 25% within five days and the rest within 15 days, as prescribed in the NIA.
The e-auction for the first batch of FM Phase III was held in August–September 2015. At the end of the first batch e-auction, 97 channels in 56 cities became provisionally winning with cumulative provisional winning price of about Rs 1,156.9 crore (Rs 11.57 billion) against their aggregate reserve price of about Rs 459.8 crore (Rs 4.6 billion).
MIB declares Sun TV subsidiary winner in first batch of FM Phase III auction | TelevisionPost.com
