By The Sampadak Express
Sun TV Network Limited has responded to recent media reports surrounding a legal notice issued by DMK MP and former Union Minister Dayanidhi Maran against his elder brother Kalanithi Maran, Chairman of Sun TV, and others. In an official filing with the stock exchange on Friday, the company firmly rejected the allegations, calling them “incorrect, misleading, speculative, defamatory, and not supported by facts or law.”
The company clarified that the issue being referred to stems from a 22-year-old matter, dating back to a time when Sun TV was still a closely held private limited company.“
All acts have been carried out in compliance with legal obligations and were duly vetted by relevant intermediaries prior to the company’s public listing,” the statement read.
Sun TV further stated that it has no knowledge of any negotiations or settlement discussions within the promoter family. It emphasized that the alleged dispute is a purely personal matter, unrelated to the company’s operations.“
These personal issues within the promoter family have no bearing on the company’s business or its day-to-day functioning,” the company reiterated.
Market Reaction
Following the news reports and subsequent clarification from the company, Sun TV shares showed signs of recovery. After falling nearly 4% in morning trade, the stock trimmed its losses and closed at ₹606.80, down 1.09% on the Bombay Stock Exchange. On the National Stock Exchange (NSE), the shares ended at ₹605.75, down 1.05%.
About Sun TV Network:
Headquartered in Chennai, Sun TV Network is one of India’s largest media conglomerates. It operates 37 television channels in multiple languages, 69 FM radio stations, a DTH service (Sun Direct), and owns IPL franchise Sunrisers Hyderabad along with Sunrisers Eastern Cape in South Africa’s T20 league.
