Uncle Stalin plays family referee as Maran brothers clash over Sun TV shares?

India Today

10-07-2025

Tamil Nadu Chief Minister MK Stalin is believed to have intervened in the ongoing dispute between DMK MP Dayanidhi Maran and his elder brother Kalanidhi Maran, the chairman and managing director of Sun TV Network. According to sources, the Chief Minister urged both brothers to resolve their differences amicably in the interest of the family.There has been no official confirmation from either Dayanidhi or Kalanidhi Maran regarding the involvement by the Chief Minister – who is also their uncle – on the current status of the dispute.advertisementEfforts to mend the rift follow Dayanidhi Maran's move last month to issue a legal notice to his elder brother, sister-in-law, and six others. The notice objected to certain share transactions of the Sun TV Network dating back to 2003.
According to the notice, Dayanidhi Maran has alleged criminal breach of trust and cheating, stating that on September 15, 2003, Kalanidhi Maran unlawfully allotted 12 lakh shares of Sun TV Network Ltd. to himself without proper valuation, fair consideration, or consent from existing shareholders. The notice termed the transaction illegal and a betrayal of shareholder rights.It further claimed that approximately Rs 8,500 crore had been invested in various domestic and international Real Estate Investment Trust (REIT) funds and mutual funds using undisclosed resources. These investments, the notice alleged, were made without authorisation or disclosure, with evidence drawn from savings account records.Dayanidhi Maran also contended that a red herring prospectus filed with the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE), and Bombay Stock Exchange (BSE) was misleading and based on fraudulent documentation, allegedly in collusion with lead managers to facilitate the public listing of the company.He has demanded that the company's shareholding be restored to its original structure as of 2003 and that all dividends, assets, and monetary benefits allegedly misappropriated be returned. The legal notice warned that failure to comply would result in appropriate civil, criminal, regulatory, and enforcement proceedings.In response, Sun TV Network Ltd. issued a clarification through a regulatory filing with the BSE on June 20. The company described the allegations as speculative, defamatory, and unsupported by facts or law. 'The statements allegedly made in the articles are incorrect, misleading, speculative, defamatory and not supported by facts or law. We wish to inform 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 said.Sun TV further noted that the matter dates back 22 years, to a time when the company was a closely held private limited entity, and insisted the dispute had no impact on its operations. 'The matters alleged in the articles do not have any bearing on the business of the company or its day-to-day functioning and, being the family matter of the promoter, are purely personal in nature,' the statement read.- Ends
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