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FM Phase III: Govt gets Rs 263.97 crore as bid deposit post auction

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NEW DELHI: A total amount of Rs 263.97 crore has been received by the Government as bid deposits from successful bidders of e-auction of the first batch of private FM radio Phase III channels.

This is 25 per cent of the successful bid amount for a channel defined as bid deposit in the Notice Inviting Applications (NIA) of 2 March. 



 

Under the stipulated payment methodology by the Information and Broadcasting Ministry, successful bidders had to pay the bid deposits for winning channels within five calendar days of notification of auction results. 

The Ministry had notified 14 successful bidders for 91 channels in 54 cities of the first batch on 16 September.

Successful bidders will now have to pay the balance amount within 15 calendar days of the notification by 1 October. 

On receipt of full successful bid amount - Non-refundable One Time Entry Fee (NOTEF) - within the prescribed time, the Ministry will issue Letter of Intent to the bidders to enable them to complete further formalities.

The e-auction of the first batch of FM phase III comprising 135 channels in 69 cities had commenced on 27 July and concluded after 33 days of bidding on 9 September.

The Ministry had said while announcing the results of 91 channels in 54 cities that they do not include the results of the bids by Sun TV, South Asia FM and Kal Radio in  compliance with the orders of the Madras High Court.

It also said the Centre had decided to file a special leave to appeal in the Supreme Court against the order of 26 July of the Delhi High Court of Delhi in the petitions by Digital Radio (Mumbai) Broadcasting Ltd. & Digital Radio (Delhi) Broadcasting Ltd. respectively.

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