MUMBAI: The Information and Broadcasting Ministry (I&B Ministry) has informed BSE that Entertainment Network (India) Ltd (ENIL), which runs Radio Mirchi, has received a nod from the Ministry to acquire four TVTN (TV Today Network Limited) radio stations i.e. radio businesses in Amritsar, Jodhpur, Patiala and Shimla. Following the announcement, the shares of ENIL witnessed a surge of 17 per cent.
However, the sale of radio stations in Delhi, Mumbai and Kolkata have not been approved, as ENIL cannot hold more than one radio license in a particular city, informed TV Today Network Limited to BSE.
It also informed the BSE that “The said purchase shall be subject to fulfilment of conditions specified by the MIB, execution of relevant documents with TVTN and completion of all other relevant formalities.”
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The first communication on the acquisition approval went out on 13 February 2015, which the MIB had not approved on several occasions. MIB had declined its approval on the grounds that the proposed sale by TVTN and proposed purchase by the Company is not in conformity with the FM Radio Guidelines.
In the past, both companies approached the High Court in order get a speedy approval on the case.
