A.K. Sikri, J. - The petitioner No.1 company (hereinafter referred to as the petitioner) is a wholly owned subsidiary of the petitioner No.2, which is one of its major shareholders and the other major shareholder being TV Today Network Group. Both the petitioner No.2 and TV Today Network own the India Today magazine and the twenty-four hours news channel Aaj Tak respectively.

2. The respondent Union of India, through the Ministry of Information and Broadcasting, had introduced its policy vide Notification dated 13.7.2005 regarding expansion of FM Radio Broadcasting through private agencies. The objective of such policy was to attract private agencies to supplement and complement the efforts of All India Radio by operationalizing radio stations that provide programmes with local content and relevance, improve the quality of fidelity in reception and generation, encouraging local talent and generating employment. The process of inviting tenders by way of such a bidding was divided into two phases. In the year 2005, 337 channels were put on bid, out of which 280 channels were successfully bid for. After scrutiny,- letter of intent was issued for operationalisation of 245 channe