Chennai: A bitter family dispute among the owners of Sun TV Network Limited, one of India’s biggest media networks, is headed to the court, with former Union Minister and DMK MP Dayanidhi Maran sending a legal notice to his brother Kalanithi.
Dayanidhi has alleged that billionaire Kalanithi, chairman of the Chennai-based media conglomerate, engaged in “fraudulent practices,” including “cheating and money laundering.”
Demanding the restoration of the company’s shareholding to the original structure established in 2003, the notice has invoked the legacy of their late father SN Maran (better known as Murasoli Maran) and MK Dayalu, wife of former Tamil Nadu Chief Minister M Karunanidhi.
The notice, dated June 10, has been served to Kalanithi and seven other respondents, including his wife Kaveri Maran, by K Suresh of Law Dharma, a research-based litigation support firm.
The notice alleges that after their father’s death in 2003, shares were transferred to their mother Mallika Maran without proper legal documents like a death certificate or legal heir certificate, which were issued only days or months later. This transfer was done to allegedly help move shares later to Kalanithi Maran, reported Moneycontrol which has seen a copy of the notice.
Kalanithi allegedly allotted 12 lakh equity shares to himself at Rs 10 each on 15 September 2003, an “illegal act of criminal breach of trust and cheating.” This when, the value of shares then was between Rs 2,500-Rs 3,000 as per the notice.
“In other words, No.1 of you (Kalanithi) allotted 60% of the shares of M/s.SUN TV Private Limited without any consultation or approval from the existing majority/promoter original shareholders at face value of Rs 10/- each,” the notice states.
The company was financially strong at that time, and did not need to raise money, so there was no reason to issue these shares, according to the legal notice.
Kalanithi, who did not own any share previously, became the majority owner, reducing the original families’ shares from 50% each to just 20%, as per the notice.
Kalanithi, who currently owns 75 per cent in the listed Sun TV network, is one of India’s richest businessmen with a net worth of $2.9 billion, said the Moneycontrol report.
Dayanidhi has said he will seek a government investigation by the Serious Fraud Investigation Office (SFIO), as these actions are serious crimes under company and criminal laws, including money laundering.
“The difference amount between the alleged payment of Rs 1.2 Crore towards allotment of 12,00,000 equity shares and the actual approximate value of 12,00,000 equity shares to the tune of Rs 3500 Crore at the relevant time is nothing but proceeds of crime and all of you are possessing the said differential amount of Rs 3498.8 crore projecting the same as untainted one and hence all of you are continuously committing an act of Money laundering,” the notice says, adding that Kalanithi has also derived benefits by way of dividends to the tune of Rs 5,926 crore in 2023 and Rs 455 crore in 2024.
