Kalanithi Maran-owned Sun TV Network on Monday took a 21.73% hit in its share price to end at Rs 278.90 on the Bombay Stock Exchange versus its previous closing price of Rs 356.35.
On Monday morning, the stock fell as much as 25% to touched its 52-week low of Rs 258, following reports that the ministry of home affairs (MHA) has struck down the information and broadcasting ministry’s proposal to give security clearances to 33 channels of the company.
Sun TV, however, said that it has not received any communication from any ministry so far in this regard. The company, in its communication, said, “We wish to state that no communication has been received by the company in this regard from any ministry and all our channels continue to be on air.”
Officials were not available for comments. However, sources here said that the company will seek legal remedy to fight back in case any adverse action takes place.
On Saturday, a cross section of media reported that the home ministry had not given permission, citing pending criminal cases (enforcement directorate/Aircel-Maxis case) against the company promoter Kalanithi Maran and his brother and former union telecom minister Dayanidhi Maran (on alleged illegal 300 BSNL connections to Sun TV Network office).
It may be recalled that mid last year, the enforcement directorate attached properties and shares worth R742.58 crore of Sun TV promoter and his wife Kaveri Kalanithi and his brother Dayanidhi Maran related to the Aircel-Maxis case.
Petitions of Sun TV Network and Kal Communication seeking relief for two of the properties is under consideration of the Madras High Court.