Sun TV stock nosedives as ED attaches promoter assets in Aircel-Maxis case

Chennai: Sun TV Network Ltd’s scrip on Monday went down by 9.65% from the previous closing price of Rs 453.85, according to Bombay Stock Exchange data. On April 1, the Enforcement Directorate (ED) attached properties and shares worth Rs 742.58 crore of Sun TV promoter Kalanithi Maran, his wife Kaveri Kalanithi and his brother Dayanidhi Maran related to the Aircel-Maxis case.

The company’s share, which was at Rs 453.85 on the previous day closing, opened at Rs 428.6 on Monday morning. The prices further slipped to Rs 403 at around 10 am and later moved up to Rs 411.4 by 3.30 pm.

Kalanithi Maran is holding 75% share of Sun TV Network Limited.

On April 1, the ED has said that the properties and shares of the Maran brothers and Kaveri Kalanithi were attached by the Directorate in respect of the offence of money laundering relating to the illegal gratification amounting to Rs 742.58 crore received by Dayanidhi Maran.

“The offence of money laundering under Section 3 of PMLA is being investigated in respect of the offences punishable under section 120-B of IPC read with section 7, 12 and section 13(2) read with section 13(1)(d) of PC Act, which are scheduled offences under PMLA and is punishable under Section 4 of the Act,” it said

The properties attached include Kalanithi Maran’s shares worth Rs 139 crore in Sun Direct TV Pvt Ltd, free hold land and building owned by Sun Network TV Pvt Ltd worth Rs 266 crore, land and building owned by Kal Comm Pvt Ltd worth Rs 171.55 crore, fixed deposit held by Kalanithi Maran of Rs 100 crore, fixed deposit held by South Asia FM Ltd worth Rs 31.34 crore, fixed deposits held by Dayanidhi Maran and others for Rs 7.47 crore and fixed deposits and mutual funds held by KaveriKalanithi worth Rs 1.30 crore and Rs 1.78 crore each.

Sun TV officials were not reachable for a comment on the ED’s action. Dayanidhi Maran later said that the action by ED was due to “political compulsions” and “to please someone” and added that he would fight it legally.

Last year, Central Bureau of Investigation has filed chargesheet against the Maran brothers and their companies including the foreign companies including Malaysian business man T Ananthakrishnan promoted Maxis Communications and individuals in which they were charged for the offences punishable Section 120-B (criminal Conspiracy) of the Indian Penal Code and various provisions of Prevention of Corruption Act.

“So the attachment of the illegal gratification by Dayanidhi Maran has been done thereafter, as per provisions of PMLA,” said an official announcement by the ED.

“The investigation under PMLA being carried out by the Headquarter Investigation Unit (HIU) in the Head Office of the Directorate has revealed that illegal gratification of Rs 742.58 crores was paid by the companies based in Mauritius for Dayanidhi Maran, in the two companies Sun Direct TV Pvt Ltd (SDTPL) and South Asia FM Ltd (SAFL). These two companies are owned and controlled by Kalanithi Maran, brother of Dayanidhi Maran. The money has been utilized by the companies in their business or investments,” said the statement.

It added that the investigation under PMLA has revealed that promoters of the SDTPL are Kalanithi Maran and Kaveri Kalanithi, who are holding 80% shares of the said company. The shareholders of SAFL are Sun TV Network Limited, which has 60% shares and A H Multisoft Pvt Ltd and South Asia Multimedia Technologies Ltd, Mauritius each hold 20% each. Both Kalanithi Maran and Kaveri Kalanithi are having 90% and 10% shareholding respectively in a company Kal Comm Pvt Ltd, it said.