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.
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"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."
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"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.
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