11 hours ago
DMK MP Dayanidhi Maran sends legal notice to brother Kalanidhi over Sun TV shares
A serious dispute has erupted within the influential Sun Group family, with DMK MP Dayanidhi Maran sending a legal notice to his elder brother and media baron Kalanidhi Maran, alleging fraudulent practices related to share allotments, financial dealings, and regulatory to the legal notice, Dayanidhi Maran has accused Kalanidhi Maran and seven others of criminal breach of trust and cheating. The notice alleges that Kalanidhi Maran unlawfully allotted 12 lakh shares of the Sun TV Network Ltd. without proper valuation, fair consideration, or the mandatory consent of existing shareholders on September 15, 2003. The notice terms the allotment illegal and a betrayal of shareholder legal notice further claims that investments worth Rs 8,500 crore have been made in various domestic and international Real Estate Investment Trust (REIT) funds and mutual funds, citing evidence from savings account records. These investments, the notice contends, have been made without disclosure or due authorisation.
Dayanidhi Maran has also alleged that a red herring prospectus filed with the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE), and the Bombay Stock Exchange (BSE) was misleading and based on fraudulent documentation. He claims this was done in connivance with lead managers in order to list the shares of Sun TV Network Ltd., thereby deceiving regulatory authorities and light of these allegations, Dayanidhi Maran has demanded that the shareholding of Sun TV Network Ltd. be restored to its original state as of 2003. He has also sought the return of all monetary benefits, dividends, assets and income which he claims were wrongfully received or appropriated since legal notice warns that failure to comply will compel Dayanidhi Maran to initiate appropriate civil, criminal, regulatory and enforcement proceedings.
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