MUMBAI: TV Today Network shall not undertake the agreement, entered into with Entertainment Network (India) Limited, to sell three Metro FM Radio stations, as was earlier approved by the board in its meeting held on 13 November 2015, according to a BSE filing.
TV Today had inked a deal to sell seven Oye FM radio stations to ENIL which operates Radio Mirchi. However, MIB did not approve sale of three stations and the matter went before the Delhi High Court.
Such sale agreement was subject to the approval of the MIB or an order from the Delhi High Court allowing the sale of Metro Radio stations whichever is earlier.
TV Today said it would now reorganise the radio business. The company would approach the Ministry of Information and Broadcasting to seek permission to migrate its radio business from phase II to phase III.
"The committee of senior officials in their meeting held on 19 December, 2016 has approved the initiation of procedural modalities w.r.t proposal of migrating its radio business from phase II to the FM radio phase III, that would enable the company from reorganisation of its radio business," TV Today said in a BSE filing.
"The migration fee will involve a total net capital expenditure of Rs 71.36 crore excluding other charges/interest and will be completed within three months," it added.