Latest news with #Kalanithi
Time of India
2 hours ago
- Business
- Time of India
Kalanithi bought 12 lakh shares for Rs 1.2 crore when value was Rs 3,500 crore: Former Union minister Dayanidhi Maran big allegation against elder brother
CHENNAI: Former Union minister Dayanidhi Maran has accused his elder brother and media baron Kalanithi Maran of acquiring 12 lakh shares of Sun TV Private Limited in 2003 for just Rs 1.2 crore, despite their actual value being around Rs 3,500 crore at the time. In a legal notice, Dayanidhi alleged that Kalanithi did so without proper valuation, consent from other shareholders, or any fair consideration — thereby unlawfully becoming the majority shareholder overnight. According to the notice, till September 15, 2003, Kalanithi did not hold a single share in the company. However, during the critical illness of their uncle Murasoli Maran in September that year, Kalanithi allegedly allotted the shares to himself at a face value of Rs 10 each, diluting the original promoters' holdings. Dayanidhi claims this act was fraudulent and a breach of fiduciary duty. The notice states that shares were transmitted from group companies just three days after Murasoli Maran's death on November 23, 2003 — even before his death certificate was issued. 'There could not have been any legitimate death certificate or legal heirship certificate available to any party on November 26, 2003,' the notice said, calling the transfer void and fraudulent. Dayanidhi has accused Kalanithi of using this control to divert company funds, including purchasing shares from their aunt Dayalu Ammal for Rs 100 crore using Sun TV's own funds. He alleges that the company's first-ever dividend was declared fraudulently in 2005 to finance this deal. If Dayalu had retained her shares, she would have earned the same amount through dividends, the notice states. He has also questioned a 2005 transaction in which 1,14,999 shares were transferred from Mallika Maran to Kalanithi at Rs 10 per share, despite Kalanithi having bought shares from Dayalu just weeks earlier at Rs 3,173.04 apiece. The notice further points to an earlier legal notice issued by Dayanidhi on October 7, 2024, which allegedly led to a Rs 500 crore payment to their sister Anbukkarasi, another legal heir of Murasoli Maran. He described the payment as an attempt to suppress the truth and prevent her from exposing 'illegal acts'. Calling for restoration of the shareholding to its original structure as on September 15, 2003, Dayanidhi warned that he would approach the Serious Fraud Investigation Office (SFIO), SEBI, Enforcement Directorate and other authorities if corrective steps were not taken within a week. He also threatened to seek cancellation of Sun TV's media licences, the Sunrisers Hyderabad IPL franchise, and SpiceJet's aviation licence. The legal notice has been sent to eight individuals, including Kalanithi Maran, his wife Kavery Kalanithi — who is accused of drawing an annual salary of Rs 87.5 crore — and several financial advisors allegedly involved in the transactions.
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
Economic Times
3 hours ago
- Business
- Economic Times
Dayanidhi Maran sends legal notice to Sun TV CMD Kalanithi Maran, says brother seized Group control ‘fraudulently'
Dayanidhi Maran accuses Kalanithi Maran of fraudulently seizing control of Sun Group. He alleges a disputed share allotment in 2003. Dayanidhi demands restoration of the original shareholding structure. He plans legal action, including approaching SFIO and BCCI. The dispute involves Sun TV Network and other assets. Allegations include misuse of dividends and illegal share transfers. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: A simmering rift in the Maran family that owns the Sun Group is out in the open, said people with knowledge of the matter. DMK lawmaker and former Union minister Dayanidhi Maran has sent a legal notice to older brother Kalanithi Maran , who is chairman and managing director of the Rs 24,000-crore Sun TV Network , accusing him of fraudulently seizing control of the company through a disputed share allotment in 2003. He has demanded restoration of the company's shareholding structure to its pre-September 2003 status, when the Maran family and that of the late M Karunanidhi owned equal shares in the who died in 2011, was head of the DMK and chief minister of Tamil Nadu. His son MK Stalin is current chief minister. If the dispute goes to court, it will pit Kalanithi against his brother and the Karunanidhi family, with control of the media giant at stake. As the dominant channel in Tamil Nadu, Sun TV is highly influential and regarded as having benefited from its proximity to the ruling the notice, sent through his lawyer K Suresh, Dayanidhi alleges that his brother allotted 1.2 million equity shares to himself on September 15, 2003, without proper valuation, shareholder approval or board face value, the shares were priced at Rs 10 each, but the younger Maran claims they were worth approximately Rs 3,500 crore at the time, as Sun TV was a cash-rich and profitable timing of the alleged transaction coincided with the death of the brothers' father, former Union minister Murasoli Maran Dayanidhi's contention is that Kalanithi used this opportunity to gain 60% control in the company—up from zero—without informing or consulting the other key stakeholder, MK Dayalu, wife of Karunanidhi, who was representing the family. Murasoli Maran was Karunanidhi's Maran brothers didn't respond to queries. Lawyer Suresh did not offer any per the legal notice, Kalanithi's shareholding increased to 60%, while the shareholding of other legitimate stakeholders was diluted to 20% claims the allegedly fraudulent allotment allowed Kalanithi to earn over Rs 5,926 crore in dividends till 2023, and Rs 455 crore in 2024 alone, apart from additional gains from bonus share further accused Kalanithi and his wife, Kaveri, along with other associates, of misusing these 'proceeds of crime' to acquire valuable businesses and assets, including Sun Direct TV, Kal Radios, Sun Pictures, South Asian FM and the Indian Premier League (IPL) franchise, Sunrisers Hyderabad Investments were allegedly also made in domestic and international mutual funds and REITs (real estate investment trusts) worth over Rs 8,500 has demanded that all shares, assets and financial benefits obtained since 2003 be returned to the original shareholders within seven days, failing which he will initiate civil, criminal and regulatory younger brother also plans to escalate the matter to the Serious Fraud Investigation Office (SFIO), the ministry of information & broadcasting, as well as the Board of Control for Cricket in India ( BCCI ), seeking cancellation of broadcasting licences and ownership rights to Sunrisers further alleged illegal transfer of shares from their deceased father to their mother — and subsequently to Kalanithi —without the legal heir's consent; misuse of initial public offer filings through misleading disclosures, and complicity of auditors and company officials in facilitating the MP also claimed that the two families incorporated Kungumam Publications in 1978 with both families having an equal shareholding. He also said the intention behind founding all the companies by the original promoters was to have 50% stakes in each of the businesses for both started the Tamil Sun TV channel in 1993 and built it into a sprawling media giant, encompassing multiple TV channels in south Indian languages as well as a film production house, taking advantage of connections with the state establishment, industry watchers said.
News18
4 hours ago
- Business
- News18
Sun TV Dispute: Dayanidhi Maran Sends Legal Notice To Kalanithi Over ‘Fraudulent' Takeover
Last Updated: A simmering rift in the Maran family, which controls the Sun Group, has now erupted into public view; Know details Sun Group Family Feud: A simmering rift in the Maran family, which controls the Sun Group, has now erupted into public view, according to people familiar with the matter. DMK lawmaker and former Union minister Dayanidhi Maran has issued a legal notice to his elder brother, Kalanithi Maran—Chairman and Managing Director of the Rs 24,000-crore Sun TV Network—accusing him of fraudulently taking control of the company through a contested share allotment in 2003. He has called for the restoration of the company's shareholding structure to its pre-September 2003 status, a time when the Maran family and the family of the late M Karunanidhi held equal stakes. Karunanidhi, the late chief minister of Tamil Nadu and former head of the DMK, passed away in 2011. His son, MK Stalin, is the current chief minister. If this dispute moves to court, it would pit Kalanithi not only against his brother Dayanidhi but also against the Karunanidhi family, with control of the media powerhouse hanging in the balance. Sun TV, the dominant Tamil-language broadcaster, wields considerable influence in Tamil Nadu and is widely seen as having benefited from its closeness to the ruling party. Shareholding Increased to 60% In the legal notice issued through his lawyer, K Suresh, Dayanidhi alleges that Kalanithi unilaterally allotted himself 1.2 million equity shares on September 15, 2003, without obtaining proper valuation, shareholder consent, or board approval. While the shares were issued at a face value of Rs 10 each, Dayanidhi contends they were worth approximately Rs 3,500 crore at the time, given that Sun TV was a cash-rich and profitable company. The timing of this alleged transaction coincided with the death of their father, former Union minister Murasoli Maran. Dayanidhi argues that Kalanithi exploited this period of family grief to quietly raise his stake in Sun TV from zero to 60%, all without informing or consulting other key stakeholders—most notably MK Dayalu, the wife of M Karunanidhi and the Karunanidhi family's representative. Notably, Murasoli Maran was Karunanidhi's nephew. According to the legal notice, Kalanithi's shareholding surged to 60%, while the holdings of other legitimate shareholders were diluted to 20% each. Money Matters Dayanidhi further claims that this disputed allotment has since enabled Kalanithi to earn over Rs 5,926 crore in dividends up to 2023, and an additional Rs 455 crore in 2024 alone. He also alleges that Kalanithi and his wife, Kaveri, along with close associates, misused these 'proceeds of crime" to acquire a string of high-value businesses and assets. These include Sun Direct TV, Kal Radios, Sun Pictures, South Asian FM, and the IPL cricket team Sunrisers Hyderabad. The notice adds that more than Rs 8,500 crore worth of investments were made in domestic and overseas mutual funds and real estate investment trusts (REITs). Dayanidhi has demanded that all shares, assets, and monetary benefits accrued since 2003 be returned to the original shareholders within seven days. If the demand is not met, he has stated his intent to initiate civil, criminal, and regulatory proceedings. He also plans to escalate the matter to the Serious Fraud Investigation Office (SFIO), the Ministry of Information & Broadcasting, and the Board of Control for Cricket in India (BCCI), seeking the cancellation of Sun TV's broadcast licences and the revocation of ownership rights to the Sunrisers Hyderabad IPL team. Additional Allegations Dayanidhi's legal notice includes further allegations, such as the illegal transfer of shares from their late father to their mother—and eventually to Kalanithi—without the consent of the legal heir. He has also accused Kalanithi of manipulating IPO filings through misleading disclosures and alleges that company auditors and officials were complicit in facilitating the fraud. The notice recalls that Kungumam Publications, founded in 1978, was incorporated with equal ownership by both families. Dayanidhi emphasizes that the founding vision for all the Maran group companies was to maintain 50:50 shareholding between the two families. Kalanithi Maran launched Sun TV in Tamil in 1993 and expanded it into a vast media empire spanning multiple regional channels and a film production business. Industry observers point out that this growth was significantly aided by the company's proximity to the political establishment in Tamil Nadu. tags : Sun TV Location : New Delhi, India, India First Published: June 20, 2025, 07:39 IST News business Sun TV Dispute: Dayanidhi Maran Sends Legal Notice To Kalanithi Over 'Fraudulent' Takeover
Indian Express
5 hours 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.
