DMK MP Dayanidhi Maran has issued a legal notice to his elder brother and Sun TV Network Chairman and Managing Director Kalanithi Maran, accusing him of fraudulently seizing control of the group after the death of their father media baron, Murasoli Maran, in 2003.
In his notice issued June 10, Dayanidhi accused Kalanithi and seven others, including his wife Kaveri, senior financial consultants, the family’s chartered accountant, company officials, and close associates, of orchestrating an unauthorised scheme to obtain a controlling stake in the family-promoted media enterprise.
Moneycontrol was the first to report on the Sun TV family dispute.
Who is Kalanithi Maran?
Born on July 24, 1965, Kalanithi Maran completed his undergraduate degree in Engineering from the MIT College of Engineering, Chennai. He also pursued an MBA from the University of Wisconsin-Madison in the United States. Kalanithi has an estimated net worth of about Rs 30,289 crore, according to reports by Hindustan Times. His wealth primarily stems from his vast media empire, including television, radio, and film production, alongside his foray into sports ownership. He got married to Kalanithi is married to Kavery and they have a daughter named Kaviya.
Kalanithi recently expanded his cricket empire with the acquisition of an English franchise cricket team, Northern Superchargers, for a staggering Rs 1,094 crore. Kalanithi, through his production house Sun Pictures, has also produced several movies.
Kalanithi had acquired a controlling stake in the airline SpiceJet in 2010. In 2015, he transferred his stake back to SpiceJet co-founder Ajay Singh. Since then, Kalanithi was engaged in a legal conflict with the airline, alleging that SpiceJet owed him outstanding payments.
What is Kalanithi accused of?
Kalanithi’s younger brother Dayanidhi has accused him of fraudulently taking control of the company through a contested share allotment in 2003. He has called for the restoration of the company’s shareholding structure to its pre-September 2003 status, a time when the Maran family and the family of the late M Karunanidhi held equal stakes. Dayanidhi has called for the restoration of the company’s shareholding structure to its pre-September 2003 status, a time when the Maran family and the family of the late M Karunanidhi held equal stakes.
Karunanidhi, the late chief minister of Tamil Nadu and former head of the DMK, passed away in 2011. His son, MK Stalin, is the current chief minister of Tamil Nadu.
Dayanidhi alleges that his brother allotted 1.2 million equity shares to himself on September 15, 2003, without proper valuation, shareholder approval or board resolutions.
At face value, the shares were priced at Rs 10 each. However, Dayanidhi claims that they were worth approximately Rs 3,500 crore at the time, as Sun TV was a cash-rich and profitable entity.
Dayanidhi claims that this disputed allotment has since enabled Kalanithi to earn over Rs 5,926 crore in dividends up to 2023, and an additional Rs 455 crore in 2024 alone.
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