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Time of India
13 hours ago
- Business
- Time of India
Sun TV Says Maran Dispute Pre-Dates Public Listing, No Impact on Business
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. '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.' '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.
Time of India
a day 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.
Economic Times
4 days ago
- Business
- Economic Times
RailTel shares in focus on receiving LoI for Rs 44 crore project
Shares of RailTel Corporation of India will be in the spotlight on Wednesday, June 18, after the company announced that it has secured a significant order worth Rs 43.99 crore under the Mizo Fibre Grid Network (MFGN) Project. ADVERTISEMENT The company has received a Letter of Intent (LOI) from Zoram Electronics Development Corporation (Zenics) for the implementation of the project. 'Pursuant to Regulation 30 read with Part A (B) of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that RailTel Corporation of India Ltd. ('the Company') has received a Letter of Intent (LOI) from Zoram Electronics Development Corporation Ltd. (Zenics),' the company said in a regulatory filing. According to the filing, the LOI pertains to a domestic order, with an execution timeline set until September 5, 2026. The estimated value of the project, based on the bid, stands at Rs 43.99 crore. The final value will be confirmed upon issuance of the formal purchase the past year, RailTel's stock has gained 1.44%. On a year-to-date (YTD) basis, it is up 5.32%. However, the stock has declined 2.23% in the past 6 months. In contrast, it has rallied 54.58% over the last 3 months and risen 11.29% in the past month. ADVERTISEMENT Shares of RailTel closed 1.5% lower at Rs 426.50 on the BSE on read: Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan ADVERTISEMENT On the charts, shares of RailTel are trading below their 10-day exponential moving average (DEMA), but remain above the 20, 50, 100, and 200 DEMA. The Relative Strength Index (RSI) is hovering near the 58 mark, indicating moderate momentum. (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
4 days ago
- Business
- Time of India
RailTel shares in focus on receiving LoI for Rs 44 crore project
Shares of RailTel Corporation of India will be in the spotlight on Wednesday, June 18, after the company announced that it has secured a significant order worth Rs 43.99 crore under the Mizo Fibre Grid Network (MFGN) Project. The company has received a Letter of Intent (LOI) from Zoram Electronics Development Corporation (Zenics) for the implementation of the project. 'Pursuant to Regulation 30 read with Part A (B) of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that RailTel Corporation of India Ltd. ('the Company') has received a Letter of Intent (LOI) from Zoram Electronics Development Corporation Ltd. (Zenics),' the company said in a regulatory filing. According to the filing, the LOI pertains to a domestic order, with an execution timeline set until September 5, 2026. The estimated value of the project, based on the bid, stands at Rs 43.99 crore. The final value will be confirmed upon issuance of the formal purchase order. RailTel share price performance Over the past year, RailTel's stock has gained 1.44%. On a year-to-date (YTD) basis, it is up 5.32%. However, the stock has declined 2.23% in the past 6 months. In contrast, it has rallied 54.58% over the last 3 months and risen 11.29% in the past month. Shares of RailTel closed 1.5% lower at Rs 426.50 on the BSE on Tuesday. Also read: Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan Railtel shares technical placement On the charts, shares of RailTel are trading below their 10-day exponential moving average (DEMA), but remain above the 20, 50, 100, and 200 DEMA. The Relative Strength Index (RSI) is hovering near the 58 mark, indicating moderate momentum. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
13-06-2025
- Business
- Economic Times
Dixon Technologies shares in focus on JV with Signify to strengthen lighting business in India
Dixon Technologies (India) shares are likely to be in the spotlight on Friday, June 13, 2025, after announcing its 50-50 joint venture agreement with Signify Innovations India. ADVERTISEMENT 'Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR Regulations'), we hereby inform you that, the Company has executed a joint venture agreement with Signify to enable formation of a joint venture company in India to carry on the OEM business of lighting products and accessories, and is subject to completion of customary conditions precedent ('Proposed Transaction'),' the company said in an exchange filing. The announcement signals a strategic partnership aimed at expanding the companies' presence in India's lighting products and accessories sector. Dixon Technologies, a key player in the Indian manufacturing industry, has entered into a joint venture agreement with Signify, the global leader in lighting solutions. The joint venture company will be equally owned by both entities, with each holding a 50% equity share marks a crucial development for Dixon Technologies as it embarks on becoming an original equipment manufacturer (OEM) for lighting products and accessories in proposed transaction is subject to the completion of customary conditions and is expected to be finalized by November 30, 2025. ADVERTISEMENT The formation of the joint venture is seen as a step forward in Dixon Technologies' growth strategy, as it will leverage the company's strong manufacturing capabilities along with Signify's market leadership in the lighting industry. Dixon Technologies shares closed 1.9% lower at Rs 14,505.65 on the BSE on Thursday. ADVERTISEMENT Also read: Reliance sells 3.6% Asian Paints for $900 million to SBI MF (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
