Shares in Sun TV rallied a huge 7 per cent after the Delhi High Court allowed the company to take part in the e-auction for phase III of Radio FM.
The government it maybe noted had not given security clearance to the Sun TV Group. The clearance was not received by the Ministry of Home Affairs to the 33 TV channels of the Sun Group, which also impacted its bidding in the FM auctions.
The Madras High Court had last week asked that the results of the auction to be kept in a sealed cover till further orders and said the auction would be subject to the outcome of the main writ petition, challenging the denial of security clearance.
Shares in Sun TV have come crashing down from levels of Rs 465 to a 52-week low of Rs 259 after the Home Ministry struck down an Information and Broadcasting Ministry's proposal for giving security clearance to 33 television channels of Kalanithi Maran-promoted Sun TV Network, a move that could lead to cancellation of their broadcasting licence.
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