Sun TV Network downplays family feud reports, company denies biz impact
'The statements allegedly made in the articles are incorrect, misleading, speculating, defamatory, and not supported by facts or law,' Sun TV Network said
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Sun TV Network has issued a clarification amid reports of a family dispute at the media conglomerate. The company said that reports of the Maran family feud are a personal matter and have no impact on the business of the company.
In a stock exchange filing, Sun TV Network mentioned, "The matters alleged in the articles do not have any bearing on the business of the Company or its day-to-day functioning and being the family matter of the Promoter are purely personal in nature," the company said.
The media company has also denied reports claiming contention between Dravida Munnetra Kazhagam (DMK) political party's minister Dayanidhi Maran and Kalanithi Maran wherein the former accused his elder brother, his wife Kaveri, and several others of "misgovernance" and "fraudulent practices" in taking control of the media company after their father Murasoli Maran's death in 2003.
"The statements allegedly made in the articles are incorrect, misleading, speculating, defamatory, and not supported by facts or law. We wish to inform you 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 mentioned in a regulatory filing.
A report by Moneycontrol claimed that Dayanidhi's Maran legal team has demanded a forensic audit of Sun TV Network’s finances and the return of assets allegedly diverted from the company.
The DMK MP also reportedly warned his brother Kalanithi that if he does not comply with his demand then he will initiate a probe by the Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs, a Mint report mentioned.
Dayanidhi is a four-time MP, having won from Chennai seat in 2024. He also served as Union Telecom minister between 2004 and 2007.
Sun TV Network comprises 37 TV channels, 69 radio stations, and three daily newspapers. The media company's film division 'Sun Pictures' is the owner of SunRisers Hyderabad, a team in the Indian Premier League.
Shares of Sun TV Network plunged 2.30% to Rs 598.55 at 1:44 pm (IST) on the National Stock Exchange on Friday.
