Latest news with #KalanidhiMaran


Hans India
10-07-2025
- Business
- Hans India
Tamil Nadu CM Stalin Reportedly Mediates In Maran Brothers' Business Feud Over Sun TV
Tamil Nadu Chief Minister MK Stalin has reportedly stepped in to mediate a bitter family dispute between DMK MP Dayanidhi Maran and his elder brother Kalanidhi Maran, who serves as chairman and managing director of Sun TV Network. Sources suggest that the Chief Minister, who is also the uncle of the warring siblings, has counseled both brothers to settle their differences privately for the sake of family harmony. The intervention comes in the wake of escalating tensions between the brothers, which became public when Dayanidhi Maran issued a legal notice to his elder brother last month. The notice also named his sister-in-law and six other individuals in connection with disputed share transactions within the Sun TV Network that allegedly occurred more than two decades ago. Neither brother has officially confirmed the Chief Minister's involvement in attempting to resolve their dispute, leaving the extent of Stalin's mediation efforts unclear. However, the reported intervention highlights the significant nature of the conflict and its potential implications for both the family and the broader political landscape in Tamil Nadu. The legal notice filed by Dayanidhi Maran contains serious allegations against his brother, including claims of criminal breach of trust and fraudulent practices. The core of the dispute centers on allegations that Kalanidhi Maran improperly allocated 12 lakh shares of Sun TV Network Ltd. to himself on September 15, 2003, without following proper procedures for valuation, obtaining fair consideration, or securing consent from existing shareholders. The younger Maran brother has characterized these share transactions as illegal and a fundamental violation of shareholder rights. His legal notice goes beyond the initial share allocation issue, also alleging that approximately Rs 8,500 crore was invested in various domestic and international Real Estate Investment Trust funds and mutual funds using undisclosed resources without proper authorization or disclosure. The allegations extend to claims that regulatory filings with major financial institutions were misleading. Dayanidhi Maran has accused his brother of submitting fraudulent documentation to the Securities and Exchange Board of India, National Stock Exchange, and Bombay Stock Exchange, allegedly in collaboration with lead managers to facilitate the company's public listing. The legal notice demands significant remedial action, including restoration of the company's shareholding structure to its 2003 configuration and return of all dividends, assets, and monetary benefits that were allegedly misappropriated. The notice warns that failure to comply with these demands would result in comprehensive legal action across civil, criminal, regulatory, and enforcement domains. Sun TV Network Ltd. has strongly refuted these allegations through an official regulatory filing with the Bombay Stock Exchange. The company dismissed the claims as speculative, defamatory, and lacking factual or legal foundation. The company's statement emphasized that all corporate actions were conducted in compliance with legal requirements and had been properly vetted by relevant intermediaries before the public offering. The company's response also sought to minimize the potential impact of the dispute on its operations, noting that the allegations relate to events that occurred 22 years ago when Sun TV was a privately held company. The statement characterized the matter as a personal family dispute among promoters that does not affect the company's business operations or daily functioning. The timing of this family feud is particularly significant given the prominent positions held by both brothers in Tamil Nadu's political and media landscape. The dispute has the potential to create complications for the DMK party, of which Dayanidhi Maran is a sitting Member of Parliament, while also affecting one of South India's largest media conglomerates. The Chief Minister's reported intervention reflects the delicate balance required in managing family disputes that intersect with political and business interests. The outcome of this mediation effort could determine whether the brothers can resolve their differences privately or whether the dispute will continue to play out in legal and public forums.


India Today
10-07-2025
- Business
- India Today
Uncle Stalin plays family referee as Maran brothers clash over Sun TV shares?
Tamil Nadu Chief Minister MK Stalin is believed to have intervened in the ongoing dispute between DMK MP Dayanidhi Maran and his elder brother Kalanidhi Maran, the chairman and managing director of Sun TV Network. According to sources, the Chief Minister urged both brothers to resolve their differences amicably in the interest of the has been no official confirmation from either Dayanidhi or Kalanidhi Maran regarding the involvement by the Chief Minister – who is also their uncle – on the current status of the to mend the rift follow Dayanidhi Maran's move last month to issue a legal notice to his elder brother, sister-in-law, and six others. The notice objected to certain share transactions of the Sun TV Network dating back to 2003. According to the notice, Dayanidhi Maran has alleged criminal breach of trust and cheating, stating that on September 15, 2003, Kalanidhi Maran unlawfully allotted 12 lakh shares of Sun TV Network Ltd. to himself without proper valuation, fair consideration, or consent from existing shareholders. The notice termed the transaction illegal and a betrayal of shareholder further claimed that approximately Rs 8,500 crore had been invested in various domestic and international Real Estate Investment Trust (REIT) funds and mutual funds using undisclosed resources. These investments, the notice alleged, were made without authorisation or disclosure, with evidence drawn from savings account Maran also contended that a red herring prospectus filed with the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE), and Bombay Stock Exchange (BSE) was misleading and based on fraudulent documentation, allegedly in collusion with lead managers to facilitate the public listing of the has demanded that the company's shareholding be restored to its original structure as of 2003 and that all dividends, assets, and monetary benefits allegedly misappropriated be returned. The legal notice warned that failure to comply would result in appropriate civil, criminal, regulatory, and enforcement response, Sun TV Network Ltd. issued a clarification through a regulatory filing with the BSE on June 20. The company described the allegations as speculative, defamatory, and unsupported by facts or law. 'The statements allegedly made in the articles are incorrect, misleading, speculative, defamatory and not supported by facts or law. We wish to inform that all acts have been done in accordance with legal obligations and the same had been duly vetted by concerned intermediaries before the public issue of the company,' it TV further noted that the matter dates back 22 years, to a time when the company was a closely held private limited entity, and insisted the dispute had no impact on its operations. 'The matters alleged in the articles do not have any bearing on the business of the company or its day-to-day functioning and, being the family matter of the promoter, are purely personal in nature,' the statement read.- Ends IN THIS STORY#Tamil Nadu


India.com
22-06-2025
- Business
- India.com
Sunrisers Hyderabad owner Kavya Maran in trouble as SRH may now face..., money laundering allegations against...
Kavya Maran- File image Bad news for Sunrisers Hyderabad fans: In a matter of bad news for the fans of Sunrisers Hyderabad and Hyderabad CEO Kavya Maran, Kavya's father and owner of South India's big media company Sun Network, Kalanidhi Maran has been accused of money laundering. As per a PTI report, DMK Lok Sabha MP Dayanidhi Maran has accused his brother Kalanidhi Maran of 'financial crimes,' and asked him to restore the entire shareholding position of Sun TV and related companies to their original state or face legal and regulatory action.' The main dispute is regarding the shareholding of the Sun Network, which was equally split between the Maran and Karunanidhi families before 2003. As per the allegations, the company funds were misused to launch ventures like Sun Direct TV, Sun Pictures, an FM channel, and IPL team Sunrisers Hyderabad after 2003. Kalanidhi Maran accused of 'financial crimes' In the notice, Dayanidhi Maran has accused Kalanithi of committing 'fraudulent practices' and 'misgovernance' during the takeover of Sun TV. As per media reports, Dayanidhi Maran has alleged that his brother was involved in a series of 'calculated and coordinated financial crimes' including cheating and money laundering. If the allegations are proved, BCCI may take actions strict against Kavya Maran and her IPL team. 'White-collar criminality' Such acts amount to white-collar criminality of the highest order and have caused irreparable loss to the legitimate stakeholders of the companies in question, Dayanidhi alleged in the notice. Meanwhile, Sun TV said 'the alleged matter dates back to 22 years when the company was a closely held private limited company.' Following this development, Sun TV's stock fell as much as 5.25 per cent to Rs 580 in early trade on Friday. However, it later trimmed some losses to trade 3.41 per cent lower at Rs 591. Kalanithi Maran currently holds a 75 per cent stake in the company, which has a market capitalisation of Rs 24,124 crore. About Sun TV Network Sun TV Network runs television channels in seven languages including Tamil, Telugu, Hindi, and Bengali. It also operates FM radio stations across India and owns the IPL team Sunrisers Hyderabad and the Sunrisers Eastern Cape in South Africa's T20 league. (With inputs from agencies)


India Today
20-06-2025
- Business
- India Today
Sun TV rejects DMK MP Dayanidhi Maran's fraud charges as speculative, personal
The Sun TV Network Ltd. has issued an official response to reports surrounding a legal notice sent by DMK MP Dayanidhi Maran to his elder brother and media baron Kalanidhi Maran. The media company, in a statement, called the allegations speculative, defamatory and factually a statement released on June 20 through a regulatory filing with the Bombay Stock Exchange (BSE), the company said, 'The statements allegedly made in the articles are incorrect, misleading, speculative, defamatory and not supported by facts or law. We wish to inform that all acts have been done in accordance with legal obligations and the same had been duly vetted by concerned intermediaries before the public issue of the company.'advertisementSun TV further asserted that the matter being discussed stems from events 22 years ago, when the company was still a closely held private limited entity. It said the allegations have no impact on its operations. 'The matters alleged in the articles do not have any bearing on the business of the company or its day-to-day functioning and, being the family matter of the promoter, are purely personal in nature,' the company said. The clarification follows a serious intra-family dispute within the prominent Sun Group, after Dayanidhi Maran issued a legal notice to Kalanidhi Maran and seven others, accusing them of fraudulent conduct, including the unauthorised allotment of 12 lakh shares of Sun TV Network Ltd. on September 15, 2003, without proper valuation, fair consideration, or shareholder consent. The notice described the allotment as illegal and a breach of notice further claimed that investments totalling Rs 8,500 crore had been made in various domestic and international Real Estate Investment Trust (REIT) and mutual funds using undisclosed funds, citing evidence from savings account Dayanidhi Maran alleged that a red herring prospectus submitted to the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE), and BSE was based on fraudulent documents and filed in conspiracy with lead managers to secure public listing, misleading both regulators and has demanded that the company's shareholding be restored to its 2003 structure and has sought the return of dividends, monetary benefits, and assets received since then. The notice states that failure to comply could lead to civil, criminal, regulatory and enforcement action. IN THIS STORY#Tamil Nadu


Hindustan Times
20-06-2025
- Business
- Hindustan Times
Dayanidhi Maran sends legal notice to brother Kalanidhi over shares transfer
Dravida Munnetra Kazhagam (DMK) lawmaker Dayanidhi Maran has sent a legal notice to his brother and Sun Group chairman, Kalanidhi Maran, over the company's ownership and accused him of transferring shares worth thousands of crores to himself. The notice alleged Kalanithi Maran allotted 1.2 million equity shares of Sun TV Private Limited at ₹10 each in his name. It claimed this was done without sufficient, proper valuation and fair consideration. The notice said the allocation was done without obtaining consent from shareholders, the families of Murasoli Maran and DMK founder M Karunanidhi. '...[Kalanidhi Maran] allotted 60% of the shares without any consultation or approval from the existing majority/promoter original shareholders at face value of ₹10 each,' said the notice dated June 10. Dayanidhi Maran, a former Union minister, also sent the legal notice to his sister-in-law, Kaveri Kalanidhi, Sun TV's company secretary Ravi Ramamoorthy, and auditor Sivasubramanian. The notice said the 'illegal' activities started in September 2003, days after their late father and former Union Minister Murasoli Maran was brought back to Chennai from the US, where he was under treatment. It alleged that shares were transferred to their mother, Mallika Maran, without legal documentation following their father's death in November 2003. The notice said this enabled the eventual transfer of shares to Kalanidhi Maran. '...till September 15, 2003, No 1 of you [Kalanithi Maran] did not hold even a single share in the company.' The notice said he overnight become a majority shareholder with controlling interest. Sun TV was launched in 1993 from the DMK's headquarters in Chennai. It is now a major network owning 37 television channels in seven Indian languages, a Direct-To-Home broadcast service, 69 FM radio stations, three daily newspapers, six magazines, and two sports franchises. Dayanidhi Maran threatened to approach the Union government, the Board of Control for Cricket in India, and the Directorate General of Civil Aviation, seeking cancellation of Sun Group's licenses, Indian Premier League franchise, Sunrisers Hyderabad, and the operation of SpiceJet Ltd. Dayanidhi Maran alleged that his brother derived dividends of ₹5,926 crore until 2023 and ₹455 crore in the 2024 fiscal. 'Therefore, the offences committed by No 1 [Kalanidhi Maran] are continuous in nature and continue as on date,' the notice said. It alleged that Kalanithi Maran 'illicitly acquired' the shares of Karunanidhi's widow, M K Dayalu, using funds drawn from SUN TV Private Limited. The notice alleged that the company was in a healthy financial position. It cited the audited balance sheet and said the reserves and surplus of the company were at ₹253 crore as of March 31, 2003. The notice said there was no need for any external funding. In a notice in October 2024, Dayanidhi Maran alleged his brother issued a 'vague reply' and paid ₹500 crore to their sister, Anbukarasi Maran, through the bank account of their mother. 'This settlement and initial payment demonstrated your attempt to evade repercussions for the fraudulent activities you committed and to conceal your criminal actions,' the notice said. 'These payments have been made by you again by using the funds of M/s SUN TV Network Limited by way of dividends.'