After the family feud between Dayanidhi Maran and Kalanithi Maran over Sun TV came into the public eye, management of the media firm issued a statement on the exchanges. In a regulatory filing, Sun TV Network said that the alleged matter dates back 22 years when the company was closely held and private.
“This is in reference to the news articles appearing in various media in relation to certain 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,” Sun TV said in a statement.
It went on to add that the statements allegedly made in the articles are misleading, speculating, defamatory and not supported by facts or law.
“We wish to inform that 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 statement further stated while maintaining that the matters alleged in the media reports “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.
Earlier, a report by Indian Express stated that former union minister and DMK MP Dayanidhi Maran has served a legal notice to his elder brother, media baron Kalanithi Maran, alleging a series of fraudulent transactions since 2003.
Based on the March quarter shareholding pattern, Kalanithi Maran, currently holds a 75 per cent stake in the company, which, at the current market price, is valued at close to Rs 18,000 crore.
Shares of Chennai-based Sun TV Network were down 2.8 per cent at 2:00 pm today at a trading price of Rs 596.35.