DMK MP Dayanidhi Maran has 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.

Kalanithi Maran

Kalanithi Maran | Photo Credit: VEDHAN M

In the legal notice dated June 10, 2025, the contents of which was seen by businessline, Dayanidhi Maran claims that his brother Kalanithi Maran in collusion with seven other associates (one of whom is Kalanithi’s wife) fraudulently acquired majority control of the media conglomerate Sun TV, and other family-owned entities.

The allegation

Dayanidhi alleges in the notice 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.

“If at all a proper and fair valuation was made in respect of the 12,00,000 equity shares along with controlling interest, it approximately comes to ₹3,500 crore at the time of said allotment,” Dayanidhi says in the notice, drawing attention to the fact that Kalanithi only paid ₹1.2 crore. Besides this transfer, Dayanidhi also alleges other tranches of “fraudulent” acquisition of shares including those from MK Dayalu (wife of late M. Karunanidhi) in October 2005, Mallika Maran (mother of Maran brothers) in December 2005, and some group companies.

The notice also goes on to say that Kalanithi also allotted bonus shares to himself without following proper procedures and also presented false information in the Red Herring Prospectus that Sun TV filed when they went public. “It is also worthwhile to mention that you have informed in the Red Herring Prospectus of M/s. SUN TV Limited that a sum of ₹10.64 crore had been paid by way of dividend to Mallika Maran as on 31-12-2005. However, no such amount has been paid to her by way of dividends in the year 2005,” it reads.

As of March 31, 2025, Kalanithi holds 29,55,63,457 shares in Sun TV for a 75 per cent stake. Sun TV’s market cap is at ₹23,960 crore.

businessline spoke to K Suresh, a lawyer with the firm Law Dharma, whose name is on the notice, and he declined to comment on the action. Queries to Dayanidhi and Kalanithi Maran went unanswered.

Dayanidhi has demanded the restoration of original shareholdings and the return of all unlawfully obtained financial benefits, threatening extensive legal and regulatory action if these demands are not met.

‘Financial losses’

Noting that the alleged fraud resulted in “massive financial losses” to him, his mother, sister and others, he demands that original shareholdings as of 2003 should be restored and all “unlawfully acquired monetary benefits” must be returned. “This demand is to be fully complied with within seven (7) days from the date of receipt of this communication,” he adds.

The notice also said that following a prior legal notice issued on October 7, Kalanithi “paid a sum of ₹500 crore to his sister Anbukarasi, as a legal heir of SN Maran towards part of a settlement and initial payment.

“This settlement and initial payment clearly demonstrate your attempt to evade repercussions for the fraudulent activities you committed and to conceal your criminal actions,” it said.

In the very strictly worded notice, Dayanidhi indicates that he intends to initiate proceedings with various regulatory bodies covering the numerous business interests of Kalanithi Maran. These include the Serious Fraud Investigation Office (SFIO), Economic Offences Wing, Enforcement Directorate, Stock Exchanges,SEBI, Registrar of Companies (ROC), Ministry of Information and Broadcasting, Board of Control for Cricket in India (BCCI), DGCA and others..

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Published on June 19, 2025