In a dramatic flip inside the highly effective Solar TV household, DMK MP and former Union Minister Dayanidhi Maran has despatched a authorized discover to his brother Kalanidhi Maran, accusing him and 7 others of fraud, felony breach of belief, and dishonest. Kalanidhi’s spouse, Kaveri Maran, can also be talked about within the discover.
The authorized discover accuses Kalanidhi Maran, the top of the Chennai-based media conglomerate, of taking part in what it characterises as “misleading practices,” resembling “fraudulence and cash laundering.”
The authorized discover alleges that following their father’s loss of life in 2003, shares have been transferred to their mom, Mallika Maran, with out important authorized documentation such because the loss of life certificates or authorized inheritor certificates—paperwork that have been reportedly processed solely a lot later. This, the discover claims, was a deliberate transfer to allow the eventual switch of shares to Kalanidhi Maran.
The authorized discover alleges that on September 15, 2003, Kalanidhi Maran—known as “No. 1” within the doc—illegally and unilaterally allotted 12 lakh fairness shares of Non-public TV Community Ltd. to himself at a nominal worth of ₹10 per share, with out truthful valuation, enough consideration, or the consent of the opposite shareholders. On the time, the shares have been allegedly value between ₹2,500 and ₹3,000 every. The discover describes this transfer as fraudulent, a felony breach of belief, and a violation of shareholder rights, additional claiming that Kalanidhi appropriated 60% of the corporate’s shares with out consulting or acquiring approval from the unique majority shareholders.
The doc additionally factors out that the corporate was in a sound monetary place throughout that interval and had no want for contemporary capital, elevating critical questions in regards to the intent and justification behind issuing new shares.
Additional, the discover claims that over Rs 8,500 crore has been invested throughout varied worldwide and Indian REIT funds and mutual funds, citing linked financial savings accounts as a part of the alleged irregularities.
The authorized discover additionally alleges that Kalanidhi Maran filed a deceptive crimson herring prospectus earlier than SEBI, NSE, and BSE, utilizing fraudulent paperwork, with the intent to checklist the corporate’s shares in connivance with lead managers—a transfer Dayanidhi claims was half of a bigger conspiracy.
Kalanidhi Maran is the present majority stakeholder within the publicly traded Solar TV Community, holding a 75 p.c possession stake. He’s acknowledged as certainly one of India’s wealthiest entrepreneurs, boasting a internet value of $2.9 billion.
The discover states that Dayanidhi Maran intends to request a proper inquiry by the Critical Fraud Investigation Workplace (SFIO) of the federal government. These alleged actions are thought-about extreme violations of firm and felony statutes, together with the illegal follow of cash laundering.
Demanding full redressal, Dayanidhi Maran has additionally referred to as for restoring the corporate’s possession construction to its authentic kind from 2003, referencing the heritage of their deceased father, SN Maran (generally referred to as Murasoli Maran), and MK Dayalu, the partner of the previous Chief Minister of Tamil Nadu, M. Karunanidhi.
The discover, dated June 10, 2025, demanded returning all shares, dividends, belongings, and financial features that have been allegedly appropriated unlawfully over the previous twenty years.
Failing to satisfy these calls for, the discover warns that civil, felony, regulatory, and enforcement proceedings shall be initiated in opposition to Kalanidhi Maran and others named within the discover.
This discover was issued by Okay Suresh of Regulation Dharma, a research-driven litigation help firm with workplace places in Santhome, Chennai
The shares of Solar TV Community Ltd closed at Rs 613.50, down by 0.74%, on Thursday.
