Advertising Agencies owe more than Rs 60 crore to various television channels for the period between April-July 2001. According to IBF the figures could be higher as the member channels have reported outstanding only with their top three or four defaulting agencies. IBF on its part will finish calculating the total dues by the middle of this month.
Last month, IBF had put an embargo on three advertising agencies - HTA and its media specialist Fulcrum with dues close to Rs 13 crore and McCann Erickson with dues worth Rs 17 crore. The embargo was lifted when the agencies promised to pay up within a specified period.
IBF, currently takes up the outstanding issue only with the member agencies of Advertising Agencies Association of India (AAAI). Very soon it plans to send notices and elicit dues even from the no-AAAI agencies which have defaulted.