Looking for quick buck in unlisted shares? Better think twice!
The rush for shares in initial public offerings (IPOs) is often greater than the crowd for tickets to Indian Premier League (IPL) cricket matches. Thanks to the decades old lottery system and the limited quantity that is offered, invariably most investors don't get any allotment. So, they have evolved a novel way – buy them in unlisted market well before they head to stock exchanges through an IPO. Some of the highest profits could be made only
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Time of India
11 hours ago
- Time of India
Looking for quick buck in unlisted shares? Better think twice!
The rush for shares in initial public offerings (IPOs) is often greater than the crowd for tickets to Indian Premier League (IPL) cricket matches. Thanks to the decades old lottery system and the limited quantity that is offered, invariably most investors don't get any allotment. So, they have evolved a novel way – buy them in unlisted market well before they head to stock exchanges through an IPO. Some of the highest profits could be made only
Economic Times
11 hours ago
- Economic Times
Looking for quick buck in unlisted shares? Better think twice!
The rush for shares in initial public offerings (IPOs) is often greater than the crowd for tickets to Indian Premier League (IPL) cricket matches. Thanks to the decades old lottery system and the limited quantity that is offered, invariably most investors don't get any allotment. So, they have evolved a novel way – buy them in unlisted market well before they head to stock exchanges through an IPO. Some of the highest profits could be made only
Hindustan Times
2 days ago
- Hindustan Times
Maran vs Maran: Sun TV family feud explained; what Dayanidhi said in legal notice to Kalanithi
Former Union minister and Dravida Munnetra Kazhagam (DMK) leader Dayanidhi Maran has accused his brother Kalanithi Maran of "financial crimes" since 2003 over Sun TV Private Limited, asking him to restore the entire shareholding position of the group and its related companies to their original state. The legal notice Dayanidhi sent to his brother alleged that Kalanithi Maran allotted 1.2 million equity shares of Sun TV Private Limited at ₹10 each in his name, with the claim that this was done without any proper valuation and fair consideration. Reportedly, Kalanithi did not own a single share in the company till September 15, 2003. According to the former Union minister, the "illegal" activities began 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 undergoing treatment, HT reported. Following Murasoli's death in November 2003, the shares were transferred to their mother, Mallika Maran, without any legal documentation. Dayanidhi has, however, alleged that Kalanithi transferred the shares to himself at ₹10 each just three days after Murasoli's death, which must be even before the issuance of the death certificate. The notice reportedly called the transfer void and fraudulent. Kalanithi allegedly derived dividends of ₹5,926 crore until 2023 and ₹455 crore in the 2024 fiscal. Dayanidhi said his brother's offences are 'continuous in nature and continue as on date'. The Sun TV Network's consolidated income for the 2024-25 financial year was ₹4,712.60 crore, down 1.55 per cent. Kalanithi Maran "illicitly acquired" the shares of their aunt and Karunanidhi's widow, MK Dayalu, using funds drawn from Sun TV Private Limited, the notice alleged. The notice read, "You and your accomplices have deliberately abused your fiduciary and professional obligations to commit a series of calculated and coordinated financial crimes." Dayanidhi alleged that such acts equate to white-collar criminality of the highest order, causing irreparable loss to the legitimate stakeholders of the companies in question. Dayanidhi's notice further alleged that the shares were allotted to Kalanithi without consent from stakeholders, i.e., the families of Murasoli Maran and DMK founder M Karunanidhi. The DMK leader also sent legal notices to his brother's wife, Kaveri Kalanithi, Sun TV's company secretary Ravi Ramamoorthy, and auditor Sivasubramanian. Kaveri is reportedly accused of drawing a salary of ₹87.5 crore annually. Dayanidhi has also threatened to approach the central government, the Board of Control for Cricket in India, and the Directorate General of Civil Aviation for action against the licenses of the Sun Group, Indian Premier League team Sunrisers Hyderabad, and the operation of SpiceJet Ltd. Sun TV was started in 1993 from the DMK's headquarters in Chennai, Tamil Nadu. Today, it is 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. According to the notice, the company was allegedly in a healthy financial position. Citing the audited balance sheet, it said the company's reserves and surplus were ₹253 crore as of March 31, 2003. The notice added that there was no need for any external funding. Dayanidhi Maran had also sent a notice to Kalanithi in October 2024, wherein he alleged that his brother issued a "vague reply", and paid ₹500 crore to their sister Anbukarasi Maran through their mother's bank account. "This settlement and initial payment demonstrated your attempt to evade repercussions for the fraudulent activities you committed and to conceal your criminal actions. These payments have been made by you again by using the funds of M/s SUN TV Network Limited by way of dividends," the notice added. Sun TV on Friday defended Kalanithi Maran against the backdrop of the allegations levelled by Dayanidhi Maran, saying that the division between the promoter family was done 22 years ago in compliance with all legal obligations. In a regulatory filing, the network said the agreements between the two brothers had been "duly vetted" by "intermediaries" concerned before the company's public issue. The Sun TV network's regulatory filing said, "The alleged matter dates back to 22 years when the company was a closely held private limited company. Statements allegedly made in the articles are incorrect, misleading, speculating, 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 added. The Sun TV Network also clarified that reports of rift between Maran brothers "does not have any bearing on the business of the company or its day-to-day functioning".
