CHENNAI: Sun TV Network Limited has termed the legal notice issued by former Union minister and DMK MP Dayanidhi Maran to his brother and Sun TV promoter Kalanithi Maran a "family matter" and would not have any bearing on the business of the television network.
In a stock exchange filing on Friday, Sun TV said the "alleged matter dates back to 22 years, when the company was a closely held private limited company". It termed the statements allegedly made in the news articles (based on the legal notice) are "incorrect", "misleading", "speculating", "defamatory" and not supported by facts or law.
"We wish to inform that all acts have been done in accordance with legal obligations and the same had been duly vetted by concerned intermediaries before the public issue of the company," the company said in its filing. "The matters alleged in the articles does not have any bearing on the business of the company or its day-to-day functioning and being the family matter of the promoter are purely personal in nature," Sun TV said.
In the legal notice, Dayanidhi Maran had accused his elder brother Kalanithi Maran of flouting all rules and allotting himself lakhs of shares of the Chennai-based Sun TV Private Ltd worth several thousand crores of rupees. He wanted the firm's equity structure to be reverted to that prevailing in the year 2003 and asked Kalanithi Maran to return all the monetary benefits accrued to him between 2003 and till date to the original promoters of the company, failing which he would seek the intervention of authorities of multiple probe agencies.
In a stock exchange filing on Friday, Sun TV said the "alleged matter dates back to 22 years, when the company was a closely held private limited company". It termed the statements allegedly made in the news articles (based on the legal notice) are "incorrect", "misleading", "speculating", "defamatory" and not supported by facts or law.
"We wish to inform that all acts have been done in accordance with legal obligations and the same had been duly vetted by concerned intermediaries before the public issue of the company," the company said in its filing. "The matters alleged in the articles does not have any bearing on the business of the company or its day-to-day functioning and being the family matter of the promoter are purely personal in nature," Sun TV said.
In the legal notice, Dayanidhi Maran had accused his elder brother Kalanithi Maran of flouting all rules and allotting himself lakhs of shares of the Chennai-based Sun TV Private Ltd worth several thousand crores of rupees. He wanted the firm's equity structure to be reverted to that prevailing in the year 2003 and asked Kalanithi Maran to return all the monetary benefits accrued to him between 2003 and till date to the original promoters of the company, failing which he would seek the intervention of authorities of multiple probe agencies.
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