Further to that, the Committee of Senior Official at their meeting held on 19 December 2016 has now approved the initiation of procedural modalities with respect to proposal of migrating of its radio business from Phase-II to the FM Radio Phase-III, that would enable the Company for reorganisation of its radio business in accordance with the approval accorded by the Board of Directors.

Consequently, the Company shall not undertake the agreement to sell, which was to be entered into with Entertainment Network (India), for the sale of three Metro FM Radio stations, as was earlier approved by the Board in the meeting held on 13 November 2016.