Shares of Sun TV Network were off the day’s low after tanking 5 per cent in early trade on Friday amid legal feud between the Maran brothers.
The stock ended 1.09 per cent lower on the BSE at ₹606.80, hitting a low of ₹581.55. It opened at ₹599.95 he BSE against previous close of ₹613.50.
Sun TV Network has issued clarification pertaining to reports on matters between the promoter of Sun TV Network Limited and his family member.
“The alleged matter dates back to 22 years when the company was a closely held private limited company. The statements allegedly made in the articles are incorrect, misleading, speculating, defamatory and not supported by facts or law,” it said in a stock exchange disclosure.
All acts have been done in accordance with legal obligations and the same had been duly vetted by concerned intermediaries before the public issue of the company. The matters alleged in the articles does not have any bearing on the business of the company or its day-to-day functioning and being the family matter of the promoter are purely personal in nature, it added.
DMK MP Dayanidhi Maran served a legal notice on his brother and Sun Network Executive Chairman Kalanithi Maran alleging that the latter along with seven others was involved in unlawful share transfers concerning Sun TV Network Limited and affiliated companies.
Dayanidhi alleged that in 2003, when their father SN Maran was ill, Kalanithi Maran allotted 12 lakh equity shares of Sun TV to himself in 2003 at a face value of ₹10 each without proper valuation, fair consideration, or consent of other existing shareholders, which includes families of SN Maran and former TN CM M Karunanidhi.
Kalanithi also allotted bonus shares to himself without following procedures and presented false information in the Red Herring Prospectus that Sun TV filed when they went public, the notice claimed.
Kalanithi Maran holds 75 per cent stake in Sun TV, as of March 2025.