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Dayanidhi Maran Serves Legal Notice Alleging Corporate Fraud by Brother Kalanithi Maran

He demands reversal of 2003 share transactions to reinstate original promoter stakes, warning of action by multiple regulatory bodies if his terms are not met

DMK leader Dayanidhi Maran alleged that Karunanithi did not own a single share in the company till September 15, 2003.
Dayanidhi and Kalanithi Maran are the grandnephews of DMK patriarch M Karunanidhi | Credit: Sandad TV/Commons
Image
Dayanidhi and Kalanithi Maran with the Sun TV logo

Overview

  • The legal notice, dated June 10, accuses Kalanithi Maran and his associates of allotting 1.2 million equity shares at Rs 10 each without proper valuation or shareholder consent, giving him a 60% controlling stake overnight.
  • Dayanidhi Maran has demanded reinstatement of Sun TV Network’s shareholding to its September 15, 2003 configuration and restitution of all dividends and benefits acquired since then.
  • He has set a seven-day deadline for compliance and threatened civil, criminal and regulatory proceedings with SFIO, SEBI, ED, DGCA, BCCI and the Registrar of Companies if the demands are not met.
  • In a regulatory filing, Sun TV Network said the 2003 allocations were legally vetted when the company was private and described the dispute as a personal family matter with no impact on operations.
  • After news of the legal notice, Sun TV’s stock dropped over 5% on June 20 as investors weighed the risk of potential government probes and governance challenges.