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Hindustan Times
11 hours ago
- Business
- Hindustan Times
Dayanidhi Maran sends legal notice to brother Kalanidhi over shares transfer
Dravida Munnetra Kazhagam (DMK) lawmaker Dayanidhi Maran has sent a legal notice to his brother and Sun Group chairman, Kalanidhi Maran, over the company's ownership and accused him of transferring shares worth thousands of crores to himself. The notice alleged Kalanithi Maran allotted 1.2 million equity shares of Sun TV Private Limited at ₹10 each in his name. It claimed this was done without sufficient, proper valuation and fair consideration. The notice said the allocation was done without obtaining consent from shareholders, the families of Murasoli Maran and DMK founder M Karunanidhi. '...[Kalanidhi Maran] allotted 60% of the shares without any consultation or approval from the existing majority/promoter original shareholders at face value of ₹10 each,' said the notice dated June 10. Dayanidhi Maran, a former Union minister, also sent the legal notice to his sister-in-law, Kaveri Kalanidhi, Sun TV's company secretary Ravi Ramamoorthy, and auditor Sivasubramanian. The notice said the 'illegal' activities started in September 2003, days after their late father and former Union Minister Murasoli Maran was brought back to Chennai from the US, where he was under treatment. It alleged that shares were transferred to their mother, Mallika Maran, without legal documentation following their father's death in November 2003. The notice said this enabled the eventual transfer of shares to Kalanidhi Maran. '...till September 15, 2003, No 1 of you [Kalanithi Maran] did not hold even a single share in the company.' The notice said he overnight become a majority shareholder with controlling interest. Sun TV was launched in 1993 from the DMK's headquarters in Chennai. It is now a major network owning 37 television channels in seven Indian languages, a Direct-To-Home broadcast service, 69 FM radio stations, three daily newspapers, six magazines, and two sports franchises. Dayanidhi Maran threatened to approach the Union government, the Board of Control for Cricket in India, and the Directorate General of Civil Aviation, seeking cancellation of Sun Group's licenses, Indian Premier League franchise, Sunrisers Hyderabad, and the operation of SpiceJet Ltd. Dayanidhi Maran alleged that his brother derived dividends of ₹5,926 crore until 2023 and ₹455 crore in the 2024 fiscal. 'Therefore, the offences committed by No 1 [Kalanidhi Maran] are continuous in nature and continue as on date,' the notice said. It alleged that Kalanithi Maran 'illicitly acquired' the shares of Karunanidhi's widow, M K Dayalu, using funds drawn from SUN TV Private Limited. The notice alleged that the company was in a healthy financial position. It cited the audited balance sheet and said the reserves and surplus of the company were at ₹253 crore as of March 31, 2003. The notice said there was no need for any external funding. In a notice in October 2024, Dayanidhi Maran alleged his brother issued a 'vague reply' and paid ₹500 crore to their sister, Anbukarasi Maran, through the bank account of their mother. 'This settlement and initial payment demonstrated your attempt to evade repercussions for the fraudulent activities you committed and to conceal your criminal actions,' the notice said. 'These payments have been made by you again by using the funds of M/s SUN TV Network Limited by way of dividends.'
Economic Times
15 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
16 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
Time of India
18 hours ago
- Business
- Time of India
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.
India Today
a day ago
- Business
- India Today
DMK MP Dayanidhi Maran sends legal notice to brother Kalanidhi over Sun TV shares
A serious dispute has erupted within the influential Sun Group family, with DMK MP Dayanidhi Maran sending a legal notice to his elder brother and media baron Kalanidhi Maran, alleging fraudulent practices related to share allotments, financial dealings, and regulatory to the legal notice, Dayanidhi Maran has accused Kalanidhi Maran and seven others of criminal breach of trust and cheating. The notice alleges that Kalanidhi Maran unlawfully allotted 12 lakh shares of the Sun TV Network Ltd. without proper valuation, fair consideration, or the mandatory consent of existing shareholders on September 15, 2003. The notice terms the allotment illegal and a betrayal of shareholder legal notice further claims that investments worth Rs 8,500 crore have been made in various domestic and international Real Estate Investment Trust (REIT) funds and mutual funds, citing evidence from savings account records. These investments, the notice contends, have been made without disclosure or due authorisation. Dayanidhi Maran has also alleged that a red herring prospectus filed with the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE), and the Bombay Stock Exchange (BSE) was misleading and based on fraudulent documentation. He claims this was done in connivance with lead managers in order to list the shares of Sun TV Network Ltd., thereby deceiving regulatory authorities and light of these allegations, Dayanidhi Maran has demanded that the shareholding of Sun TV Network Ltd. be restored to its original state as of 2003. He has also sought the return of all monetary benefits, dividends, assets and income which he claims were wrongfully received or appropriated since legal notice warns that failure to comply will compel Dayanidhi Maran to initiate appropriate civil, criminal, regulatory and enforcement proceedings. IN THIS STORY#Tamil Nadu#Chennai
