Dayanidhi Maran Accuses Brother Kalanithi Maran of Fraud, Cheating & Money Laundering over Sun TV Shareholding
Allegations of Deception: Maran Succumbs to Financial Misconduct Accusations
Ever since Dayanidhi Maran, a four-time DMK MP, sent a legal notice to his elder brother Kalanithi Maran, the toes of south India's biggest broadcaster, Sun TV Network, have been up in the air. The allegations dripping from the strongly worded notice are severe, including accusations of fraud, cheating, and money laundering.
According to the notice, the management of Sun TV Network has been taken over by Kalanithi and his wife, Kaveri Maran, using criminal activities and deceitful tactics. The situation arose when Dayanidhi's critically ill father, Murasoli Maran, was on his deathbed in 2003. Leveraging the family's emotional turmoil, Kalanithi reportedly carried out an extensive, purposeful ploy to rearrange the shareholding structure of their family-owned business, to the detriment of Dayanidhi and the late Murasoli Maran's other legal heirs.
As the allegations stand, Kalanithi supposedly transferred 1.2 million shares to himself in 2003, with a face value of just Rs 10/share, despite the shares being valued at around Rs 2,500-Rs 3,000 at the time, amounting to a considerable breach of trust and cheating. This act enabled Kalanithi to become the majority shareholder, reducing Dayanidhi's holding from 50% to a mere 20%.
Dayanidhi demands that the shareholding structure of Sun TV Network be reverted to its original state in 2003 and for Kalanithi to return the shares, dividends, assets, and income gained illegally to the original family members.
These accelerating claims set a troubling tone in the Maran family, a known political and industrial dynasty in Tamil Nadu. While the company asserts that all shares have been legally transferred and complies with all obligations under the company and criminal laws, the issue has sparked a probe by the Serious Fraud Investigation Office.
With over Rs 24,000 crore in valuation[1][4], the fallout from this family conflict could have severe legal and reputational repercussions for both the Maran family and Sun TV Network.
- The allegations against Kalanithi Maran include the manipulation of the finance and business operations of Sun TV Network, which could potentially have implications for the decentralized finance (Defi) industry and wider market.
- The marred business practices in the Maran family, as reported, may impact the dividends distributed by Sun TV Network to its shareholders, thereby affecting the financial standing of the original family members.
- The Serious Fraud Investigation Office probing the Maran family conflict could reveal unlawful activities in the financial and business sectors, potentially setting a precedent for future investigations within similar industries.
