The Exchange has sought clarification from Sun TV Network Limited with respect to recent news item captioned Sun TV shares fall 4%, after MP Dayanidhi Maran s legal notice to Kalanithi Maran. The response from the Company is attached.
SUNTV · price
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Sun TV Network responded to NSE's query about news articles covering a legal notice sent by MP Dayanidhi Maran to promoter Kalanithi Maran, after which the stock fell 4%. The company stated the alleged matter dates back 22 years when it was a privately held entity, and all actions were legally compliant and vetted by intermediaries before its public issue. It called the media reports incorrect, misleading, speculative, and defamatory. Sun TV said the issue is a personal family matter with no bearing on the company's business, operations, or performance, and that nothing material needs to be disclosed under listing rules.
The company has firmly denied any wrongdoing and downplayed the dispute as a personal family matter, which may help calm investor concerns. However, ongoing negative media coverage involving the promoter family could keep the stock volatile in the near term.