Sun TV shares slide 5% on reports of Maran vs Maran feud; details here

Shares of Sun TV Network fell over 5 per cent on Friday after reports of a family dispute, with Chairman Kalanithi Maran receiving a legal notice from his brother and MP Dayanidhi Maran, alleging 'fraudulent practices'.
The media conglomerate's stock fell as much as 5.25 per cent during the day to ₹580 per share, the steepest intraday fall since April 7 this year. The stock pared some losses to trade 3.8 per cent lower at ₹588.9 apiece, compared to a 0.17 per cent advance in Nifty 50 as of 9:40 AM.
Shares of the company fell for the third straight day and have declined 8 per cent from its recent high of ₹643 apiece, which it hit last month. The counter has fallen 13.7 per cent this year, compared to a 5.08 per cent advance in the benchmark Nifty 50. Sun TV has a total market capitalisation of ₹23,331.78 crore, according to BSE data.
The former Union Minister and DMK Member of Parliament Dayanidhi Maran has sent a legal notice to his brother Kalanithi Maran, accusing him of engaging in 'fraudulent practices', according to reports. The MP alleges his brother of cheating and money laundering, during his tenure as chairman of the media conglomerate Sun TV Network.
The legal notice, served to Kalanithi Maran and seven other respondents, including his wife, Kaveri Maran, calls for the restoration of Sun TV's shareholding to its 2003 levels. The notice claimed that while Kalanithi held no shares in Sun TV in 2003, he now owns 75 per cent of the company.
It further alleges that this transition occurred due to a share transfer to their mother, Mallika Maran, without legal documentation such as a death certificate or legal heir certificate following the death of Murasoli Maran. The notice alleged that Kalanithi allotted 12 lakh equity shares to himself at ₹10 each on 15 September 2003, an 'illegal act of criminal breach of trust and cheating.'
Dayanidhi Maran will seek a government investigation by the Serious Fraud Investigation Office (SFIO), as these actions are serious crimes under company and criminal laws, according to reports. Kalanithi also alleged that Sun TV misled its stakeholders in its Red Herring Prospectus filed in 2006.
Sun TV Q4 results
The media firm posted a 10.4 per cent year-on-year drop in consolidated profit after tax (PAT) for the March quarter. The PAT stood at ₹371.77 crore, compared to ₹414.94 crore in the same quarter last year. The company's revenue from operations during the fourth quarter fell by 2.15 per cent to ₹940.59 crore, from ₹961.28 crore a year earlier.
For the financial year ending March 31, 2025, Sun TV recorded an 11.53 per cent drop in net profit, which stood at ₹1,703.64 crore. This was lower than the ₹1,925.80 crore reported the previous year.
About Sun TV
The company is engaged in producing and broadcasting satellite television and radio software programming in the regional languages. The company's flagship channel is Sun TV. The other major satellite channels of the Company are Surya TV, Gemini TV, Udaya TV, Sun Bangla and Sun Marathi. Presently, it is into the business of FM Radio broadcasting at Chennai, Coimbatore and Tirunelveli.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Time of India

2 hours ago

• Time of India

Kalpataru sells properties worth ₹2,727 crore in Apr-Dec FY25

NEW DELHI: Real estate developer Kalpataru Ltd, which will launch Rs 1,590-crore IPO next week, sold properties worth Rs 2,727.24 crore during April-December of the last fiscal on strong demand for housing and commercial assets. The company sold properties worth Rs 3,201.98 crore in 2023-24, according to its updated red herring prospectus (RHP) filed with Sebi. The latest document has updates till the third quarter of the 2024-25 fiscal only. Mumbai-based Kalpataru focuses on the development of residential, commercial, retail and integrated township projects. It is also into the redevelopment of societies. The company has fixed a price band of Rs 387 to Rs 414 per share for its Rs 1,590 crore initial public offering (IPO), which will open for public subscription on June 24 and conclude on June 26. The bidding for anchor investors will open on June 23. The company's IPO is entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer for sale (OFS) component. It proposes to utilise funds for the payment of debt and for general corporate purposes. At the upper end of the price band, the company is valued at around Rs 8,500 crore, brokerage houses said. Kalpataru Ltd Managing Director Parag M Munot expressed confidence that the company's IPO would be successful despite global conflicts and economic uncertainties. He noted that India's growth story is intact, driving demand across sectors, including real estate. Munot said the company has a huge portfolio of nearly 50 million square feet, which includes 25 million square feet of ongoing projects, 16 million square feet of forthcoming, and nearly 8 million square feet of projects at the planning stage. Kalpataru is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra. Since its inception, the company has completed 75 projects, comprising 16 million square feet. While a majority of the company's projects are located in the MMR and Pune (Maharashtra), it also has projects in Hyderabad (Telangana) and Noida (Uttar Pradesh). Kalpataru Group was established in 1969 by Mofatraj P Munot. The group has a multi-national presence and has operations in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management. Further, Kalpataru Projects International Ltd is listed on the NSE and BSE.

Business Standard

3 hours ago

• Business Standard

Interarch Building bags Rs 80-cr order from Ather Energy

Interarch Building Solutions announced that it has secured an order worth Rs 80 crore from Ather Energy for the design, engineering, manufacturing, supply, and erection of pre-engineered steel building systems. The project, valued at Rs 80 crore, is scheduled for completion within nine months, with a 10% advance to be paid along with the order. Interarch Building Solutions provides turnkey pre-engineered steel construction solutions in India. Ather Energy is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems. On Friday, shares of Interarch Building Solutions added 1.43% to close at Rs 2,061, while shares of Ather Energy rose 0.53% to end at Rs 320.75 on the BSE.

India Today

3 hours ago

• India Today

FASTag annual pass at Rs 3,000: How to activate, full process, validity and more

Nitin Gadkari, the Union Minister of Road Transport & Highways, has announced a new FASTag annual plan. The new plan brings several additions to how the FASTag was used previously. According to the new FASTag annual plan, users now have an option to recharge for at least Rs 3,000 and this will cover a whole year or 200 trips, whichever comes earlier. The minister said the new system, designed solely for private non-commercial vehicles like cars, jeeps, and vans, aims to tackle the 'long-standing issues' linked to toll he assured that users would save a minimum of Rs 7,000 per pass, with the average cost of passing through a toll plaza coming down to just Rs 15. Set to come into effect on August 15, 2025, how does this new scheme work? Let's take a look at all the necessary details of the FASTag annual the FASTag annual plan a mandate?First things first, this new FASTag annual plan is not a mandate. It is just another scheme, aiming for smooth travel and avoiding stuck ups at the toll. This means that the current FASTag system will remain unchanged. Those who choose not to purchase the Annual Pass can continue using their FASTag for standard toll payments, with charges applied according to the usual rates at each toll annual plan: Pricing and validityadvertisement As mentioned, the new FASTag annual plan costs at least Rs 3,000 a year. Once the pass has been used for either 200 journeys or has been active for a full year, whichever comes first, it will automatically revert to standard FASTag functionality. However, motorists who reach the 200-trip limit before the year is up will have the option to purchase a fresh annual pass straight pass is strictly tied to the specific vehicle on which the FASTag is registered, and cannot be transferred to another. At toll points that charge based on location, each crossing counts as a single trip, with return journeys registering as two. In the case of closed toll systems, one complete entry and exit will be considered a single said, a notification released by the Ministry states that the fee for the pass may be adjusted annually, with any revisions taking effect from April 1 each year. Hence, the minimum prices will probably increase (or perhaps decrease) starting every fiscal to activate FASTag annual plan?The pass will be activated only after the vehicle's eligibility and its linked FASTag have been verified. Once approved, the user must pay Rs 3,000 for the base year 2025–2026 via the Rajmargyatra mobile app or the NHAI website. After the payment is processed, the Annual Pass will be enabled on the registered FASTag, and the user will receive SMS updates about the who already have an existing FASTag account do not need to buy a new one, as the Annual Pass can be added to their existing tag, provided it meets the necessary conditions. This includes being correctly affixed to the vehicle's windscreen, linked to a valid registration number, and not being blacklisted.