Sun TV Shares Fall On Govt Decision to Challenge On FM Radio Auction

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, August 18, 2015, 9:57 [IST]

Shares in Sun TV fell after reports that the government has decided to challenge the decisions of the Madras and Delhi High Courts allowing Kalanithi Maran promoted Sun Group to participate in the FM radio phase-III auction.

According to a PTI report quoting Government sources instructions have been given for filing an Special Leave Petition in the Supreme Court for challenging the July 26 order of the Delhi High Court allowing Sun Network's Red FM to participate in phase-III of FM auction on July 27.

Shares in SUN TV which were trading lower by 3 per cent recovered somewhat and were last trading lower by 1 per cent at Rs 358.

Sources said one of the key grounds for challenging the two orders would be that the two high courts had not questioned the pendency of criminal charges against Sun group promoters and their implications on national security and economic security as a ground for denying security clearance.

With inputs from PTI