Latest News
-
25% Dividend Record Date: Logistic Stock Nears 1-Year High And It Belongs To Mahindra; Motilal Neutral -
1:10 Split, 26 Dividends: Tata's 26-Year-Old Retail Stock In Focus, Q4, Dividend Ahead; Buy For Target Rs 4200 -
1:5 Split Soon: Rs 2,300 Defence Stock To Split Into Five Shares, Rs 400 Cr Fundraising Too; Hits 52-Week High -
Penny Stock Bags Back-To-Back Orders Worth Rs 500 Mn, 110 Mn; Shares Hit Upper Circuit -
Marshall Wace Offloads Stakes in 21 Indian Companies for Rs 2,365 Crore -
Rishi Sunak Announces Generational Hike in UK Defence Spending -
Dr Reddy's Issues Recall for Six Drug Lots in US Over Subpotency Concerns -
Dr Reddy's Voluntarily Recalls Six Drug Lots in US Over Potency Concerns -
IRCON, RITES: 2 Multibagger Navratna Railway Stocks Potential To 17-24% Upside Ahead; Assigned BUY Rating -
AU Small Finance Bank Unveils New Products Including Rupay Credit Card
Sun TV Shares Crash 25% As MHA Denies Clearance To Sun TV Channels
Shares in Sun TV came crashing down by a whopping 25 per cent after reports that the Home Ministry has struck down an Information and Broadcasting Ministry's proposal for giving security clearance to 33 television channels of Kalanithi Maran-promoted Sun TV Network, a move that could lead to cancellation of their broadcasting licence.
PTI has reported that The I&B Ministry has been informed about the decision of the Home Ministry, which was believed to have been influenced by pending criminal cases against Mr. Maran and his brother and former Union Minister Dayanidhi Maran, official sources said.
The Maran brothers are facing a CBI probe over alleged allotment of 300 high-speed BSNL telephone lines to the residence of former Communications and Information Technology Minister Dayanidhi Maran in Chennai which were extended to his brother's channel.
There are two other pending criminal probes against Sun TV Network and its owner Kalanithi Maran - CBI's Aircel-Maxis case and an Enforcement Directorate case of money laundering.
The television channels are free to seek a legal recourse. The decision could also be altered by Prime Minister Narendra Modi if he intervenes and overrules the Home Ministry's decision.
The Sun TV Network is one of India's largest media groups whose TV channels reach more than 95 million households in India.
The Network had applied to the Information and Broadcasting Ministry for renewing its broadcasting licence for 10 years. The process required security clearance from the Home Ministry.
Earlier, the Home Ministry had denied security clearance to 40 FM radio stations run by the Sun Network, prompting Information and Broadcasting Minister Arun Jaitley to write to Home Minister Rajnath Singh in April, seeking a review of the decision.
With inputs from PTI
GoodReturns.in
