Saturday, 19 September 2015

MIB lists out payment methodology for FM Phase III auction winners

The Ministry of Information and Broadcasting (MIB) has set out very strict the terms of payment for the successful bidders of the first batch e-auction for FM Phase III.
The Ministry has asked all bidders to refer to Clause 7.1 (Payment Methodology) of the Notice inviting applications dated March 2, 2015, in respect of the e-auction of first batch of private FM Radio Phase III channels.
Last date for payment of the bid deposit, that is, 25 per cent of the successful bid amount, is September 21, 2015, while the balance 75 per cent has to be paid by October 1, 2015.
If the initial bid deposit amount isn’t paid by September 21, then the EMD (Earnest Money Deposit) shall stand forfeited. Similarly, if a bidder fails to make the balance 75 per cent amount by October 1, then both the EMD and the bid deposit shall stand forfeited. Invariably, failure on both counts will lead to the MIB taking action against the offender.
As reported earlier, HT Media emerged as the highest bidder, paying Rs 169 crore for the 107.2 frequency spot in Delhi, while the group also bagged the frequency 91.9 in Mumbai for Rs 123 crore.
Among the 91 frequencies successfully auctioned, Entertainment Network India Limited (ENIL), which owns Radio Mirchi, won the maximum 15 frequencies, including key markets like Bangalore, Hyderabad and Ahmedabad.
Sourcehttp://cablequest.org/index.php/news/national-news/item/7869-mib-lists-out-payment-methodology-for-fm-phase-iii-auction-winners

Source: http://cablequest.org/index.php/news/national-news/item/7869-mib-lists-out-payment-methodology-for-fm-phase-iii-auction-winners

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