Former Union minister Dayanidhi Maran has levelled serious allegations against his elder brother and Sun TV Network chairman Kalanithi Maran. In a legal notice, Dayanidhi claims Kalanithi unlawfully acquired 12 lakh shares of Sun TV Private Limited in 2003 for just ₹1.2 crore, even though their actual market value at the time was around ₹3,500 crore. He alleges this was done without proper valuation, shareholder consent, or fair consideration.
Manipulation During Family Crisis
According to the notice, Kalanithi held no shares in the company until September 15, 2003. However, during the period when their uncle Murasoli Maran was critically ill, Kalanithi allegedly allotted the shares to himself at a nominal face value of ₹10 each, which significantly diluted the holdings of the original promoters. Dayanidhi has termed this move a breach of fiduciary duty and an act of fraud.
Questionable Timing After Death of Murasoli Maran
Dayanidhi’s notice highlights that on November 26, 2003 — just three days after Murasoli Maran’s death — Kalanithi transferred shares from group companies to himself. He claims this was done before a legitimate death certificate or legal heirship certificate could have been obtained, calling the transfer illegal and fraudulent.
Use of Company Funds and Questionable Transactions
The notice further alleges that Kalanithi used Sun TV’s funds to purchase shares from their aunt Dayalu Ammal for ₹100 crore. Dayanidhi claims the company’s first-ever dividend in 2005 was fraudulently declared to finance this deal, and had Dayalu retained the shares, she would have earned a similar amount as dividends.
Dayanidhi also points to a questionable 2005 deal where 1,14,999 shares were transferred from Mallika Maran to Kalanithi at ₹10 per share — even though he had recently paid ₹3,173.04 per share to Dayalu Ammal, raising suspicions about inconsistency in valuation and intent.
Earlier Legal Notice and ₹500 Crore Payment
The latest legal notice refers to an earlier one dated October 7, 2024, which allegedly led to a ₹500 crore payout to their sister Anbukkarasi, another legal heir of Murasoli Maran. Dayanidhi claims this payment was intended to silence her and stop her from exposing irregularities in share dealings.
Legal Threats and Demands for Action
In his latest notice, Dayanidhi has demanded that the company restore the shareholding structure to how it existed on September 15, 2003. He has warned that if corrective measures are not taken within a week, he will approach multiple regulatory and enforcement bodies, including the Serious Fraud Investigation Office (SFIO), SEBI, and the Enforcement Directorate.
He has also threatened to seek cancellation of Sun TV’s media licences, the Sunrisers Hyderabad IPL team’s licence, and SpiceJet’s aviation permit.
Notice Sent to Eight Individuals
The notice has been addressed to eight individuals, including Kalanithi Maran, his wife Kavery Kalanithi — who is alleged to draw an annual salary of ₹87.5 crore — and several financial advisors said to be involved in the alleged fraudulent transactions
