Sun TV Shares Plunge After ED Attaches Marans' Assets

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Sun TV shares slumped 13 per cent after the Enforcement Directorate (ED) attached assets in the name of former Telecom Minister Dayanidhi Maran, his brother Kalanithi and other family members in connection with money laundering probe in Aircel-Maxis deal.

ED had attached the assets worth Rs 742.58 crore last week. Stock markets were closed on Thursday and Friday on account of public holiday.

Sun TV Shares Plunge After ED Attaches Marans' Assets
Sun TV Network: Quotes, News
BSE 480.15BSE Quote10.55 (2.20%)
NSE 481.20NSE Quote11.15 (2.32%)

Shares of Sun TV tanked 11.36 per cent to Rs 402.25 on the Bombay Stock Exchange on Monday. On the National Stock Exchange, it plunged 13.19 per cent to Rs 395.85.

The scrip narrowed the losses in afternoon trade but was still trading nearly 10 per cent lower on the Bombay Stock Exchange at 2.30 pm.

Among the assets attached are a huge amount of fixed deposits (FDs) and mutual funds held largely by Maran's brother and Sun TV MD Kalanithi. Some assets of Kalanithi's wife Kaveri have also been attached.

The individual assets include FDs held by Dayanidhi and others worth Rs 7.47 crore, FD worth Rs 100 crore and mutual funds worth Rs 2.78 crore held by Kalanithi.

His wife's FDs worth Rs 1.30 crore and mutual funds of Rs 1.78 crore were also put under attachment.

An official order had said that illegal gratification of Rs 742.58 crore was paid by the companies based in Mauritius for Dayanidhi in the two companies namely Ms Sun Direct TV Pvt Ltd (SDTPL) and Ms South Asia FM Ltd (SAFL).

These two companies are owned and controlled by Kalanithi. The money has been utilised by the companies in their business or investments. ED registered its criminal case in this deal in 2012 taking cognisance of an earlier CBI FIR.

PTI

Read more about: sun tv, dayanidhi maran
Story first published: Monday, April 6, 2015, 14:49 [IST]
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