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Last date for application in auction of second batch of 266 FM channels in Phase III extended by one week
Thursday 28-July-2016, 08:39,
Last date for application in auction of second batch of 266 FM channels in Phase III extended by one week
Last date for application in auction of second batch of 266 FM channels in Phase III extended by one week

NEW DELHI: The last date for receipt of applications for the e-auction of the second batch of FM Radio Phase-III channels comprising 266 channels in 92 cities has been extended to 8 August 2016 by 5 pm.

Similarly in an amendment issued today, the Information and Broadcasting Ministry has extended the last date for issuing clarifications to 26 July 2016, Earlier, these dates were 1 August and 21 July 2016 respectively.

The auctions, which include 227 channels in 69 fresh cities and 39 channels in 23 existing cities which had remained unsold as there were no bids, are to be held around mid-September this year.

Changes in Networth Clause

The Ministry also made some changes in the networth requirements of applicants, which can be seen on its website mib.nic.in. Essentially, this does away with networth till 30 June 2016 but remains confined to three years or from incorporation till 31 March 3016. However, provisional financial statement will have to be given till 30 June 2016.

Recent increase in FDI increase included

Additionally, the Ministry made public some queires in the NIA and their answers from the Ministry. Among other clarifications, the Ministry said that the FDI Cap of 26% prescribed under FM Radio Phase III Policy guidelines of 25 July 2011 were being raised to 49% in accordance with the Ministry order of 21 July 2016.

As in the first stage, the e-auctions will be conducted by C1 India Private Ltd and the process will commenced on 20 June with the notice inviting applications (NIA).

A Pre Bid conference was held on 11 July 2016 at 2:30 PM and the last date for seeking clarifications on NIA was 14 July 2016 by 12:00 noon.

The last date for submission of Applications will be followed on 16 August with the publication of ownership details of applicants. The Bidder Ownership Compliance Certificate will be issued on 22 August 2016.

The Pre-Qualification of Bidders will be done by 1 September 2016 or completion of requisite formalities whichever is later, followed four to five days later by a Mock Auction.

The main auction will start four days after the mock auction.

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