Brand Marketing
FMCG firms cut senior roles by 32%; Total headcount shrinks 9.26% in FY25
Sun TV settles shareholding dispute with Dayanidhi Maran
The company reiterated that the matter was "purely personal in nature" and bore no connection its business or daily operations.
Sun TV Network Limited's legal dispute involving its promoter's family has been resolved, with all related notices unconditionally and irrevocably withdrawn, as per media reports.
The Chennai-based broadcaster said it was notified by its promoter that "all the legal notices issued by the family member... have been unconditionally and irrevocably withdrawn" and that "the issues hereby stand resolved."
The company reiterated that the matter was "purely personal in nature" and bore no connection its business or daily operations.
The now-withdrawn legal notice was sent earlier by Lok Sabha MP and former Union Minister Dayanidhi Maran to his elder brother and Sun Group Chairman Kalanithi Maran. The notice had alleged large-scale fraud in the allotment and transfer of shares in Sun TV Network and affiliated companies since 2003.
According to the allegations, Kalanithi Maran was allotted 12 lakh equity shares - representing a 60% stake - on September 15, 2003, at a face value of Rs 10 each, despite their purported market value exceeding Rs 3,000 per share.
The notice also claimed that shares belonging to their late father, S N Maran, were illegally transmitted to their mother before a death or legal heirship certificate was issued, and subsequently transferred to Kalanithi at below-market prices.
It further accused Kalanithi Maran and associates of using dividends declared in 2005 to buy out a 50% stake held by M K Dayalu, wife of former Tamil Nadu Chief Minister M Karunanidhi, and to enrich close associates, including Joint Managing Director Kaveri Kalanithi.
The allegations also implicated certain professionals, including the company's auditor, financial consultant and company secretary, of facilitating and concealing the transactions.
Dayanidhi Maran’s demands included restoration of the 2003 shareholding structure, repayment of dividends, reversal of other financial benefits, and potential legal action under multiple statutes, including the Indian Penal Code, Companies Act, SEBI Act, and the Prevention of Money Laundering Act.
He had also indicated plans to approach regulatory bodies such as the Serious Fraud Investigation Office (SFIO), Enforcement Directorate (ED), Registrar of Companies, and SEBI.
Indian brands return: Rasna relaunches iconic juice brand Jumpin
Rasna has relaunched the Jumpin juice brand with a healthier lineup and Swadeshi positioning, aiming for a ₹1,000-crore share of the fast-growing ready-to-drink beverage market.