Sun TV management clarifies on reports of legal feud between the Maran brothers

Shares of Chennai-headquartered media giant Sun TV Ltd. fell on Friday, June 21, amidst reports of a legal feud between the Maran brothers, DMK MP Dayanidhi Maran and Sun TV owner and billionaire businessman Kalanithi Maran.

Moneycontrol reported on Thursday that Dayanidhi Maran, on June 10, sent a legal notice to his brother Kalanithi, threatening to initiate civil, criminal, regulatory and enforcement proceedings, unless Sun TV's shareholding is restored to its original version dating 2003. Seven other respondents, other than Kalanithi Maran are named in this notice, the second one after the first was sent back in October 2024, the Moneycontrol report stated.

The notice also alleges that Kalanithi Maran engaged in what it describes as "fraudulent practices," including "cheating and money laundering."

Kalanithi Maran, currently acting as the promoter of Sun TV, based on the March quarter shareholding pattern, holds a 75% stake in the company, which, at the current market price, is valued at close to ₹18,000 crore.

Among Sun TV's public shareholders include India's domestic Mutual Funds, who have a 9.74% stake in the company. Kotak Equity Opportunities Fund (2.2%), Quant Active Fund (4.7%) and ICICI Prudential Exports and Services Fund (1.95%) are some prominent shareholders listed in the March quarter data.

Retail shareholders, or those with an authorised share capital of up to ₹2 lakh, do not have significant holdings in Sun TV, due to the lack of float. 1 lakh retail shareholders hold a 1.6% stake in the media conglomerate.

In a clarification to the exchanges, the management of Sun TV said that the alleged matter dates back 22 years, when the company was closely held and private.

"The statements allegedly made in the (Moneycontrol) article are incorrect, misleading, speculating, defamatory and are not supported by facts of law," the management said in the statement, further adding that all acts have been done in accordance with legal obligations and the same had been duly vetted by the concerned intermediaries before the public issue (IPO).

Sun TV's management also said that the matters alleged do not have any bearing on the business of the company or its day-to-day functioning.

Shares of Sun TV are trading 2.1% lower on Friday at ₹599, having declined another 2% on Thursday as well. The stock has already declined 34% from its recent 52-week high of ₹907. Shares are down 12% so far in 2025 and 21% over the last 12 months.