Technoglitch
Core Member
Sun Television Network (Sun TV) said that it is confident on receiving approvals from the Centre for its FM radio business, in which company invested around Rs 620.20 crore. Earlier, the Ministry of Broadcasting of the Government of India has refused to accept its applications and the issue was a matter of dispute in various courts.
The Group companies have earlier submitted applications to migrate their existing FM Radio licenses including six expired on March 31, 2015 and others expiring on various dates in 2016-17, from Phase II to the Phase III licensing regime along with applications for participating in the e-auction process for new FM Radio frequencies in the Phase III licensing regime.
"The company has direct/ indirect investments in FM Radio operations aggregating Rs 620.20 crore, the recoverability of which is dependent upon maintaining profitable operations", said Sun TV.
"The management is confident of receiving the required approvals in respect of the applications by the Group which would enable them to continue the operations of the FM Radio business profitably resulting in the recoverability of the Company's investments both direct and indirect," it added.
While the Ministry of Broadcasting has refused to accept its applications pointing out that they did not get a security clearance from the Home Ministry, the Group approached both Madras High Court and Delhi High Court for remedy and received favourable orders.
The Madras High Court, on June 14, 2016, has set aside the impugned orders of the ministry, dated July 15, 2015, which rejected the the applications.
Sun TV expects approvals from centre for its FM radio business | Business Standard News
The Group companies have earlier submitted applications to migrate their existing FM Radio licenses including six expired on March 31, 2015 and others expiring on various dates in 2016-17, from Phase II to the Phase III licensing regime along with applications for participating in the e-auction process for new FM Radio frequencies in the Phase III licensing regime.
"The company has direct/ indirect investments in FM Radio operations aggregating Rs 620.20 crore, the recoverability of which is dependent upon maintaining profitable operations", said Sun TV.
"The management is confident of receiving the required approvals in respect of the applications by the Group which would enable them to continue the operations of the FM Radio business profitably resulting in the recoverability of the Company's investments both direct and indirect," it added.
While the Ministry of Broadcasting has refused to accept its applications pointing out that they did not get a security clearance from the Home Ministry, the Group approached both Madras High Court and Delhi High Court for remedy and received favourable orders.
The Madras High Court, on June 14, 2016, has set aside the impugned orders of the ministry, dated July 15, 2015, which rejected the the applications.
Sun TV expects approvals from centre for its FM radio business | Business Standard News