Latest news with #SunTVNetwork
Business Standard
5 days ago
- Business
- Business Standard
Board of Sun TV Network approves acquisition of Northern Superchargers
At meeting held on 18 July 2025The Board of Sun TV Network at its meeting held on 18 July 2025 have approved the acquisition of 100% equity of Northern Superchargers, a Company registered in London, United Kingdom amounting to GBP 100.5 Completion of the acquisition of Northern Superchargers, it will become the wholly owned subsidiary of Sun TV by Capital Market - Live News
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
Time of India
09-07-2025
- Business
- Time of India
Uncle Stalin works out truce between Maran brothers
Chennai: A month after issuing a legal notice against his brother seeking a "fair share" in the profits of the Sun TV Network, MP Dayanidhi Maran on Sunday arrived at a truce with Sun TV Network chairman , thanks to the efforts of their uncle and chief minister M K Stalin. Tired of too many ads? go ad free now A source confirmed that Stalin mediated between the warring brothers and arrived at a compromise on Sunday evening. "It is true. He (Dayanidhi) will withdraw the notice," said the source. Dayanidhi sent a legal notice to his elder brother Kalanithi on June 10, accusing him of flouting rules and transferring to himself lakhs of shares of the Chennai-based Sun TV group, which are worth thousands of crores of rupees. Kalanithi had derived 5,926 crore as dividends till 2023 and another 455 crore in 2024, Dayanidhi said. This is not the first time that Stalin has played mediator within the family. In 2008, after a fall out between Karunanidhi's elder son M K Alagiri and the Maran brothers, Stalin with the help of his half-sister Kanimozhi, reunited the family. The legal notice to Kalanithi last month also recalls that soon after completion of the last rites of their father Murasoli Maran on Nov 24, 2003, "in family interest" and their mother's age, health and wellbeing, Karunanidhi, as head of the family, offered to mediate with Kalanithi, and asked if any arrangements had been made or decisions reached concerning the division of properties among the family members. Dayanidhi replied that his brother would take care of everything and will do all acts beneficial to the family as his father would have done. Years later, relations soured between the Maran brothers over their business holdings. The Sun TV Network reported a turnover of 4,544 crore for FY2024-25 and a net profit of 1,654.45 crore. Dayanidhi threatened to approach SFIO, SEBI, ED and other statutory organisations to initiate civil, criminal, regulatory and enforcement proceedings against Kalanithi and his associates, including his wife Kaveri Kalanithi, unless they restored Sun TV and all related companies to their original state as on Sep 15, 2003, by reinstating the shares to the rightful owners — M K Dayalu Ammal, wife of late CM M Karunanidhi, and the legal heirs of late Murasoli Maran within a week.
Time of India
09-07-2025
- Business
- Time of India
SUN TV row: MK Stalin works out truce between Maran brothers, Dayanidhi unlikely to pursue legal notice against Kalanithi
CHENNAI: A month after issuing a legal notice against his brother seeking a 'fair share' in the profits of the Sun TV Network, DMK MP Dayanidhi Maran on Sunday arrived at a truce with Sun TV Network chairman Kalanithi Maran , thanks to the efforts of their uncle and Tamil Nadu chief minister M K Stalin. A source confirmed that Stalin mediated between the two warring brothers and arrived at a compromise on Sunday evening. 'It is true, Mr Stalin talked to them and settled things amicably. He (Dayanidhi) will withdraw the notice,' said the source. A former Union minister, Dayanidhi Maran sent a legal notice to his elder brother Kalanithi Maran on June 10, accusing him of flouting rules and transferring to himself lakhs of shares of the Chennai-based Sun TV group, which are worth thousands of crores of rupees. Kalanithi Maran had derived Rs5,926 crore as dividends till 2023 and another Rs455 crore in 2024, Dayanidhi said. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai This is not the first time that Stalin has played mediator to smoothen out differences within the family. In 2008, after a fall out between Karunanidhi's elder son M K Alagiri and the Maran brothers, Stalin with the help of his half-sister Kanimozhi, brought about a reunion between his father and nephews. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like So sánh mức trượt giá: Hợp đồng tương lai (CFD) Bitcoin vs Ethereum IC Markets Tìm hiểu thêm Undo The legal notice to Kalanithi last month also recalls that soon after completion of the last rites of their father Murasoli Maran on Nov 24, 2003, 'in family interest' and their mother's age, health and wellbeing, Karunanidhi, as head of the family, offered to mediate with Kalanithi, and caringly asked if any arrangements had been made or decisions reached concerning the division of properties/business among the family members. Dayanidhi, according to the legal notice, replied that his brother would take care of everything and will do all acts beneficial to the family as his father would have done. 'Shockingly, instead of acting in the interest of the family members and other stakeholders, all of you expedited your malicious scheme,' the legal notice said, referring to Kalanithi and his advisors. Several years later, relations soured between the Maran brothers over their business holdings. The Sun TV Network Ltd reported a turnover of Rs4,544 crore for FY2024-25 and a net profit of Rs1,654.45 crore. Dayanidhi Maran threatened to approach SFIO, SEBI, ED and other statutory organisations to initiate civil, criminal, regulatory and enforcement proceedings against Kalanithi Maran and his associates, including his wife Kaveri Kalanithi, unless they restored Sun TV Network Limited and all related companies to their original state as on Sep 15, 2003, by reinstating the shares to the rightful owners — M K Dayalu Ammal, wife of late CM M Karunanidhi, and the legal heirs of late S N Maran (Murasoli Maran) within a week.
