Cabinet approves FM phase III auctions

Cabinet approves FM phase III auctions

New Delhi: The union Cabinet on Thursday approved auctions for the third phase of FM radio privatization from which it expects to raise Rs1,733 crore, Ambika Soni, minister for information and broadcasting, told reporters.

Shares of radio firms Reliance Broadcast Network, which owns Big FM, and Entertainment Network India rose on the news.

Maran attends Cabinet meeting

Textiles minister Dayanidhi Maran, who is in the eye of a storm in the wake of the CBI’s report to Supreme Court implicating him in the 2G spectrum scam, attended a meeting of the Union Cabinet and made no offer to resign.

A minister, who declined to be identified, replied in the negative when asked whether Maran has resigned or has offered to resign. He came a little late to the meeting which started at 1100 hrs.

On Wednesday, the CBI placed a status report on the 2G scam probe in the Supreme Court in which it alleged that Maran had “forced" Aircel owner to sell its stakes in favour of a Malayasian firm which was granted spectrum licence.