MUMBAI: The wait for TV Today Network, which has been looking at selling its radio FM business to Entertainment Network (India) Limited (ENIL) is finally over, but not with the result that the network was expecting.

In a recent development, the Ministry of Information and Broadcasting (MIB) has declined its approval to TV Today Network to sell its radio FM business - Oye FM - to ENIL. The approval has been denied on the grounds that the proposed sale did not conform with the FM Radio Guidelines.

TV Today today said that the “application made to Ministry of Information and Broadcasting (MIB), Government of India seeking its approval regarding the sale of Radio FM Business [Seven Radio Stations] to Entertainment Network (India) Limited, MIB by their order dated 1 May, 2015, received on 8 May, 2015, has declined its approval on the grounds that the proposal sale is not in conformity with the FM Radio Guidelines.”

However, the company has reserved its right to seek appropriate legal remedy, as and when required.

Further, a committee meeting of senior officials was held on 8 May to take note of the said order. “Keeping in view the said order, the committee has considered and approved the amendment letter to the Non binding Memorandum of Understanding to be signed between the Company and Entertainment Network (India) Limited,” a statement from the company read.

It can be recalled that earlier in April, TV Today had approached the High Court with regards to the delay in MIB’s approval to sell the company's FM radio business to ENIL.

The network had then said, “In relation to the proposed sale of seven radio stations to Entertainment Network (India) Limited, since time is of essence and 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.”