Sun TV denied claims of a dispute between the Maran brothers. In a statement issued by the Southern India’s media giant on Friday, it clarified that the reported dispute between former union minister Dayanidhi Maran and his older brother Kalanithi Maran dates to 22 years ago when the company was a closely held private limited company. The clarification by the company came after multiple media reports claimed that Dayanidhi had sent a legal notice to his older brother, alleging that he fraudulently seized control of the company via a disputed share allotment in 2003.
“The statements allegedly made in the articles are incorrect, misleading, speculating, defamatory and not supported by facts or law,” said the company in a statement. “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,” the company added.
What Dayanidhi Maran Alleged?
Dayanidhi Maran, a member of parliament from the Dravida Munnetra Kazhagam (DMK), in a legal notice accused his brother Kalanithi Maran and several others of “fraudulent practices” and “misgovernance” in taking control of the media giant after their father’s death, the Mint reported. In the notice, he alleged that Kalanithi Maran allotted 12 lakh equity shares of Sun TV at a price of Rs 10 each to his name with proper assessment.
“In other words, No 1 of you [Kalanithi] allotted 60% of the shares without any consultation or approval from the existing majority/promoter original shareholders at face value of Rs 10 each,” the Deccan Herald reported, citing the notice sent on June 10.
Dayanidhi’s List of Threats to Kalanithi Maran
Additionally, the DMK MLA ought to restore Sun TV’s shareholding structure that was in place in 2003. The MLA reportedly warned his brother that he would seek an investigation by the Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs if he refused to comply. He also threatened to approach the Ministry of Information and Broadcasting seeking immediate cancellation of all licenses held by Sun Group, and the Registrar of Newspapers for India.
Besides this, the DMK MLA said that he will notify the Directorate General of Civil Aviation (DGCA) for the immediate cancellation of the operational license granted to SpiceJet.
