Sun TV shares slide on telecom tangle
October 10th, 2011 - 4:30 pm ICT by IANSChennai, Oct 10 (IANS) Sun TV Network’s stock prices fell Monday morning as the Central Bureau of Investigation (CBI) raided the residences and offices of its promoter Kalanithi Maran and his younger brother, former union communications minister Dayanidhi Maran.
Sun TV owns a clutch of leading satellite channels in the four south Indian languages.
The company’s share prices at the National Stock Exchange came down to Rs.221.20 Monday soon after the market opened, from the previous closing price of Rs.262.90.
The stock opened at Rs.254.40 and continued to slide. However, the stock regained some of its lost position and at 2.15 p.m., it was changing hands at Rs.259.55.
The Maran brothers are under the CBI scanner following a complaint from industrialist C. Sivasankaran that he was forced to exit mobile telephony company Aircel by Dayanidhi Maran when he was heading the telecom ministry.
Sivasankaran had alleged that Aircel was not given telecom licences and he was forced to sell his holdings to Malaysia-based Maxis Group, headed by T. Ananda Krishnan.
Within months of Krishnan buying Sivasankaran’s stake in Aircel, Sun Direct TV — owned by the Maran family — received around Rs.600 crore from Maxis, which took up 20 percent stake in it.
The CBI is also investigating another case relating to the provision of over 320 residential telephone lines, sort of a mini-telephone exchange, at the residence of Dayanidhi Maran.
It is alleged that the lines were linked to Sun TV’s office and used for data transfer. The line was in the name of general manager, Bharat Sanchar Nigam Ltd (BSNL).
Dayanidhi Maran was heading the communications ministry between 2004-2007.
Sun TV’s monopoly in the cable distribution business is also being affected with the AIADMK-led Tamil Nadu government’s move to revive its cable television company Tamil Nadu Arasu Cable Corporation.
- CBI raids Marans, DMK silent - Oct 10, 2011
- Karunanidhi silent as Marans raided in 2G case (Roundup) - Oct 10, 2011
- Was forced to sell Aircel stake, Sivasankaran tells CBI - Jun 06, 2011
- 2G case: CBI begins searches in Hyderabad - Oct 10, 2011
- Sun TV shares down after Maran quits as textiles minister - Jul 07, 2011
- I will not let down Maran brothers: Karunanidhi - Oct 11, 2011
- CBI to question Dayanidhi Maran soon - Jul 07, 2011
- Maran denies forcing Sivasankaran to exit Aircel (Lead) - Jun 06, 2011
- Decision on booking Maran by Sep 30, CBI tells apex court - Sep 28, 2011
- Sun TV shares tumble as CBI set to file FIR against Dayanidhi Maran - Sep 29, 2011
- JPC meets CBI chief, may call Maran on 2G - Jun 07, 2011
- 2G scam: CBI points finger at Maran, seeks more time (Second Lead) - Jul 07, 2011
- CBI probe against Maran in 2G not honest: Petitioner - Sep 06, 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
Tags: aiadmk, aircel, cable corporation, cable distribution, cable television company, central bureau of investigation, changing hands, communications ministry, dayanidhi maran, direct tv, distribution business, national stock exchange, residential telephone, sanchar nigam ltd, south indian languages, sun tv network, t ananda krishnan, telecom ministry, telephony company, union communications