AG disagrees with Home Ministry’s decision of not granting licence to Sun TV

Chennai: The Sun TV stock shot up after the Attorney General (AG) disagreed with the Home Ministry decision to deny licence for Sun TV’s 33 channels.

TV reports quoted AG saying “no national security threat in granting licence for Sun TV and Sun TV can be granted licence”.

Last two weeks the pressure was mounting on Sun TV after the Ministry of Home Affairs had denied security clearance to Sun TV’s 33 channels. the stock price had dropped nearly 26%, a 52-week low to touch Rs 257.45 two weeks back.

The management then wrote to the Prime Minister, the Finance Minister and the Home Minister stating that it was singled out.

The Home Ministry had struck down the proposal to grant security clearance to Sun TV on the ground that its promoter Kalanithi Maran was being investigated for criminal cases, relates to Aircel-Maxis deal. On June 8, Sun TV shares crashed by as much as 28% after the Home Ministry’s decision to deny Sun TV a security clearance became public.

At 14:12 hours the scrip is trading at Rs 337 per share, up 27 points (+9%)