Dayanidhi Maran
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DMK MP Dayanidhi Maran has served a authorized discover on his brother and Solar Community Govt chairman Kalanithi Maran alleging that the latter together with seven others was concerned in illegal share transfers regarding Solar TV Community Restricted and affiliated corporations.
Within the authorized discover dated June 10, 2025, the contents of which was seen by businessline, Dayanidhi Maran claims that his brother Kalanithi Maran in collusion with seven different associates (one in every of whom is Kalanithi’s spouse) fraudulently acquired majority management of the media conglomerate Solar TV, and different family-owned entities.
The allegation
Dayanidhi alleges within the discover that in 2003, when their father SN Maran was ailing, Kalanithi Maran allotted 12 lakh fairness shares of Solar TV to himself in 2003 at a face worth of ₹10 every with out correct valuation, truthful consideration, or consent of different present shareholders, which incorporates households of SN Maran and former TN CM MK Karunanidhi.
“If in any respect a correct and truthful valuation was made in respect of the 12,00,000 fairness shares together with controlling curiosity, it roughly involves ₹3,500 crore on the time of mentioned allotment,” Dayanidhi says within the discover, drawing consideration to the truth that Kalanithi solely paid ₹1.2 crore. In addition to this switch, Dayanidhi additionally alleges different tranches of “fraudulent” acquisition of shares together with these from MK Dayalu (spouse of late M. Karunanidhi) in October 2005, Mallika Maran (mom of Maran brothers) in December 2005, and a few group corporations.
The discover additionally goes on to say that Kalanithi additionally allotted bonus shares to himself with out following correct procedures and in addition introduced false data within the Crimson Herring Prospectus that Solar TV filed after they went public. “It is usually worthwhile to say that you’ve knowledgeable within the Crimson Herring Prospectus of M/s. SUN TV Restricted {that a} sum of ₹10.64 crore had been paid by means of dividend to Mallika Maran as on 31-12-2005. Nevertheless, no such quantity has been paid to her by means of dividends within the 12 months 2005,” it reads.
As of March 31, 2025, Kalanithi holds 29,55,63,457 shares in Solar TV for a 75 per cent stake. Solar TV’s market cap is at ₹23,960 crore.
businessline spoke to Ok Suresh, a lawyer with the agency Regulation Dharma, whose title is on the discover, and he declined to touch upon the motion. Queries to Dayanidhi and Kalanithi Maran went unanswered.
Dayanidhi has demanded the restoration of authentic shareholdings and the return of all unlawfully obtained monetary advantages, threatening in depth authorized and regulatory motion if these calls for aren’t met.
‘Monetary losses’
Noting that the alleged fraud resulted in “large monetary losses” to him, his mom, sister and others, he calls for that authentic shareholdings as of 2003 needs to be restored and all “unlawfully acquired financial advantages” should be returned. “This demand is to be totally complied with inside seven (7) days from the date of receipt of this communication,” he provides.
The discover additionally mentioned that following a previous authorized discover issued on October 7, Kalanithi “paid a sum of ₹500 crore to his sister Anbukarasi, as a authorized inheritor of SN Maran in the direction of a part of a settlement and preliminary cost.
“This settlement and preliminary cost clearly show your try and evade repercussions for the fraudulent actions you dedicated and to hide your legal actions,” it mentioned.
Within the very strictly worded discover, Dayanidhi signifies that he intends to provoke proceedings with numerous regulatory our bodies masking the quite a few enterprise pursuits of Kalanithi Maran. These embrace the Severe Fraud Investigation Workplace (SFIO), Financial Offences Wing, Enforcement Directorate, Inventory Exchanges,SEBI, Registrar of Corporations (ROC), Ministry of Data and Broadcasting, Board of Management for Cricket in India (BCCI), DGCA and others.
Printed on June 19, 2025
