NEW DELHI: Indian media group NDTV said the country’s top investigation agency has blocked the proposed sale of its 20% share in Malaysia’s Astro Awani Network Sdn Bhd.
The transaction is being put on hold after the Central Bureau of Investigation (CBI) withheld its approval, New Delhi Television Limited said in a stock market statement on Friday.
“The company is currently examining the legal options available to it and will take the necessary action accordingly,” the company said.
The sale requires the approval of the Reserve Bank of India (RBI) and other authorities, said the company, which operates popular Indian news channel NDTV.
New Delhi Television Limited and its subsidiary NDTV Networks Limited had signed an agreement with Astro Entertainment Sdn Bhd in January this year for the sale of their 20% stake in the Malaysian network for RM8.5 million.