Dayanidhi alleged that the respondents had been involved in fraudulent share allotments, forged documentation, and corporate misgovernance.
Published Jun 20, 2025 | 9:53 AM ⚊ Updated Jun 20, 2025 | 9:53 AM
Dayanidhi Maran.
Synopsis: DMK MP Dayanidhi Maran served a legal notice to his elder brother Kalanithi Maran, alleging a series of fraudulent transactions in SUN TV Network Limited.
DMK MP Dayanidhi Maran served a legal notice to his elder brother Kalanithi Maran, alleging a series of fraudulent transactions since 2003 to unlawfully gain control over Sun TV Network Limited.
Reports say, in a notice dated 10 June, Dayanidhi accused Kalanithi and seven others, including his wife Kaveri Maran, senior financial consultants, the family’s chartered accountant, company officials, and close associates, of “fraudulent practices,” including allegations of “cheating and money laundering.”
The former Union minister seeks to restore the original shareholding structure of the company as established in 2003.
Through his notice, Dayanidhi alleged that the respondents had been involved in fraudulent share allotments, forged documentation, and corporate misgovernance.
According to the notice, the alleged transactions took place while their father, Murasoli Maran, former Union minister, was battling terminal illness. Murasoli Maran was in a coma and on life support from late 2002 until his death in November 2003.
Through his lawyer, K Suresh of Law Dharma, Dayanidhi demanded a forensic audit of Sun TV Network’s finances and the return of assets allegedly diverted from the company.
The notice alleged that, on 15 September 2003, after Murasoli Maran was brought back to Chennai from the US, Kalanithi allegedly allotted to himself 12 lakh equity shares in the then SUN TV Private Limited at a face value of ₹10 each.
According to the notice, the allotment was done without board or shareholder approval and the company’s valuation per share at the time was between ₹2,500 and ₹3,000.
It further claimed that this allotment gave Kalanithi a 60 percent stake in the company and diluted the holdings of the original promoters, the families of Murasoli Maran and the late M Karunanidhi.
Murasoli Maran was the nephew of former chief minister Karunanidhi, the father of Chief Minister MK Stalin.
It also claimed that, soon after the death of Murasoli Maran, 95,000 shares in his name were transferred to his wife, Mallika Maran, without proper authorisation, which were later transferred to Kalanithi. The notice also made several similar allegations, involving companies owned by the Maran family.
The notice alleged that Dayanidhi, as a legal heir of Murasoli Maran, was denied his rightful share in the company and deprived of corresponding bonus shares, including nearly six crore bonus shares issued to Kalanithi in December 2005. He demanded the restoration of the shareholding structure to its original status as of 15 September 2003, and the return of all dividends, assets and proceeds derived since then to the original promoter families.
According to reports, Dayanidhi’s legal notice invoked violations under multiple statutes, including the Companies Act (1956 and 2013), the Indian Penal Code (sections 406, 420, 467, 471, 120-B), the SEBI Act, and the Prevention of Money Laundering Act.
It stated Dayanidhi’s intent to approach the Serious Fraud Investigation Office (SFIO) under section 212 of the Companies Act and file complaints with SEBI, the NSE, BSE, Registrar of Companies, the Ministry of Information and Broadcasting, and the Directorate General of Civil Aviation. It also proposed to seek the cancellation of licences held by the Sun Group across print, broadcast, radio, aviation and sports sectors, including its media channels, the Sunrisers IPL franchise, and SpiceJet Ltd.
