RadioandMusic
| 19 Jan 2022
TV Today Network Ltd approaches High Court for speedy decision on Oye FM

MUMBAI: TV Today Network Ltd informed the BSE that it has approached the High Court with regards to the delay by the Ministry of Information and Broadcasting's (MIB) approval to sell the company's FM radio business-Oye FM (seven radio stations) to Entertainment Network (India) Limited (ENIL).

According to the note published on BSE, TV Today Network Ltd stated that the Board noted "that in relation to the proposed sale of seven radio stations to Entertainment Network (India) Limited, 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."

The application was filed by the company to MIB on 16 February, 2015.

With the Phase III auctions nearing, it looks like the company is trying to speed up the approval.

TV Today CEO Ashish Bagga, refused to comment on this decision taken by the company.

On 13 February, TV Today Network Ltd informed BSE that the Company had entered into a non-binding memorandum of understanding with ENIL (Entertainment Network India Limited) and that it was awaiting all necessary regulatory approvals including permissions from the Ministry of Information and Broadcasting, Government of India.