TV Today Network has approached High Court with an urgent writ petition to expedite the sale of its radio stations to Bennet, Coleman and Company Limited (BCCL) promoted Entertainment Network India Limited (ENIL) as its permissions from the ministry of information and broadcasting are getting delayed, the company informed in a notification with the Bombay Stock Exchange. “Since time is of essence & 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 notification read.
Earlier in February, TV Today Network‘s board members have agreed to sell seven stations of its Oye FM to ENIL. TV Today informed that the company had entered into a non-binding memorandum of understanding with ENIL and that the sale is subject to contractual obligations and receipt of all necessary regulatory approvals including permissions from the ministry of information and broadcasting.
ENIL, which operates Radio Mirchi, has 32 stations operating in different cities all over India will get access to Oye FM which operates in Delhi, Mumbai, Kolkata, Jodhpur, Amritsar and Patiala. ENIL managing director Prashant Pandey earlier said that the acquisition is part of the company’s overall expansion plans and will also participate in the phase III FM auctions.
It’s worth noting that earlier in 2006, TV Today Network promoter, Living Media, sold the FM radio business under brand Red FM to a consortium of investors and later Kalanithi Maran’s Sun Network bought a stake in the company.