Latest news with #DayanidhiMaran
Mint
an hour ago
- Business
- Mint
SUN TV family feud explodes: What Dayanidhi Maran's legal notice to brother Kalanithi reveals
In a high-stakes family dispute, former Union Minister Dayanidhi Maran has issued a legal notice to his elder brother, Kalanithi Maran, accusing him of violating regulations and unlawfully transferring lakhs of shares of the Chennai-based Sun TV Group to himself. These shares are reportedly worth several thousand crores of rupees. Dayanidhi alleged that Kalanithi received ₹ 5,926 crore in dividends up to 2023 and an additional ₹ 455 crore in 2024. He alleged that 'the offences committed by you are continuous in nature and continue as on date.' Meanwhile, Sun TV Network Ltd, the company at the center of the dispute, reported a turnover of ₹ 4,544 crore and a net profit of ₹ 1,654.45 crore for the financial year 2024–25. Dayanidhi Maran has warned that he will approach regulatory and enforcement agencies—including the SFIO, SEBI, and ED—to initiate civil, criminal, and regulatory proceedings against his brother Kalanithi Maran and associates, including Kalanithi's wife, Kaveri Kalanithi. He has demanded that the ownership structure of M/s SUN TV Network Limited and all related entities be restored to their original form as of September 15, 2003, Times of India reported. Specifically, he called for the reinstatement of shares to their rightful owners: M.K. Dayalu Ammal, wife of the late Chief Minister M. Karunanidhi, and the legal heirs of the late S.N. Maran (Murasoli Maran). He has given a one-week deadline for compliance. Dayanidhi Maran recalled that the original parent company, M/s Sumangali Publications Private Limited, was incorporated on December 12, 1985, with only two promoters—M.K. Dayalu Ammal and Mallika Maran, wife of Murasoli Maran. At the time of incorporation, each held a 50% share in the company, according to a report by Times of India. When Murasoli Maran was critically ill in Sept 2003, and when it was clear he would pass away any moment, Kalanithi Maran allotted 12 lakh equity shares of M/s SUN TV Private Limited to himself without sufficient, proper valuation and fair consideration, and without obtaining consent from all other existing shareholders — the family of Maran and the family of Karunanidhi — at a face value of ₹ 10 each, it said. The offences committed by you are continuous in nature and continue as on date. Referring to Kaveri Kalanithi's remuneration, Dayanidhi Maran alleged that she unjustly enriched herself by drawing a salary of ₹ 87.5 crore annually. 'This reflects your deceptive scheme to siphon off and misappropriate company funds,' he stated in the legal notice. He further demanded that Kalanithi Maran and his wife, Kaveri Kalanithi, immediately return all monetary benefits, dividends, assets, and any form of income unlawfully received or appropriated from 2003 to the present, according to the TOI report. The legal notice was addressed to Kalanithi Maran, Kaveri Kalanithi, Ravi Ramamoorthy, Natarajan Sivasubramanian (chartered accountant), Sridhar Swaminathan (financial consultant), Swaminathan, and Sharad Kumar. Key Takeaways Family disputes can escalate into significant legal battles impacting large corporations. Regulatory bodies may become involved in personal disputes when financial misconduct is alleged. Ownership structures in family-owned businesses can be contentious and lead to long-term consequences.
Business Upturn
2 hours ago
- Business
- Business Upturn
Sun TV shares fall nearly 4% as legal battle erupts between Maran brothers over ownership structure
By Aditya Bhagchandani Published on June 20, 2025, 09:26 IST Shares of Sun TV Network Ltd declined nearly 4% on Friday, June 20, following reports of a legal tussle between the company's promoters—brothers Dayanidhi Maran and Kalanithi Maran. The drop in investor sentiment comes after Dayanidhi Maran, former Union Minister and DMK MP, sent a legal notice to his elder brother Kalanithi Maran, who is the chairman of the Chennai-based media conglomerate. According to the legal notice dated June 10, 2025, Dayanidhi has alleged 'fraudulent practices' by Kalanithi, including 'cheating and money laundering.' The notice also demands the restoration of Sun TV's shareholding to the original structure established in 2003, referencing the family legacy of their father, the late SN Maran (Murasoli Maran), and their mother MK Dayalu, wife of former Tamil Nadu Chief Minister M Karunanidhi. The notice has also been served to seven other individuals, including Kalanithi's wife, Kaveri Maran. Legal firm K Suresh of Law Dharma, based in Santhome, Chennai, has issued the notice. The stock's sharp decline reflects investor concerns around potential management instability and reputational risks stemming from the public family feud. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
The Hindu
3 hours ago
- Business
- The Hindu
Sun TV shares fall 4%, after MP Dayanidhi Maran's legal notice to Kalanithi Maran
Shares of Sun TV Network Ltd were down over 4% on Friday (June 20, 2025) morning, after DMK MP and former Union Minister Dayanidhi Maran's legal notice to his elder brother Kalanithi Maran, Chairman of Sun TV Network and others. The legal notice to Kalanithi Maran and his wife Kavery Kalanithi and others raised a dispute in share transactions which took place in 2003, reflecting a family dispute between the brothers. The legal notice called upon to restore the entire shareholding position of Sun TV Network and all other related companies to their original state as it stood on September 15, 2003, by reinstating the shares to the rightful owners and warned of initiating all appropriate civil, criminal, regulatory, and enforcement proceedings, if the demands are not complied with. Shares of Sun TV were trading down over 4% at ₹588 a share on the BSE, while it was down over 4% and trading at ₹586.40 a share on the NSE, on Friday's morning trade.
Time of India
3 hours ago
- Politics
- Time of India
Morning news wrap: Netanyahu warns Iran again; Bengaluru doctor threatens to crash plane over lost bag, and more
Israeli Prime Minister Benjamin Netanyahu has vowed to strike all nuclear facilities in Iran, declaring that he won't wait for US approval as tensions escalate in the Middle East. A bizarre scene unfolded at Bengaluru airport when a doctor threatened to crash an Air India flight if his bag wasn't found, causing delays and forcing crew to deboard him. Down south in Chennai, DMK MP Dayanidhi Maran has accused his brother Kalanithi, head of Sun Group, of massive financial fraud, stirring up a family-business feud. On the sports front, Lionel Messi has once again made headlines by leading Inter Miami to a historic win over a European club, marking a first for the MLS. The match showcased Messi's enduring brilliance on the field. Here are the top five stories of the morning: Netanyahu threatens strikes on Iran nuclear sites Israeli PM Netanyahu said Israel is prepared to strike 'every nuclear site in Iran' and 'eliminate Khamenei' without waiting for US approval. The remarks come amid soaring regional tensions. Read full story Chinese hackers spying on Russia for Ukraine war intel: Report A US-based cybersecurity firm says Chinese hackers have targeted top Russian government agencies to steal classified data related to the Ukraine conflict. The motive appears to be Beijing's strategic positioning. Read full story Bengaluru doctor threatens to crash plane over lost bag An Air India flight from Bengaluru to Surat was delayed after a doctor allegedly threatened to crash the aircraft if his bag wasn't located. Crew had to deboard him for security reasons. Read full story DMK MP Dayanidhi Maran accuses brother of fraud Chennai MP Dayanidhi Maran has filed a complaint against his brother Kalanithi, accusing him of defrauding him of ?100 crore through forged signatures and false agreements. Read full story Messi leads Inter Miami to MLS history Lionel Messi starred in Inter Miami's latest victory, this time against a visiting European side, helping the club secure a historic milestone in the MLS. Read full story
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Business Standard
15 hours ago
- Business
- Business Standard
Rift in Sun family: Dayanidhi sends legal notice to brother Kalanithi
Dayanidhi Maran accuses brother Kalanithi of fraud and demands reversal of shareholding changes in Sun TV Network dating back to 2003 Shine Jacob Chennai In yet another high-profile family dispute in the Indian corporate world, former Union Minister and DMK Member of Parliament Dayanidhi Maran has reportedly sent a legal notice to his brother Kalanithi Maran, accusing him of engaging in 'fraudulent practices,' including cheating and money laundering, during his tenure as chairman of media conglomerate Sun TV Network. According to a report by Moneycontrol, the legal notice—dated 10 June 2025—was served to Kalanithi Maran and seven other respondents, including his wife, Kaveri Maran. The notice was issued by K Suresh of Law Dharma, a litigation support firm, and calls for the restoration of Sun TV's shareholding to its 2003 levels. The company did not respond to queries from Business Standard. 'To take over the entire company and its assets for the personal benefit of No.1 and No.2 of you (Kalanithi and Kaveri Maran), No.1 of you orchestrated a deceptive and devious plan in active conspiracy with No.2 to No.8 of you. As part of executing your premeditated fraudulent scheme—taking advantage of the family's situation, especially when my client's father (Murasoli Maran) was critically ill—No.1 and No.2 of you commenced your first illegal activity in September 2003,' the notice alleges. The notice claims 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. According to media reports, Dayanidhi may also approach the Serious Fraud Investigation Office (SFIO) to seek a formal investigation into the matter.
