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Indian Express
2 days ago
- Business
- Indian Express
SUN TV family feud: What are the allegations in Dayanidhi Maran's legal notice to brother Kalanithi
Former Union minister and DMK MP Dayanidhi Maran has served a legal notice to his elder brother, media baron Kalanithi Maran, alleging a series of fraudulent transactions since 2003 that the notice said had allowed Kalanithi to unlawfully gain control over SUN TV Network Limited. This brings the long-simmering inheritance dispute within one of Tamil Nadu's most influential political and business families to a legal confrontation. The legal notice, dated June 10, accused Kalanithi Maran and seven others, including his wife Kaveri, senior financial consultants, the family's chartered accountant, company officials, and close associates, of orchestrating what the it alleged was a calculated and unauthorised scheme to obtain a controlling stake in the family-promoted media enterprise. The method, it alleged, involved fraudulent share allotments, forged documentation, and corporate misgovernance. The legal notice was issued through Chennai-based advocate K Suresh of Law Dharma. According to the notice, the alleged transactions took place during the terminal illness of former Union minister Murasoli Maran, the father of Dayanidhi and Kalanithi. Murasoli Maran was in a coma and on life support from late 2002 until his death in November 2003. On September 15, 2003, just days after Murasoli Maran was brought back to Chennai from the United States, Kalanithi allegedly allotted to himself 12 lakh equity shares in the then SUN TV Private Limited at a face value of Rs 10 each, the notice alleged. It said this allotment — allegedly done without board or shareholder approval — was carried out while the company's valuation per share was between Rs 2,500 and Rs 3,000, and when its reserves and surplus exceeded Rs 253 crore. The notice alleged that this issuance of shares, which gave Kalanithi a 60% stake overnight, diluted the holdings of the original promoters — the families of Murasoli Maran and the late M Karunanidhi — from 50% each to just 20% each. The notice estimated that the fair market value of the shares at the time should have placed the total transaction at over Rs 3,500 crore, but Kalanithi allegedly paid only Rs 1.2 crore. The notice further claimed that this marked the beginning of a pattern of fraudulent acts. On November 26, 2003, just three days after Murasoli Maran's death and two days before the issuance of his death certificate, 95,000 shares in his name were allegedly transferred to his wife, Mallika Maran, without the legal heir certificate or proper authorisation, in violation of the company's Articles of Association. These shares were later transferred to Kalanithi, it said. Similar transactions are alleged to have taken place across other family-owned entities such as Kungumam Publications, Kungumam Nidhiyagam, and Kal Investments (Madras), all of which held a combined 2.85 lakh shares in SUN TV. These shares, too, were reportedly transferred to Kalanithi at Rs 10 per share. In contrast, shares purchased by him from M K Dayalu — former chief minister Karunanidhi's wife — were bought at Rs 3,173.04 per share in the same period, the notice said. The notice also challenged disclosures made in the Red Herring Prospectus filed before SUN TV's 2006 IPO. It alleges that a Rs 10.64 crore dividend shown as paid to Mallika Maran in December 2005 was never disbursed, and that the IPO prospectus concealed the true nature of prior internal share transfers. The notice claimed that proceeds from the alleged fraudulent transactions were used to fund investments in various ventures, including Sun Direct TV, Kal Radios, Kal Airways, Sun Pictures, South Asian FM, and cricket franchises like Sunrisers Hyderabad and Sunrisers Eastern Cape. These investments, the notice alleged, are 'proceeds of crime' under the Prevention of Money Laundering Act, 2002. The notice also cited specific bank accounts and claimed over Rs 8,500 crore was invested in Indian and international mutual and REIT funds. The notice estimated that Kalanithi received over Rs 5,926 crore in dividends between 2003 and 2023, and Rs 455 crore in 2024 alone. It also referenced a payment of Rs 500 crore made to the Marans' sister, Anbukarasi, in late 2024 following an earlier legal notice dated October 7, characterising it as an attempt to privately settle and suppress legal consequences. The payment, it alleged, was routed through Mallika Maran's account and funded by SUN TV dividends. The notice alleged that Dayanidhi, as a legal heir of Murasoli Maran, was denied his rightful share in the company and deprived of corresponding bonus shares, including nearly 6 crore bonus shares issued to Kalanithi in December 2005. It called for the restoration of the shareholding structure to its original status as of September 15, 2003, and the return of all dividends, assets, and proceeds derived since then to the original promoter families. The Maran family's influence spreads across politics and business. The late Murasoli Maran, a sharp political mind and the trusted nephew of the late DMK patriarch M Karunanidhi, laid the foundation for the family's rise. For over three decades, Murasoli was the party's voice in Delhi and a key architect of its national alliances. After his death in 2003, his sons took separate paths — Kalanithi Maran built a media empire and Dayanidhi entered politics. Kalanithi controls the Sun Group, a giant in South Indian television, newspapers, radio, cinema, aviation, and even cricket. Dayanidhi became a Union minister, pushing telecom reforms during the time of the UPA governments at the Centre. Later, however, he faced corruption charges. Their blood relation to the Karunanidhi family had meant that the Marans' many tussles and disputes used to be contained and resolved internally. This has seemingly changed in the years since Karunanidhi's death in 2018. Dayanidhi's legal notice invoked violations under multiple statutes, including the Companies Act (1956 and 2013), the Indian Penal Code (sections 406, 420, 467, 471, 120-B), the SEBI Act, and the Prevention of Money Laundering Act. It stated Dayanidhi's intent to approach the Serious Fraud Investigation Office under section 212 of the Companies Act and file complaints with SEBI, the NSE, BSE, Registrar of Companies, the Ministry of Information and Broadcasting, and the Directorate General of Civil Aviation. It also proposed to seek the cancellation of licences held by the Sun Group across print, broadcast, radio, aviation, and sports sectors, including its media channels, the Sunrisers IPL franchise, and SpiceJet Ltd. The notice further warned of possible prosecution against several senior professionals named in the document, including financial advisors, auditors, company secretaries, and former officials for their alleged role in enabling or covering up the transactions. Kalanithi Maran could not be reached for a response despite multiple attempts to contact him. Neither SUN TV Network Limited nor any of the other recipients of the legal notice have responded to the allegations. Both Dayanidhi Maran and Advocate Suresh were unavailable for comment.
Business Standard
2 days ago
- Business
- Business Standard
Orissa Minerals Development Company appoints Govt. Nominee Director
W.e.f. 11 June 2025 The President of India, vide Ministry of Steels order and in pursuance of the Articles of Association of OMDC Limited has appointed Shri S. Sharad Rao, Director, Ministry of Steel as Government Director on the Board of Directors of OMDC Limited w.e.f 11.06.2025 until further orders, vice Smt. Swapna Bhattacharya, Deputy Director General, Ministry of Steel.
Business Insider
14-06-2025
- Business
- Business Insider
Johnson Controls announces $9B increase to share repurchase program
The board of directors of Johnson Controls (JCI) has approved a $9B share repurchase authorization, adding to the $1.1B remaining as of the end of the second fiscal quarter under the share repurchase authorization previously approved in 2021. In implementing share repurchases, Johnson Controls may purchase shares in the open market or through a variety of methods as permitted by applicable securities laws and other legal requirements, including through the use of a Rule 10b5-1 plan, a tender offer or an accelerated share repurchase program or any combination of the foregoing. There exists no obligation under the share repurchase authorization to repurchase any particular amount of shares within any timeframe, and the manner, timing and amount of any purchase will be determined subject to an evaluation of the price of Johnson Controls' shares, general market conditions and other factors. Johnson Controls' authorization to repurchase shares does not have a set expiration date and may be amended, suspended or terminated at any time at Johnson Controls' discretion without prior notice. Johnson Controls currently expects to effect repurchases as redemptions pursuant to Article 3(d) of its Articles of Association.
Yahoo
13-06-2025
- Business
- Yahoo
Johnson Controls Announces $9 Billion Increase to Share Repurchase Program
CORK, Ireland, June 13, 2025 /PRNewswire/ -- The board of directors of Johnson Controls International plc (NYSE: JCI), the global leader in smart, healthy and sustainable buildings, has approved a $9 billion share repurchase authorization, adding to the $1.1 billion remaining as of the end of the second fiscal quarter under the share repurchase authorization previously approved in 2021. In implementing share repurchases, Johnson Controls may purchase shares in the open market or through a variety of methods as permitted by applicable securities laws and other legal requirements, including through the use of a Rule 10b5-1 plan, a tender offer or an accelerated share repurchase program or any combination of the foregoing. There exists no obligation under the share repurchase authorization to repurchase any particular amount of shares within any timeframe, and the manner, timing and amount of any purchase will be determined subject to an evaluation of the price of Johnson Controls' shares, general market conditions and other factors. Johnson Controls' authorization to repurchase shares does not have a set expiration date and may be amended, suspended or terminated at any time at Johnson Controls' discretion without prior notice. Johnson Controls currently expects to effect repurchases as redemptions pursuant to Article 3(d) of its Articles of Association. About Johnson ControlsAt Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet. Building on a proud history of nearly 140 years of innovation, we deliver the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offering. Today, with a global team of experts, Johnson Controls offers the world's largest portfolio of building technology and software as well as service solutions from some of the most trusted names in the industry. Visit for more information and follow @Johnsoncontrols on social platforms. INVESTOR CONTACT: MEDIA CONTACT:Jim Lucas Danielle CanzanellaDirect: +1 414.340.1752 Direct: +1 203.499.8297Email: Email: CONTROLS INTERNATIONAL PLC CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Johnson Controls International plc ("Johnson Controls") has made statements in this communication that are forward-looking and therefore are subject to risks and uncertainties. All statements in this communication other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In this communication, statements regarding Johnson Controls' future share repurchase activity are forward-looking statements. Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" and terms of similar meaning are also generally intended to identify forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Johnson Controls cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond its control, that could cause its actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: Johnson Controls' ability to manage macroeconomic and geopolitical volatility, including changes to laws or policies governing foreign trade, including tariffs, economic sanctions, foreign exchange and capital controls, import/export controls or other trade restrictions as well as supply chain disruptions; the ability of Johnson Controls to manage general economic, business and capital market conditions, including the impacts of trade restrictions, recessions, economic downturns and global price inflation; Johnson Controls' ability to develop or acquire new products and technologies that achieve market acceptance and meet applicable quality and regulatory requirements; the ability of Johnson Controls to execute on its operating model and drive organizational improvement; Johnson Controls' ability to successfully execute and complete portfolio simplification, including the completion of the divestiture of the Residential and Light Commercial business, as well as the possibility that the expected benefits of such actions will not be realized or will not be realized within the expected time frame; the ability to hire and retain senior management and other key personnel, including successfully completing Johnson Controls' Chief Executive Officer transition; the ability to innovate and adapt to emerging technologies, ideas and trends in the marketplace, including the incorporation of technologies such as artificial intelligence; fluctuations in the cost and availability of public and private financing for Johnson Controls' customers; the ability to manage disruptions caused by international conflicts, including Russia and Ukraine and the ongoing conflicts in the Middle East; managing the risks and impacts of potential and actual security breaches, cyberattacks, privacy breaches or data breaches, maintaining and improving the capacity, reliability and security of Johnson Controls' enterprise information technology infrastructure; the ability to manage the lifecycle cybersecurity risk in the development, deployment and operation of Johnson Controls' digital platforms and services; fluctuations in currency exchange rates; changes or uncertainty in laws, regulations, rates, policies, or interpretations that impact Johnson Controls' business operations or tax status; the ability to adapt to global climate change, climate change regulation and successfully meet Johnson Controls' public sustainability commitments; the outcome of litigation and governmental proceedings; the risk of infringement or expiration of intellectual property rights; Johnson Controls' ability to manage disruptions caused by catastrophic or geopolitical events, such as natural disasters, armed conflict, political change, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments; any delay or inability of Johnson Controls to realize the expected benefits and synergies of recent portfolio transactions; the tax treatment of recent portfolio transactions; significant transaction costs and/or unknown liabilities associated with such transactions; labor shortages, work stoppages, union negotiations, labor disputes and other matters associated with the labor force; and the cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Johnson Controls' business is included in the section entitled "Risk Factors" in Johnson Controls Annual Report on Form 10-K for the fiscal year ended September 30, 2024 filed with the SEC on November 19, 2024, which is available at and under the "Investors" tab. The description of certain of these risks is supplemented in Item 1A of Part II of Johnson Controls subsequently filed Quarterly Reports on Form 10-Q. Shareholders, potential investors and others should consider these factors in evaluating the forward-looking statements and should not place undue reliance on such statements. The forward-looking statements included in this communication are made only as of the date of this communication, unless otherwise specified, and, except as required by law, Johnson Controls assumes no obligation, and disclaims any obligation, to update such statements to reflect events or circumstances occurring after the date of this communication. 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The National
13-06-2025
- Business
- The National
Scottish football needs to say no to newco and get 'robust' governance
Nor was there an outcry when it emerged the SPFL had issued a 'formal waiver' which will allow the newco to take the place of the oldco in League Two next season, albeit with a five point deduction. It was a far cry from the outrage, anger and animosity which erupted far and wide when Rangers were forced, after HMRC were among those creditors who rejected a company voluntary arrangement, to go down the same road way back in 2012. The ill-feeling caused by that seismic event still lingers to this day. The fact that Dumbarton are, despite their long and proud history, a part-time provincial outfit with a small fanbase who have long languished in the lower reaches of the senior league set-up is largely responsible for the lack of hysteria. Read more: The majority of their own supporters, who have grown increasingly concerned about the motives of their enigmatic owners Cognitive Capital in recent years, are probably firmly in favour of the drastic move. Mario Laponte, the Canadian musician and entrepreneur who will own Dumbarton Football Club 1872 in its entirety, has publicly stated that he is not interested in using the land around the stadium for a lucrative property development. Hopes are high that 'Vintage', as he is known as a performer, will be an upgrade on what has gone before him. Anyway, this is not the first time that Dumbarton have started again. They ceased playing in 1901 and returned to action 1905. Suggestions they were a new club were swiftly dismissed by the SFA and the Scottish Football Combination so they could be fast-tracked into their competitions. This sort of chicanery, then, has aye been. Blair Nimmo, the experienced insolvency practitioner who was involved in the battles for survival which were waged by Airdrieonians, Hearts and Rangers during his professional career, was confident that Inverness Caledonian Thistle would bounce back in some capacity when the Highlanders went into administration in October last year. 'Virtually every club to go into administration in the past 20 years has survived in one form or another,' he said. 'Over the years, Rangers, Hibs, Hearts, Falkirk and Airdrie have all been bust. Gretna is probably the only one that didn't come back.' (Image: Mark Scates - SNS Group) There should, however, perhaps be more concern expressed about the plight of this ancient institution than there has been. Going out of business and starting up again as an entirely new entity, as a phoenix club, should never be regarded as a convenient solution to a complex problem. Having watertight safeguards in place which ensure things don't get to that stage would be a far better plan. That, of course, is far easier said than done. Rule 10.2, the so-called 'fit and proper' person test, in the SFA Articles of Association attempts to ensure that directors and owners are solvent, honest and competent. But there are ways to circumvent that process. Plus, perfectly reputable and well-meaning individuals can run into all kinds of issues once they become embroiled in the weird and wonderful world of soccer. Suggestions that Scottish football should follow the lead which has been taken by England and introduce an independent regulator prompt howls of derision in boardrooms across the land whenever they are aired. Directors and chairmen feel is that it is difficult enough running a club and breaking even already without some interfering busybody poking their noses in. They want to retain control. The cost involved in creating another level of bureaucracy also leaves many uneasy. Fraser Wishart, the chief executive of the professional footballers' union PFA Scotland, recently stressed that his organisation is against creating a regulator because it would drain the game of much-needed funds. However, Wishart offered an important caveat to that statement. 'That's dependent on the governance model changing,' he said. Clubs governing clubs is, for him and many others, unhealthy and leads to myriad problems. There are several sensible administrators who agree and feel passionately the game in this country urgently needs to put the greater good first. Read more: Ian McMenemy, the former Stenhousemuir chairman who served on a number of SFA and SPFL committees, is one of them. 'We can't achieve change because of our own self-interest,' he has said. 'A regulator might be able to help us unlock that by having that independent voice that takes all that on board and allows us to get to a point that is absolutely better for us.' Ian Maxwell, the SFA chief executive, told the health, social care and sport committee at Holyrood that governance procedures were 'robust' and 'fit for purpose' back in 2023. Since then, both Dumbarton and Caledonian Thistle have been plunged into existential crises. The latter only came through it because of the benevolence of a wealthy local businessman who was prepared to plough in over £1m of his own personal fortune. Many other clubs teeter on the brink amid a challenging financial climate. Whether Scotland should create an independent regulator is possibly a moot point. Maree Todd, the minister for drugs and alcohol policy and sport, refused to commit the government to creating one due to the exorbitant costs involved last year. There have been round table discussions since. But seasoned observers of MSPs, who have been reluctant to involve themselves in the regulation of the support since the Offensive Behaviour at Football and Threatening Communications (Scotland) Act 2012 was repealed seven years ago, aren't holding their breath. More, though, needs to be done than is currently the case or more, far more, Scottish clubs will be left staring into the abyss and facing the same difficult decision that Dumbarton have made.
