At least six masked men armed with iron rods, petrol cans and sharp-edged weapons attacked the studio of the Raajje television network, which is claimed to be supportive of former President Mohamed Nasheed, and set afire the seven-storey building after assaulting an unarmed guard.
The attack, which took place at about 4:45 am (4:15 IST), came as the Supreme Court is expected to rule whether to annul the first round of Presidential elections.
In a message on social networking site, media secretary to President Waheed, Masood Imad said, "The Government expresses concern and condemn the arson attack on the Computer Plus Show room and Shop and on the Raajje TV Studio located in the BKT Building in the early hours of today.
"We urge all parties to refrain from engaging in attacking and destroying private business and properties especially those of private citizens. We call upon all parties to sort out any differences amicably through civilised discussions and dialogue."
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Local media quoted officials of the channel as saying that all broadcast and transmission equipment along with computer systems had been totally burnt and destroyed.
The damage was said to be over USD 1 million and the channel was trying to set up at another location and will be on air soon, station's owner Akram Kamaludeen said.
Meanwhile, the hearing on suspended presidential elections which was scheduled to start at 2.30 PM (local time) has been deferred twice and is now likely to start at 8 PM.
Nasheed secured more than 45 per cent of the first round votes but fell short of the 50 per cent needed. A runoff between him and his closest rival Yaamin Abdul Qayyoom, brother of the country's former autocrat, was postponed by the Supreme Court after the third-placed candidate alleged fraud in the first round.
The international community, including India, has asked for ensuring the resumption of the political process in a manner that respects the will of the Maldivian people.