Differences in the Maran family, the owner of Sun Group, have come out openly. DMK MLA and former Union Minister Dayanidhi Maran has sent a legal notice to his elder brother Kalanidhi Maran. According to the Economic Times news, Dayanidhi has accused Kalanidhi of cheating the company with fraudulent share allotment in 2003. Kalanidhi Maran is the chairman and managing director of the Rs 24,000 crore Sun TV network.
According to the news, Dayanidhi Maran has demanded the company’s shareholding structure to be restored before September 2003, when Maran family and late M Karunanidhi had equal shares in the company. Let me tell you, M. Karunanidhi, died in 2011, was the head of DMK and Chief Minister of Tamil Nadu.
What will happen if the matter goes to court?
According to the news, Dayanidhi Maran has demanded the company’s shareholding structure to be restored before September 2003, when Maran family and late M Karunanidhi had equal shares in the company. Let me tell you, M. Karunanidhi, died in 2011, was the head of DMK and Chief Minister of Tamil Nadu. It is being said that if this dispute goes to court, it will stand between Kalanidhi and his brother and his Karunanidhi family, which will put control of the media veteran at stake.
What are the allegations in the notice?
His lawyer K. In the notice sent by Suresh, Dayanidhi alleged that his brother on September 15, 2003 allotted themselves 1.2 million equity shares without proper assessment, shareholder approval or board proposals. At the inscribed price, the stocks were priced at Rs 10 per share, but Chhote Maran claims that his price was around Rs 3,500 crore at the time, as Sun TV was a cash-rich and profitable unit.
Dayanidhi argues that Kalanidhi used the opportunity to gain 60% control in the company without informing or consulting the other major stakeholders, MK Dayalu, the wife of Karunanidhi, who was representing or consulting the family.
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