Sun TV shares tumble as CBI set to file FIR against Dayanidhi MaranSeptember 29th, 2011 - 2:15 pm ICT by IANS
Mumbai, Sep 29 (IANS) The shares of media major Sun TV, promoted by Kalanithi Maran, tumbled in Thursday’s trade a day after the CBI told the Supreme Court that it would take a decision on bringing formal charges against his younger brother, Dayanidhi.
The younger Maran, who was the communications minister from May 23, 2004 to May 15, 2007, is alleged to have arm twisted former Aircel promoter Sivasankaran into selling his stake in the company to Malaysia-based Maxis group owned by T. Ananda Krishnan.
The Sun TV Network shares, at the Bombay Stock Exchange (BSE) fell as much as 8.44 percent to touch an intra-day low of Rs.240.60. It later pared some losses and was trading 5.61 percent down at Rs.248.05 in noon trade.
Since last month, the Sun TV Network scrip, has lost about 14.5 percent and a whopping 100 percent compared to last year’s levels.
The CBI Wednesday told the apex court that a preliminary inquiry against the former communications minister has been completed and a first information report (FIR) would be registered in a few days after a decision is taken by Sep 30.
The Central Bureau of Investigation (CBI) told the apex court bench of Justice G.S. Singhvi and Justice A.K. Ganguly that the conclusions drawn on the basis of the initial inquiry were being looked into by its officials.
Within months of Ananda Krishnan buying Sivasankaran’s stakes in Aircel, Sun Direct TV - owned by the Maran family - received substantial investment from Maxis group (Aircel) which took up 20 percent stakes in it.
- Decision on booking Maran by Sep 30, CBI tells apex court - Sep 28, 2011
- Sun TV shares slide on telecom tangle - Oct 10, 2011
- CBI raids Marans, DMK silent - Oct 10, 2011
- 2G case: CBI begins searches in Hyderabad - Oct 10, 2011
- CBI to question Dayanidhi Maran soon - Jul 07, 2011
- Karunanidhi silent as Marans raided in 2G case (Roundup) - Oct 10, 2011
- I will not let down Maran brothers: Karunanidhi - Oct 11, 2011
- Sun TV shares down after Maran quits as textiles minister - Jul 07, 2011
- Stronger case against Dayanidhi Maran than Raja: CBI - Oct 10, 2011
- Sun TV shares down after Maran quits union cabinet (Lead) - Jul 07, 2011
- Maran denies forcing Sivasankaran to exit Aircel (Lead) - Jun 06, 2011
- 2G case: Maran brothers quizzed by CBI (Lead) - Sep 14, 2011
- Maran closeted with party colleagues, set to fly to Chennai - Jul 07, 2011
- CBI probe against Maran in 2G not honest: Petitioner - Sep 06, 2011
- 2G scam: CBI points finger at Maran, seeks more time (Second Lead) - Jul 07, 2011
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