'All the legal notices issued by the family member to the promoter have been unconditionally and irrevocably withdrawn by the said family member and the issues hereby stand resolved,' says Sun TV in a stock exchange filing
The notice also alleges that the 2003 allotment of shares to Kalanithi Maran were done at face value of Rs 10 each although fair value of the said shares was anywhere between Rs 2,500 and Rs 3,000 at that time.
Sun TV's clarification came a day after Moneycontrol exclusively reported on the feud between its chairman Kalanithi Maran and his younger brother Dayanidhi Maran
Kalanithi has an estimated net worth of about Rs 30,289 crore, according to reports. His wealth primarily stems from his vast media empire, including television, radio, and film production, alongside his foray into sports ownership.
The strongly worded legal notice, dated 10th June, 2025, threatens to initiate civil, criminal, regulatory and enforcement proceedings against Sun TV chairman Kalanithi Maran and seven other respondents, unless they restore the shareholding of the media company to its original state in 2003.This is the second legal notice after one sent in October 2024.
The latest Star-Viacom merger also poses key threats to Sun TV Network--intense competition for ad revenues in its core networks and a reduction in IPL media rights from the next cycle, dragging valuations for Sunrisers Hyderabad lower.
Brokerages expressed their dissatisfaction with the results, downgrading the stock due to high valuations and concerns over future earnings potential
The company had reported a PAT (profit after tax) of Rs 592.08 crore in the April-June period a year ago, according to a BSE filing from Sun TV Network, one of the largest broadcasters.
Around 1 percent stake in Sun TV changed hands at an average of Rs 778 apiece. Moneycontrol could not ascertain the buyers and sellers of this transaction.
The Sun TV Network stock has given a return of 44.39 percent over the last six months. The benchmark Nifty50 index has given a return of 6.12 percent over the last six months.
Sun TV Q1 earnings: Advertising revenue came in at Rs 339.10 crore against Rs 343.17 crore in the year-ago period, down almost a percent and missed analyst expectations