Sun TV shares tank over 13%

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Mumbai | Published: April 6, 2015 3:57:15 PM

Shares of Sun TV slumped 13 per cent after the ED attached assets worth Rs 742.58 crore in the name of its owners.

Sun TV, Enforcement Directorate, former Telecom Minister Dayanidhi Maran, Aircel-Maxis deal, Sun TV News, Dayanidhi Maran news, Stock markets, Sun TV MD Kalanithi, Sun Direct TV Pvt Ltd, South Asia FM Ltd, SAFL, CBI FIR. Shares of Sun TV slumped 13 per cent after the Enforcement Directorate attached assets worth Rs 742.58 crore in the name of its owners.

Shares of Sun TV slumped 13 per cent after the Enforcement Directorate attached assets worth Rs 742.58 crore in the name of former Telecom Minister Dayanidhi Maran, his brother Kalanithi and other family members in connection with money laundering probe in Aircel-Maxis deal.

Reacting to this, shares of the company tanked 11.36 per cent to Rs 402.25 on the BSE today. On the NSE, it plunged 13.19 per cent to Rs 395.85.

The ED had on Wednesday last week attached Rs 742.58 crore assets of Marans in the Aircel-Maxis deal.
Stock markets were closed on Thursday and Friday for holidays.

Amongst the assets attached are a huge amount of fixed deposits (FDs) and mutual funds held largely by his brother and Sun TV MD Kalanithi. Some assets of Kalanithi’s wife Kaveri have also been attached.

The individual assets include FDs held by Dayanidhi and others worth Rs 7.47 crore, FD worth Rs 100 crore and mutual funds worth Rs 2.78 crore held by Kalanithi. His wife’s FDs worth Rs 1.30 crore and mutual funds of Rs 1.78 crore were also put under attachment.

An official order had said “that illegal gratification of Rs 742.58 crore was paid by the companies based in Mauritius for Dayanidhi in the two companies namely Ms Sun Direct TV Pvt Ltd (SDTPL) and Ms South Asia FM Ltd (SAFL). These two companies are owned and controlled by Kalanithi. The money has been utilised by the companies in their business or investments.”

ED registered its criminal case in this deal in 2012 taking cognisance of an earlier CBI FIR.

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