Top Story

e4m_logo.png

Home >> Media - Radio >> Article

Millenium Broadcasting and Radio Mid-Day get stay on bank guarantees

30-August-2002
Font Size   16
Millenium Broadcasting and Radio Mid-Day get stay on bank guarantees

Two private FM operators have obtained an ad interim stay from the Bombay High Court on invocation of their bank guarantees by the government following their failure to pay the license fee for Delhi and Chennai FM stations by the August 29 deadline.

Millenium Broadcasting and Radio Mid-Day have obtained the stay anticipating the government to encash their bank guarantees of Rs 10 crore each in case they failed to deposit the license fee in time.

Official of one of the companies hoped that the case will be referred to an arbitrator in accordance with the terms and conditions of the contract. In view of the huge license fee for Delhi and Chennai, the business would have been completely unviable, the company source said.

Officials at the two companies said they had to take the decision as the government did not relent in extending the deadline till the stations were ready for operation. This has forced us to remain a single city player and operate only in Mumbai.

The ministry of information and broadcasting had already granted the FM radio players one extension when the deadline to pay the money was pushed back from December 2001 to August 2002.

Even while the FM players are unanimous that the FM radio license fee is too high, players such as Sun TV and Times of India owned Entertainment Network Ltd have already deposited the money with the government.

Tags

Kranti Gada joined the family business at Shemaroo in 2006 after a successful stint of over two years in marketing at Pepsi Co. She has been associated with the company for 12 years.

Exchange4media interacted with Jaspreet Chandok, Vice President and Head (Fashion) , IMG Reliance Pvt. Ltd on seamless brands integrations planned for Lakme Fashion Week, walking tall despite blazing trails like GST, demonetization and being a part of the larger cultural space

Their strategy to educate the consumers to make well informed decisions at all stages has worked out well.

Bobby Pawar, MD, CCO - South Asia, Publicis India, talks about his idea of chilling out

Launches third phase of TVC campaign ‘Think it. Done’

Based in Mumbai, Usha has nearly two decades of experience in the Indian media and entertainment sector and will serve as a strategic advisor to H+K’s diverse portfolio of clients with a special empha...

Report based on media channel data in 96 countries and detailed findings from the world‘s key ad markets, which between them account for approximately two-thirds of the value of global advertising tra...