ITV

Tag: Kaveri Kalanithi

  • Sun TV promoters have no intention of divesting stake

    Sun TV promoters have no intention of divesting stake

    MUMBAI: Contrary to what has been reported in certain section of the media, Sun TV promoters Kalanithi Maran and his wife Kaveri Kalanithi have no intention of divesting their stake in the company.

     

    In response to market speculations that Marans were looking to exit the company by divesting their shares to two private equity firms, Sun TV group chief financial officer (CFO) SL Narayanan rubbished reports while addressing the media at the company’s annual general meeting (AGM) in Chennai.

     

    “The promoters have no plans to either divest or dilute their stake in the company. They will not cash out or exit Sun TV,” Narayanan firmly stated.

     

    What’s more, the network is also expecting an increase in subscriptions while the Phase III and IV of the TV digitisation continues, as per Narayanan. Sun TV’s subscription income for the year ended 31 March, 2015 was Rs 738 crore as compared to Rs 644 crore during the previous year.

     

    The company’s ad sales revenue also witnessed a growth of 6.5 per cent at to Rs 1,136.09 crore during the year ended 31 March, 2015 as compared to Rs 1,067.04 crore during the previous year.

     

    Apart from the case that Maran is fighting against charges of money laundering, the Sun TV Network was also in the news for being denied security clearance by the Ministry of Home Affairs. 

     

    Moreover, according to media reports, Sun TV’s AGM also saw a shareholder raising concerns over the huge disparity in income of Kalanithi Maran and the company’s independent directors. It was reported that Maran and his wife took home a salary of Rs 61 crore each in the year ended 31 March. Juxtaposed to that, Sun TV’s independent directors get a fee of up to Rs 26,000.

     

    Despite the trials and tribulations that the company has been facing over the last few months, Narayanan remained optimistic about the company’s future. “We have been through difficult times and will come out completely unscathed. I am confident, at the end, truth will prevail and we will come out (with) flying colours,” he said.

  • Sun TV shares dip after ED attaches Marans’ assets

    Sun TV shares dip after ED attaches Marans’ assets

    MUMBAI: South Indian media baron Kalanithi Maran and his brother, the former Union telecom minister Dayanidhi Maran owned Sun TV network is facing some tough times, with the Enforcement Directorate (ED) deciding to close down on the Marans for their alleged involvement in the Aircel-Maxis case.

     

    This in turn has impacted the share price of Sun TV on the bourses. The company’s share prices slumped over 9.44 per cent and closed at Rs 411 on 6 April at the Bombay Stock Exchange (BSE), this against the previous close at Rs 453.85. On the National Stock Exchange (NSE), the scrip fell 10 per cent closing at Rs 410.40 as against its previous close of Rs 456.

     

    The market has reacted to the steps taken by the ED, which had issued an order to attach properties and assets worth Rs 742.58 crore belonging to Kalanithi Maran, his wife Kaveri Kalanithi and his brother Dayanidhi Maran.

     

    The ED’s investigation has revealed that Sun Direct TV Pvt Ltd (SDTPL) is promoted by Kalanithi Maran and Kaveri Kalanithi and they own 80 per cent of its shares. The shareholders of South Asia FM Ltd (SAFL) are Sun TV Network (60 per cent) and 20 per cent each are A.H. Multisoft Pvt Ltd and South Asia Multimedia Technologies Ltd., Mauritius. Kalanithi also holds 75 per cent of Sun TV Network Limited, while he and his wife own 90 per cent and 10 per cent respectively of Kal Comm Pvt. Ltd.

     

    According to the Central Bureau of Investigation (CBI), Dayanidhi Maran used his influence, while he was the Union telecom minister to help a Malaysian businessman, T. Ananda Krishnan, buy Aircel by pressurizing its owner C. Sivasankaran to part with his stake.
     

    Sivasankaran has also alleged that Dayanidhi favoured the Maxis Group in the takeover of his firm. He also said that the company made investments through Astro Network in a firm, purportedly owned by the Marans.

    As per reports, four companies, including the Chennai based Sun Direct, Britain based Astro All Asia Networks, Malaysia based Maxis Communications Berhad and the South Asia Entertainment Holdings of Mauritius, have also been named in charges filed on 29 August, 2014 by the CBI.

     

    The CBI said there was sufficient evidence to prosecute the accused and booked all the accused on the charges of criminal conspiracy under the Indian Penal Code (IPC) as well as the provisions of the Prevention of Corruption Act.