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 5 pm of 8 August 2016.

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

Recent increase in FDI increase included
Additionally, the ministry made public some queries in the NIA and their answers from the ministry. Among other clarifications, the ministry said that the FDI cap of 26 per cent prescribed under FM Radio Phase III Policy guidelines of 25 July 2011 were being raised to 49 per cent 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 commence 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 noon, 14 July 2016.

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 on 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.