Kantar Market Research Services Pvt Ltd has 50 per cent shares in television rating agency TAM Media.
Justice Manmohan declined to stay the guidelines, which bar any single entity from having paid-up equity in excess of 10 per cent simultaneously in both a rating agency and a broadcaster, advertiser or advertising agency to ensure fair ratings.
The court said the policy has been made by a statutory body and needs to be respected.
According to the bench, it is inclined to give more time to the company to comply with the policy, but if Kantar wanted a stay it can go to a higher court.
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"If you want time, I can give you time. I am not inclined prima facie to stay the policy. I am not with you on stay. You are welcome to try your luck in a higher court," Justice Manmohan said.
The court also issued notice to the government, TRAI and the News Broadcasters Association which was today added as a party in the case and listed the matter for further hearing on February 11.
"If I (Kantar) violate the policy/guidelines, which law would I have violated? I would like to see under which law they (government) intends to implement the policy," Salve said.
He also contended that "it is a one-company policy", adding that if Kantar shuts shop, as directed under the guidelines for having paid-up equity in excess of 10 per cent, then there will be a blackout as far as ratings are concerned and questioned "why do they want no rating now at this stage".