Sun TV shares tumble over 5% in intra-day trade amid concerns over rift between Maran brothers
Shares
of
Sun TV Network
tumbled over 5 per cent in intra-day
trade
on Friday before recovering most of the lost ground to end 1 per cent lower amid concerns over a rift between brothers Dayanidhi and
Kalanithi Maran
.
According to reports, Dayanidhi has sent a legal notice to his brother and several others, accusing them of "fraudulent practices" and "misgovernance" in taking control of Sun TV after their father Murasoli Maran's death in 2003.
The stock of Sun TV dropped 5.20 per cent to Rs 581.55 during the day on the BSE. Later, it ended at Rs 606.80, down 1.09 per cent.
On the NSE, shares of the firm tanked 5.25 per cent to Rs 580 during the day. The stock later ended at Rs 605.75 apiece, a decline of 1.04 per cent.
A day after reports emerged of former Union minister
Dayanidhi Maran
accusing his brother of "fraudulent practices" and "misgovernance", the elder sibling Kalanithi-run Sun TV on Friday said the division between the promoter family done 22 years back was in compliance with all legal obligations.
Live Events
Defending its promoter Kalanithi,
Sun TV Network
in a regulatory filing said the agreements between the two brothers had been "duly vetted" by "intermediaries" concerned before the company's public issue.
The board of Sun TV Network is led by Kalanithi as Executive Director and Chairperson.
Kalanithi, as a promoter, owns 75 per cent shareholding in Sun TV Network.
Sun TV Network said, "The alleged matter dates back to 22 years, when the company was a closely held private limited company".
Defending the promoter, it further stated, "Statements allegedly made in the articles are incorrect, misleading, speculating, 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.
Moreover, Sun TV Network also said the media reports claiming a rift between the promoter Maran brothers "does not have any bearing on the
business
of the company or its day-to-day functioning".
Sun TV Network also clarified that it is a "family matter of the promoter" and is "purely personal in nature".
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
26 minutes ago
- Time of India
Goa govt loses Rs 107cr as TCP gives free FAR to 321 commercial units
Panaji: Goa has lost Rs 107 crore as the town and country planning (TCP) department gave concessions to commercial establishments by not levying fees for additional floor area ratio (FAR), a Comptroller and Auditor General (CAG) report has said. But the loss shoots up to over Rs 2,000 crore if it is calculated on the rate recommended by the finance department, the audit report said. The TCP department granted 10.7 lakh sqm additional FAR to 321 commercial establishments on their request without levying any fees, while the finance department had directed the TCP to charge Rs 1,000 per sqm on the additional FAR and height granted to the commercial establishments. 'Due to non-levy of any fees while granting additional FAR to the commercial establishments, there was a loss of Rs 107 crore to the state exchequer,' the report said. The audit report also said if the rate, as recommended by the finance department, 'is calculated on the basis of Rs 20,000 per sqm charged for four-star and five-star hotels, which are commercial establishments, then the loss of revenue amounts to Rs 2,147 crore'. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thị trường có dấu hiệu suy thoái không? IC Markets Đăng ký Undo But the ceiling for the grant of additional height and FAR was left open without any limit. In the absence of any provision for levy of fees for the grant of additional FAR and height, the TCP department granted additional FAR to 321 commercial establishments free of cost. A senior audit officer said the TCP department, through a notification on Aug 9, 2023, categorised the FAR. Thereafter, the department amended and inserted a new clause (2) under 6.1.1 of the regulations, whereby it was stated that 'govt, on recommendation of the TCP board, shall grant additional height and FAR to the proposals on a case-to-case basis in consideration of the locational aspect, nature of development, use proposed, information available, and any such other criteria, if required. Such relaxation shall, however, not be relaxed for more than 20% permitted in the prevailing regulations.' But within 12 days, through another notification on Aug 21, 2023, the TCP department deleted the earlier clause: '…such relaxation shall, however, not be relaxed for more than 20% permitted in the prevailing regulations,' thereby not capping the ceiling limit. In 2015, the TCP department through a notification on July 2 had said four-star and five-star hotels may be granted 'an additional FAR of 20% on the recommendation of the committee and on the approval of govt', but on payment of Rs 20,000 per sqm. As the 321 commercial establishments were set up for profit motive, the TCP department should have levied the fees in line with those charged for four- and five-star hotels, the report said. The report also said the rate prescribed by the finance department needs to be reviewed as it was minimal and there was no slab for various categories (individuals, commercial establishments) for the grant of additional FAR and height. The TCP department through the Goa Land Development and Building Construction Regulation, 2010, regulates building construction in Goa. The regulation specifies technical parameters like FAR, height, amenities, water supply, sewerage, and fire safety. The technical parameters differ from zone to zone, as well as the size of the building and plot.
Time of India
41 minutes ago
- Time of India
Mumbai court rejects pre-arrest bail pleas of four directors of realty firm in Rs 600 crore financial fraud case
Mumbai: A sessions court on Friday denied anticipatory bail to four directors of Ecstasy Realty Pvt Ltd in a Rs 600 crore financial fraud case. Additional sessions judge NG Shukla rejected the pre-arrest bail pleas of Pulin Bole, Shivani Verma, Shobit Rajan and Pranav Bajaj. The reasoned order was not made available as yet. The Economic Offences Wing (EOW) had registered an FIR against Ecstasy Realty and its directors based on a complaint by Edelweiss Asset Reconstruction Company Ltd. As per the FIR, Rs 600 crore raised via secured Non-Convertible Debentures for a residential project was fraudulently siphoned off through layered transactions, benefiting promoters and related entities. The accused sought pre-arrest bail claiming they were innocent and contending that the FIR was registered with "the sole intention to harass and humiliate" them. No correct allegations are contained in the FIR, their pleas claimed. The FIR has been lodged after an "inexplicable and unjustifiable" delay for the alleged offence committed between March 2018 and 2023, which suggests the allegations against them are an afterthought and have been falsely fabricated to implicate them, the plea added. The court, however, rejected their pleas.
Time of India
41 minutes ago
- Time of India
Genpact to employees: Follow 10-hour workday 'mandate' or face performance review
Genpact has implemented a new policy requiring a 10-hour workday for its employees, which will be effective mid-June, a report claims. Employees who fail to comply with this mandate may reportedly face performance reviews. Tired of too many ads? go ad free now However, the policy does not include a corresponding increase in base salary, the report adds. According to a report by The Hindu, the tech and services company will track employee productivity through an internal tool that will monitor their daily active hours. Employees meeting the required hours can reportedly earn up to 500 points monthly, which will be equivalent to Rs 3,000 in incentives. The report also adds that an additional 5% bonus, which is nearly Rs 150, will be paid to employees for any extra time logged beyond the 10-hour mandate. How Genpact employees have reacted to the 10-hour workday mandate Genpact's recent policy rollout has led to growing unrest among employees, particularly in the Hyderabad office, where the atmosphere has been described as 'tense' and morale appears low, the report adds. As per the report, the approach to implementing the policy has also added to the concerns, as it was communicated informally by managers and team leads rather than through official HR channels. Several employees have raised issues about the lack of clarity, with one senior recruitment staff member telling The Hindu: 'There's nothing on paper. It's all word of mouth. If anyone challenges it, they're accused of being difficult and risk termination.' A current employee also took to social media to share his concerns about the company's practices. A LinkedIn user, who identified as a Genpact employee, pointed out that requiring a 10-hour login can affect productivity. In a LinkedIn post, Abhishek Sharma who works as an assistant manager at Genpact wrote: '#For10HrLogin – Is this the new standard or a step backward? As professionals striving for excellence, we're no strangers to going the extra mile. Tired of too many ads? go ad free now But mandating a 10-hour login raises some important questions about work-life balance, productivity, and mental health. In today's world where efficiency and output matter more than screen time, shouldn't we focus on results, not hours? Extended login hours can lead to burnout, reduced creativity, and disengagement. I urge leadership to reconsider – is this sustainable, and is it truly what drives growth? Open to hearing others' views. Let's talk about healthier, smarter ways to work."
