ITV

Tag: Kalanidhi Maran

  • Dayanidhi smells ‘political vendetta’ behind ED’s actions

    Dayanidhi smells ‘political vendetta’ behind ED’s actions

    MUMBAI: A day after India’s Enforcement Directorate (ED) issued an order to attach properties and assets worth Rs 742.58 crore belonging to South Indian media baron Kalanidhi Maran and his brother, the former Union Telecom Minister Dayanidhi, the latter has alleged “political vendetta” and accused the ED of acting like a “puppet” in the hands of “someone.”

     

    “ED ‘flouted’ rules. It shows that somebody is behind it,” he told PTI on 2 April. He also said that he will take a legal recourse and come out clean in the case.

     

    Dayanidhi in a statement alleged that “someone was directing the ED from behind.”

     

    He said that while it was “evident” that he had no ownership in or connections to direct to home (DTH) platform Sun Direct or South Asian FM, the professional investments in these were “distracted.”

     

    Dayanidhi went on to add that foreign investments in a domestic company couldn’t be done without the approval of the Centre. “It cannot be but politics painting colours to such a business transaction. ED had ignored certain legal provisions in this matter,” he told PTI in Chennai on Thursday night.

     

    Meanwhile, DMK has denied any link to the Aircel-Maxis deal case, saying it has nothing to do with Sun TV or the deal. The party however, according to the report, will be fine tuning its strategy to ensure that its campaign for the upcoming elections is not marred.

     

    Contrary to the expectations, even after all the controversies Sun TV shares saw a hike of 3.20 per cent, closing at 453.85 up from 440.65 on 2 April.

     

    Sun TV also has a stake in the Indian Premier League (IPL) franchise Sunrisers Hyderabad and it remains to be seen if ED intervention will have an impact on the fast approaching multimillionaire league. 

     

  • Digicable Network among MSOs denied permanent licence, three new MSOs get licence this month

    Digicable Network among MSOs denied permanent licence, three new MSOs get licence this month

    NEW DELHI: While 115 multisystem operators (MSOs) have been granted permanent licence as on 3 September, Digicable Network and Kal Cables are among the prominent MSOs whose licences have been cancelled following refusal of security clearance by the Home Ministry.

     

    However, the Madras High Court has quashed the cancellation of provisional licence of Kal Cables on the ground that the Information and Broadcasting Ministry had not issued any show-cause notice, before cancelling the permit. The court also said that the MSO should be given another chance to respond. The Kalanidhi Maran owned Kal Cables had opposed the 20 August order, saying that it is just a MSO and not a channel. And if the I&B Ministry had issued a notice, it would have cleared the doubts.

     

    The MSO was given a permanent licence to operate in Chennai in June 2012, while a provisional licence was given to operate in DAS notified areas in phase II cities in March 2013.  

     

    The licence of Digicable Network India was cancelled on 3 September because of denial of security clearance by the Home Ministry. The MSO had applied on 11 May 2012 for DAS notified area of NCT of Delhi, Municipal Council of Greater Mumbai and Kolkata in phase-I and on 28 January and 6 March last year for 38 cities of phase II.

     

    Siddhi Digital Services of Sholapur was also not given a licence and its ‘case closed as Company is no longer interested in registration.’  

     

    The application of Silverline Entertainment of Allahabad for operation in DAS notified areas of Agra, Allahabad, Ghaziabad, Kanpur, Lucknow, Meerut and Varanasi was also cancelled early this month following denial of security clearance by the Home Ministry.

     

    Earlier, MSOs Godfather Communication of Punjab and Intermedia Cable Communication had also got stay orders issued by the Punjab High Court and Delhi High Court respectively on cancellation of their licences.

     

    The MSOs which got permanent licences early this month were Koduri Satyanarayana, Sri Sai Star TV Services for the Khammam district of Telengana; Abhilash Communications of Adilabad for notified areas of phase – II and phase – III cities pan India and JPR channel of Mumbai for Mumbai (phase – I) and phase – II areas in the state of Maharashtra and Gujarat. 

  • Kal Cables breathes a sigh of relief

    Kal Cables breathes a sigh of relief

    MUMBAI: Sun Group owned Kal Cables has finally won the battle it had set out for, after the Information and Broadcasting Ministry (I&B) cancelled the licence of the multi system operator (MSO).

     

    Quashing the cancellation of provisional licence, Justice V Ramasubramanian said that the I&B had not issued any show-cause notice, before cancelling the permit. He also said that the MSO should be given another chance to respond, post which the I&B Ministry can take suitable action.

     

    The Kalanidhi Maran owned Kal Cables had opposed the 20 August order, saying that it is just a MSO and not a channel. And if the I&B had issued a notice, it would have cleared the doubts.

     

    The court has agreed that Kal Cables is not a broadcaster, but a distributor. And so any cancellation based on security reasons, is applicable on the broadcaster and not the MSO.

     

    It was on 20 August, that the I&B ordered cancellation of the provisional licence, giving the MSO, 15 days to wind up its business. After this, Kal Cables approached the court to first put a stay on the order and finally quashing it and also directing the Centre to give a permanent registration to continue its operations.

     

    The MSO was given a permanent licence to operate in Chennai in June 2012, while a provisional licence was given to operate in DAS notified areas in phase II cities in March 2013.  

  • Sun TV net jumps to Rs 598 million

    Sun TV net jumps to Rs 598 million

    MUMBAI: Kalanidhi Maran’s Sun TV Ltd has announced a net profit of Rs 597.7 million for the quarter ended December 2006 as compared to Rs 399 million shown during the corresponding quarter in 2005.

    Revenues for the quarter increased to Rs 1250.2 million from Rs 948.1 crore shown in the year-ago quarter.

    The Sun TV board also anounced an interim dividend of 30 per cent or Rs 3 per share.

  • Sun TV has big bang debut on BSE; closes 68% higher at Rs 1466.05

    Sun TV has big bang debut on BSE; closes 68% higher at Rs 1466.05

    MUMBAI: The Kalanidhi Maran promoted and Chennai-headquartered broadcaster Sun Television Limited got listed on the bourses on Monday with a huge bang. The scrip has been greeted with a lot of excitement and closed the day’s trading 67.55 per cent higher at Rs 1466.05 on the Bombay Stock Exchange (BSE).

    A total of 5,298,695 shares were traded on the opening day.

    At the National Stock Exchange (NSE), the scrip had an overall gain of 67.39 per cent and closed the day at Rs 1464.65. A volume of 11,585,515 shares have been traded on day one.

    Just how bullish the bourses are is about the scrip can be garnered from comments made by market analyst Rajesh Jain of Pranav Securities to CNBC TV18, where he said Sun TV should be part of every investor’s portfolio.

    Said Jain, “I would ride this Sun TV story. I might add on declines, if the strip does give that opportunity. Sun TV is a super pedigree media stock. It has been the leader in the south for almost a decade.

    “I think it would even rate better than some of the older plays available in the media space.”

    The scrip, which was offered through initial public offer (IPO) early this month at a tag price of Rs 875 per share, listed at Rs 1,111 on the BSE and Rs 1,000 on the NSE. Its BSE ID is 532733 and its NSE ID is SUNTV.

    In its IPO, Sun had come out with a fresh equity issue of 68,89,000 equity shares of Rs 10 each for cash, made entirely through the book building route.

    The issue constituted 10 per cent of the fully diluted post issue paid-up capital of the company. Following the issue, the shareholding of Sun TV Ltd principal promoter Kalanithi Maran has reduced to 89.99 per cent from 99.99 per cent (61,999,969 shares).