The Ministry of Information and Broadcasting has declined to approve the sale of TV Today’s Radio FM business to Entertainment Network (India) Ltd (ENIL).
The former is owned by the India Today group, while the latter by the Times group.
In a BSE filing, TV Today Network said: “ With respect to the application made to Ministry of Information and Broadcasting (MIB), seeking its approval regarding the sale of Radio FM Business (Seven Radio Stations) to ENIL, MIB by their order dated May 1, received on May 8, has declined its approval on the grounds that the proposed sale is not in conformity with the FM Radio guidelines.”
The company said it reserves the right to seek appropriate legal remedy.
It said a meeting of committee of senior officials was held on May 8 to take note of the government’s 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,,” it added in the BSE filing.