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.'
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