'All legal obligations met': Sun TV Network defends promoter Kalanithi

New Delhi: A day after former Union minister Dayanidhi Maran reportedly accused his brother of "fraudulent practices" and "misgovernance", Sun TV, led by elder sibling Kalanithi Maran, responded on Friday by asserting that the promoter family’s division, carried out 22 years ago, adhered to all legal requirements.

In a regulatory filing, Sun TV Network defended Kalanithi, stating that the agreements between the brothers were "duly vetted" by "intermediaries" concerned prior to the company’s public issue.

As per reports, Dayanidhi has issued a legal notice to Kalanithi and several others, alleging "fraudulent practices" and "misgovernance" in gaining control of Sun TV following their father Murasoli Maran's passing in 2003. He is seeking to revert the company’s shareholding structure to its pre-September 2003 arrangement.

Kalanithi currently serves as Executive Director and Chairperson of the Sun TV Network, with his daughter, Kavya Kalanithi Maran, also holding a position on the board of the south-based broadcaster. As promoter, Kalanithi holds a 75 per cent stake in the company.

In a regulatory filing on Friday, Sun TV Network addressed recent allegations surrounding its promoter, Kalanithi Maran, stating that the matter dates back 22 years to when the company was a closely held private entity. Defending its leadership, the company asserted that the claims published in certain articles are “incorrect, misleading, speculative, defamatory and not supported by facts or law”.

Sun TV emphasised that all actions taken during that period were in full compliance with legal obligations and had been "duly vetted" by the appropriate intermediaries prior to its public listing.

The company also dismissed media reports of a rift between the Maran brothers, saying such claims have “no bearing” on Sun TV’s business operations or daily functioning. It reiterated that the issue is a personal matter within the promoter family.

In terms of ownership, besides Kalanithi Maran’s 75 per cent stake, mutual funds, insurance firms, and other financial institutions hold 10.46 per cent, while foreign portfolio investors account for 6.87 per cent of the company’s shares.

Headquartered in Chennai, Sun TV Network is one of India’s leading media conglomerates. It operates 37 television channels in seven languages, reaching over 140 million households. The group also owns Sun Direct, a direct-to-home (DTH) service, and runs 69 FM radio stations under the brands Suryan FM, RED FM, and Magic FM. Its print portfolio includes three daily newspapers and six magazines.

Additionally, Sun TV owns the IPL team Sunrisers Hyderabad and the Sunrisers Eastern Cape team in South Africa’s T20 league. For the 2024–25 financial year, the company reported a consolidated income of ₹4,712.60 crore, a 1.55% decline, while its profit after tax dropped 11.53% to ₹1,703.64 crore from ₹1,925.80 crore the previous year.

(inputs from PTI)