Latest news with #KalanithiMaran
Time of India
4 hours ago
- Business
- Time of India
Sun TV says Maran dispute pre-dates public listing, no impact on business
Mumbai: Sun TV Network said on Friday that the alleged stake dispute involving promoter Kalanithi Maran and his brother Dayanidhi Maran pertains to a 22-year-old issue that predates the company's public listing in 2006. The company termed alleged claims reported by the media as "misleading" and "defamatory" and stressed that they do not have any impact on its operations. It emphasised that all actions were legally compliant and had been duly vetted by relevant authorities. The statement was issued after DMK MP and former Union minister Dayanidhi Maran served a legal notice to his elder brother, Kalanithi Maran, accusing him of fraudulently seizing control of the company through a disputed share allotment in 2003. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. "This is in reference to the news articles appearing in various media in relation to certain matters between the promoter of Sun TV Network and his family member," the company said in a regulatory filing. "The alleged matter dates back 22 years when the company was a closely-held private limited company," it said. The company said the statements allegedly made in the "articles are incorrect, misleading, speculative, defamatory and not supported by facts or law." Live Events "We wish to inform you 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 further stated. The company also said that matters alleged in the articles do not have any bearing on the business of the company or its day-to-day functioning, and that the family matters of the promoter are purely personal in nature. "We are not aware of any negotiations/events towards settlement in the promoter's family, and to the best of our knowledge, there are no events/information that are material or required to be disclosed under Regulation 30 of the Listing Regulations which may have a bearing on the operations or performance of the Company," it noted. The dispute within the Maran family, founders of Sun TV Network, has involved a series of alleged corporate malpractices, questionable share allotments, and contested ownership claims. The issue took a significant turn in September 2024 when Dayanidhi Maran discovered the alleged details of the 2003 share transmissions. On 7 October 2024, he issued a legal notice challenging the legitimacy of the transactions. Following the notice, Kalanithi allegedly paid ₹500 crore to their sister Anbukarasi via their mother Mallika Maran's account in what has been described as a secret settlement. Dayanidhi Maran, through his legal notice dated 19 June, has demanded that the original shareholding as of 15 September 2003 be restored, and that all dividends, assets, and income derived from the disputed shares be returned. The company was formed on 18 December 1985 as Sumangali Publications, which was later renamed Sun TV Network Ltd by MK Dayalu, wife of late Karunanidhi, the former CM of Tamil Nadu and chief of DMK party, and Mallika Maran, who initially held equal shares. Kalanithi Maran has reportedly received ₹5,926 crore in dividends until 2023. In 2024, he received another ₹455 crore. In FY25, Sun TV's revenue fell 6.2% to ₹4,015 crore compared to FY24, while net profit dropped 12% to ₹1,703 crore. Dayanidhi Maran has threatened to initiate proceedings against Kalanithi before several authorities, including the Serious Fraud Investigation Office, Enforcement Directorate, SEBI, Registrar of Companies, Ministry of Information and Broadcasting, Directorate General of Civil Aviation, and BCCI, as well as civil and criminal courts, if his demand is not complied with within seven days. Sun TV Network, which has a market capitalisation of about ₹24,000 crore, owns and operates 37 television channels under the Sun, Gemini, Surya, and Udaya brands, along with Sun Direct DTH, radio stations, and cricket franchises Sunrisers Hyderabad and Sunrisers Eastern Cape. Shares of Sun TV Network closed 1% lower at ₹607.10 apiece on the BSE, underperforming a 1.3% rise in the benchmark Sensex.
India.com
11 hours ago
- Business
- India.com
How much Kavya Maran parents, Kalanithi Maran and Kavery Maran earn? one of India's richest media person's salary and net worth is Rs…
DMK Lok Sabha MP Dayanidhi Maran has accused his brother Kalanidhi Maran of 'financial crimes,' and asked him to restore the entire shareholding position of Sun TV and related companies to their original state or face legal and regulatory action. Dayanidhi Maran alleged in a legal notice: 'You and your accomplices have deliberately abused your fiduciary and professional obligations to commit a series of calculated and coordinated financial crimes.' Kalanithi Maran And Kavery Maran Earnings Kavya Maran is the CEO and co-owner of Sunrises Hyderabad (SRH), an Indian Premier League (IPL) cricket team. Her parents are Kalanithi Maran And Kavery Maran. As of June 20, 2025, his real-time net worth is $2.8 billion. He is at 1,357 ranking globally on the Forbes list. Earlier this year, his net worth was reported at $2.7 billion in the 2025 Billionaires Index. In 2024, he was the 83rd richest person in India. Maran launched Sun TV Network in 1993. Today, Sun TV runs 37 television channels which are watched by 140 million households in India. In June 2024, he expanded its presence after launching a Hindi general entertainment channel, Sun Neo. Sun TV also has media presence in other formats like radio, newspapers, and direct-to-home (DTH) broadcasting. Kalanithi Maran And Kavery Maran Salary Kalanithi Maran and his wife Kavery Maran are the Executive Director at Sun TV Network. They get high salaries from the company. For at least six consecutive years (FY2018 to FY2023), both have received an annual remuneration of Rs 87.50 crore each. Their pay structure breakup is as follows: Rs 13.87 crore in fixed salary Rs 73.63 crore as bonus or ex-gratiaTogether, the couple earns Rs 175 crore annually. This compensation has not changed since many years, including the pandemic. Kalanithi Maran and his wife Kavery Maran are India's highest-paid executive duo. The legal notice was sent to Kalanidhi Maran and his wife Kaveri Kalanidhi and six others. According to the notice, these six persons are 'close associates' of Kalanidhi and his wife. (With Inputs From PTI)
Business Standard
12 hours ago
- Business
- Business Standard
Indices snap 3-day losses; Nifty ends above 25,100 level
The key equity indices ended with significant gains today, snapping a three -day losing streak in a row, as market remained firm despite rising geopolitical tensions between Israel and Iran. Market sentiment is expected to stay sensitive to global cues, including crude oil prices, bond markets and other international developments. The Nifty ended above the 25,050 mark. All the sectoral indices on the NSE were ended in green with realty, banking shares and metal stocks leading the rally. As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 1,046.30 points or 1.29% to 82,408.17. The Nifty 50 index jumped 319.15 points or 1.29% to 25,112.40. In the broader market, the S&P BSE Mid-Cap index rose 1.20% and the S&P BSE Small-Cap index added 0.55%. The market breadth was strong. On the BSE, 2,469 shares rose and 1,474 shares fell. A total of 151 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 4.08% to 13.67. IPO Listing: Shares of Oswal Pumps were settled at Rs 625 on the BSE, representing a premium of 1.79% compared with the issue price of Rs 614. The scrip was listed at 632, exhibiting a premium of 2.93% to the issue price. The stock hit a high of 649.15 and a low of 621.90. On the BSE, over 14.52 lakh shares of the company were traded. IPO Update: The initial public offer (IPO) of Arisinfra Solutions received bids for 3,40,18,848 shares as against 1,30,84,656 shares on offer, according to stock exchange data at 15:30 IST on Friday (20 June 2025). The issue was subscribed 2.60 times. The issue opened for bidding on Wednesday (18 June 2025) and it will close on Friday (20 June 2025). The price band of the IPO is fixed between Rs 210 and 222 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof. Buzzing Index: The Nifty realty index jumped 2.11% to 1,013.65. The index fell 2.7% in the past three trading sessions. Macrotech Developers (up 4.78%), Phoenix Mills (up 3.49%), Godrej Properties (up 2.22%), Prestige Estates Projects (up 2.06%) and DLF (up 2%), Oberoi Realty (up 1.67%), Brigade Enterprises (up 0.8%) and Raymond (up 0.12%) advanced. Stocks in Spotlight: Sun TV Network fell 1.09% after a legal notice from DMK MP and former telecom minister Dayanidhi Maran to his brother, Sun TV chairman Kalanithi Maran, reignited a decades-old family dispute over the companys shareholding structure. The notice has been served not only to Kalanithi Maran but also to his wife, Kavery Kalanithi, and others involved in the company. Kalanithi Maran remains the majority shareholder, holding a 75% stake in the Chennai-based broadcaster. Dilip Buildcon rose 1.87% after the company announced that it has received a letter of acceptance (LoI) worth Rs 1,341 crore from Konkan Railway Corporation (KRCL). Uno Minda advanced 2.74% after the companys board has approved the setting up of a greenfield manufacturing facility for aluminium die casting in Sambhaji Nagar, Maharashtra for Rs 210 crore. Suzlon Energy rose 1.26% after the company has bagged its third successive order from Ampin Energy Transition (AMPIN) for the development of a 170.1 MW wind power project in Kurnool, Andhra Pradesh. TD Power Systems shed 0.18%. The company secured an order worth Rs 67 crore from a leading multinational corporation for the supply of components for traction motors meant for export. ITD Cementation India declined 1.33%. The company announced that it has secured two major contracts cumulatively valued at approximately Rs 960 crore, excluding GST. Shares of Power Finance Corporation (PFC) and REC rallied by 5.28 to 2.96% after the Reserve Bank of India (RBI) issued its final Project Finance Directions, 2025. Lenders will now set aside a standard 1% for such exposures, with a gradual increase depending on the length of DCCO deferment. In the case of under-construction commercial real estate, the initial provisioning will be slightly higher at 1.25%. For projects that have already achieved financial closure, existing provisioning rules will continue to apply, ensuring a smooth transition to the new regime. Global Markets: US Dow Jones futures were down 62 points, signaling a weak start for Wall Street. Wall Street was closed on Thursday for the Juneteenth holiday. European shares advanced on Friday, despite a sharp decline in U.K. retail spending. According to the Office for National Statistics, retail sales in the U.K. fell by 2.7% in May the steepest monthly drop since December 2023 as shoppers pulled back on spending. In addition to releasing retail sales data, the Office for National Statistics also reported that public borrowing in May reached 17.7 billion pounds ($23.8 billion), which is 700 million pounds higher than the same period last year. Most Asian markets ended higher as investors assessed China data and monitored escalating tensions between Israel and Iran. U.S. President Donald Trump is now weighing on whether to back the Israeli military and strike Tehran. The White House said that he will make a final decision within the next two weeks. Japan's core consumer price index (CPI), which excludes volatile fresh food costs, rose 3.7% in May from a year earlier, data showed on Friday, accelerating from a 3.5% increase in April. China kept its benchmark lending rates unchanged Friday. The Peoples Bank of China held the 1-year loan prime rate at 3.0% and 5-year LPR at 3.5%, according to a statement Friday.
Mint
13 hours ago
- Business
- Mint
Sun TV reacts to ‘family dispute' reports: ‘Matter dates back to 22 years when…'
Sun TV Network Limited rejected reports about a dispute between former Union Minister Dayanidhi Maran and his older brother Kalanithi Maran, Chairman and Managing Director of Sun TV. The statement by the Company Secretary & Compliance Officer said the claims made in recent articles 'are incorrect, misleading, speculating, defamatory and not supported by facts or law.' The statement said the alleged matter dates back to '22 years when the Company was a closely held private limited Company.' '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,' the statement added. It further stated, 'The matters alleged in the articles does not have any bearing on the business of the Company or its day-to-day funtioning and being the family matter of the Promoter are purely personal in nature.' In what was called a high-stakes family dispute, Dayanidhi Maran reportedly 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. The legal notice was addressed to Kalanithi Maran, Kaveri Kalanithi, Ravi Ramamoorthy, Natarajan Sivasubramanian (chartered accountant), Sridhar Swaminathan (financial consultant), Swaminathan, and Sharad Kumar. According to reports, Dayanidhi alleged that Kalanithi received ₹ 5,926 crore in dividends up to 2023 and an additional ₹ 455 crore in 2024. He reportedly 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.
NDTV
15 hours ago
- Business
- NDTV
'You Took Advantage Of...': Dayanidhi Maran vs Brother Kalanithi For Sun TV
Chennai: DMK MP Dayanidhi Maran and his brother, Kalanithi Maran, are set to face-off for control of the family-owned Sun TV Network - India's largest listed media organisation with a valuation in excess of Rs 24,400 crore as of June 2025, and a hugely influential digital and broadcast platform in Tamil Nadu. Dayanidhi Maran has sent a legal notice accusing his brother of a "premeditated fraudulent scheme" to grab control of the company after the death of their father, Murasoli Maran, in 2003. The notice also named Kalanithi Maran's wife, Kavery, and six others, and claims he committed a breach of trust, as well as financial mismanagement, in gaining control of the network. Dayanidhi Maran said he would seek a probe by the Serious Fraud Investigation Office. In an exchange filing Friday Sun TV said "all acts have been done in accordance with legal obligations" and noted the issue dates back 22 years to when it was "a closely-held private limited company". Media reports claiming illegal acts are therefore "incorrect, misleading, (speculative), and not supported by facts or law", the network said. The party, the Dravida Munnetra Kazhagam, which is in power in Tamil Nadu, is prepping for the 2026 election and is unlikely to intervene, sources told NDTV. This is a family matter, sources said. The Sun TV network was earlier closely associated with the ruling DMK (File). Kalanithi Maran has not responded as yet. The notice sent Sun TV shares (SUNTV) sliding; at 12.30 pm Friday they were down 1.8 per cent. The dispute is over alleged misappropriation of shares after Murasoli Maran died intestate. Dayanidhi Maran has claimed his brother enacted a premeditated scheme and "took advantage of the family's situation, especially when my father's health was critically ill, and he could pass away at any moment, and the entire family was concerned about his deteriorating health... " According to him, at the time of this "fraudulent scheme", i.e., in September 2023, his brother had no shares in Sun TV as their father 'had no intention to allot any to you during his lifetime'. Kalanithi Maran, therefore, allegedly executed a "deceptive and devious plan... to take over the company for personal benefit" by illegally allotting 12 lakh equity shares, at a face value of Rs 10 each, to himself a week after his father's death. This, Dayanidhi Maran has alleged, was done "without sufficient, proper valuation, and fair consideration, and without consent from all other existing shareholders". DMK MP Dayanidhi Maran's brother, Kalanithi Maran (File). "Till September 15, 2003, you did not hold even a single share of the company. Suddenly overnight, you had become a majority shareholder with controlling interest." Shareholding should revert to 2003, which included allotments to their sister and Tamil Nadu Chief Minister MK Stalin, whose father, ex-Chief Minister Karunanidhi, was Murasoli Maran's uncle, he said. "You allotted 60 per cent of shares without consultation or approval from existing majority/promoter original shareholders, at face value of Rs 10 each... Even in 2003, value was between Rs 2,500 and Rs 3,000... there cannot be allotment at a face value of Rs 10 each..." The company, Dayanidhi Maran also said, was in a "healthy financial position" at the time, requiring no cash injection or external funding, "either by private loan or equity infusion".
