Sun TV shares rose 4% on August 11 after the firm said all legal notices issued by family members to the promoter have been "irrevocably withdrawn".
"This is further to our letter dated 20 June 2025 relating to the news articles in relation to legal notices issued by a family member to the Promoter of Sun TV Network Limited, his relative and other unrelated individuals. As informed earlier, the matters alleged in the articles did not have any bearing on the business of the Company or its day to day functioning.
"As an update to the above, we would like to inform you that we have now been informed by the Promoter of the Company that all the legal notices issued by the family member to the Promoter of the Company, his relative and other unrelated individuals have been
unconditionally and irrevocably withdrawn by the said family member and the issues hereby stand resolved," said the company in a stock exchange filing.
At 12:55 pm on August 11, Sun TV shares on NSE were trading 5% higher at Rs 577.5 apiece.
We reiterate that the issue of the legal notices and the withdrawal of such legal notices do not pertain to the business or management of the Company or its day to day functioning and being the family matter of the Promoter are purely personal in nature," the company added.
Earlier this year, DMK MP Dayanidhi Maran sent a legal notice to his elder brother Kalanithi Maran, his sister-in-law, and six others, objecting to the share transactions of the Sun TV Network, which took place in 2003.
He alleged that Kalanithi allotted 60% of the shares of Sun TV to himself without consultation or approval' of the existing majority shareholders and in collusion with other respondents, and thus became a majority shareholder with controlling interest.
However, on June 20, Sun TV informed the Bombay Stock Exchange that the matter dated back to 22 years, when the company was a closely held private limited company, and that all acts were done in accordance with legal obligation and duly vetted by intermediaries concerned before the public issue of the company.
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