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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
11 minutes ago
- Business Standard
Mahindra & Mahindra Ltd spurts 2.69%, rises for third straight session
Mahindra & Mahindra Ltd is quoting at Rs 3178, up 2.69% on the day as on 12:49 IST on the NSE. The stock is up 11.9% in last one year as compared to a 6.47% gain in NIFTY and a 5.78% gain in the Nifty Auto index. Mahindra & Mahindra Ltd rose for a third straight session today. The stock is quoting at Rs 3178, up 2.69% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.92% on the day, quoting at 25020.85. The Sensex is at 82167.38, up 0.99%. Mahindra & Mahindra Ltd has added around 2.82% in last one month. Meanwhile, Nifty Auto index of which Mahindra & Mahindra Ltd is a constituent, has added around 0.24% in last one month and is currently quoting at 23434.65, up 0.89% on the day. The volume in the stock stood at 31.04 lakh shares today, compared to the daily average of 22.45 lakh shares in last one month. The benchmark June futures contract for the stock is quoting at Rs 3184.1, up 2.84% on the day. Mahindra & Mahindra Ltd is up 11.9% in last one year as compared to a 6.47% gain in NIFTY and a 5.78% gain in the Nifty Auto index. The PE of the stock is 32.43 based on TTM earnings ending March 25.
India.com
13 minutes ago
- India.com
Have 4 wives, owns 38 private jets, 300 cars, 52 golden boats and..., he is world's richest king, his name is..., not richer than Mukesh Ambani, Adani
Have 4 wives, owns 38 private jets, 300 cars, 52 golden boats and..., this is world's richest king, his name is..., not richer than Mukesh Ambani, Adani There are many billionaires across the world, but very few live as richly and royally as King Maha Vajiralongkorn of Thailand, also known as King Rama X. According to The Business Standard , he is believed to be the richest king in the world, with an estimated wealth of around Rs 3.7 lakh crore (which is about 43 billion US dollars). Where does his wealth come from King Vajiralongkorn didn't make his money like most businesspeople. His wealth comes from centuries of royal inheritance, and it grew even more after his father, King Bhumibol Adulyadej, passed away in 2016. Since then, he has made major investments in some of Thailand's biggest companies and owns a lot of valuable land and buildings. In fact he owns more than 17,000 properties in Bangkok alone which makes him one of the largest landowners in Thailand. These include hotels, old palaces, and commercial buildings, many of which earn large amounts of rent. A life of extreme luxury King Vajiralongkorn lives a life of true royal luxury. His collection includes: Over 300 luxury cars 38 private jets A fleet of 52 golden boats used for special royal events These boats are not for travel, but part of grand traditional ceremonies, showing the rich culture of Thailand's royal family. A royal with military training Born in 1952, he is the only son of King Bhumibol and Queen Sirikit. Raised from an early age to take over the throne, he was given elite military training abroad, where he studied in the United Kingdom and then at the University of New South Wales in Australia, graduating in military studies. He also had pilot training and served with the Royal Thai Army, where he saw action in counter-insurgency campaigns during the politically charged 1970s. A controversial figure Even though his personal life has been full of headlines, he has been married four times and often attracts media attention. Out of the four, three of them ended in divorce and have been the subject of tabloid headlines. He also remains an important and powerful figure in Thailand. He represents both the rich royal tradition and the modern face of the monarchy. Meanwhile, in India… India's richest people are well-known business tycoons. As of May 2025, Mukesh Ambani is the richest Indian, with a net worth of about 92.5 billion dollars. Gautam Adani is second with 56.3 billion dollars, with businesses in ports, energy, and infrastructure. But even compared to these corporate giants, King Vajiralongkorn stands out—not just for his huge fortune, but for a lifestyle filled with palaces, private jets, golden boats, and royal ceremonies that few others in the world can match.
Time of India
14 minutes ago
- Time of India
Here's how Vivek Oberoi built a ₹1,200 crore empire after being told by his father to be independent: 'I'm rich, you're not'
made his debut with 'Company' and is known for movies like 'Saathiya', 'Masti' among others. Apart from being an actor, while he's seen in lesser movies now, the actor has now moved to Dubai and is a full time entrepreneur. Tired of too many ads? go ad free now His net worth stands at Rs 1200 crore. In an interview recently, the actor spoke about what led to the foundation of his empire and how his father Suresh Oberoi taught him to be independent from a young age. During a candid chat on the Dubai Property Insider podcast, actor-turned-entrepreneur offered a rare glimpse into the foundation of his business empire. Reflecting on his formative years, Vivek credited his father for instilling a strong sense of business acumen early on. 'He would bring me a product and would ask me to create an entire business plan about how I was going to sell it,' Vivek recalled. 'I started understanding the nuances of business from the age of 10 because I was going from door to door to sell that stuff.' Vivek revealed that despite coming from a wealthy family, his father was clear about one thing: 'I am a rich man; you are not. You will get there, but you have to do it on your own.' This tough-love approach shaped Vivek's teenage years in ways that set him apart from his peers. While most teens were busy enjoying school life, he was deep-diving into the intricacies of the stock market. 'I was able to raise $3 million for my first company, and I was only 19, and I made a lot of money for my investors and myself, and I sold the company by the time I was 23,' he said. 'If I hadn't been applying myself for all those years, it never would have been possible. Tired of too many ads? go ad free now Because I put in that work, now I have been able to take nine companies public on the Indian stock market, and I am planning to take four more.' As per Forbes India, Vivek Oberoi's net worth stood at ₹1,200 crore as of April 2025. His portfolio boasts an eclectic mix of ventures, including BNW Real Estate, Solitario, Impresario Global, Rutland Square Spirits, and ReadyAssist. While many remember him for his breakout role in Ram Gopal Varma's Company (2002) and the romantic hit Saathiya the same year, Vivek has since carved a parallel path as a sharp and self-made businessman.
