Sun TV scrip crashes on attachment of promoters' property

The shares of Sun TV Network crashed by over 13 percent on the National Stock Exchange on Monday, on the first day of trading after the Enforcement Directorate said it has attached property worth some Rs.750 crore of its promoters in connection with the 2G case.

Against the previous close at Rs.456, the scrip fell to a low of Rs.395, or 13.12 percent, soon after the opening bell. Some three hours into trading, the Sun TV share was down Rs.44.70 or 9.8 percent at Rs.411.30, data with the exchange showed.

On April 1, the ED said it has attached properties worth Rs.742.58 crore belonging to Sun TV's principal Kalanithi Maran, his wife Kaveri Kalanithi and his brother Dayanidhi Maran, who was a minister in the previous United Progress Alliance (UPA) government, in the Aircel-Maxis case.

Kalanithi Maran owns 75 percent stake in Sun TV.

The Central Bureau of Investigation (CBI) has alleged in the courts that Dayanidhi Maran used his influence to help a Malaysian businessmen, T. Ananda Krishnan, buy Aircel by coercing its owner C. Sivasankaran to part with his stake.

Sivasankaran alleged that Dayanidhi Maran favoured the Maxis Group in the takeover of his firm. He also alleged that the company made investments through Astro Network in a firm, purportedly owned by the Marans.

Four companies -- the Chennai-based Sun Direct TV, Britain-based Astro All Asia Networks, Maxis Communications Berhad of Malaysia and the South Asia Entertainment Holdings of Mauritius -- have also been named in charges filed on Aug 29, 2014 by the CBI.

The CBI said there was sufficient evidence to prosecute the accused and booked all the accused on the charges of criminal conspiracy under the Indian Penal Code (IPC) as well as the provisions of the Prevention of Corruption Act.

On April 1, the ED said its probe had revealed that illegal gratification of Rs.742.58 crore was paid by the companies based in Mauritius, meant for Dayanidhi Maran, in two companies -- Sun Direct TV Pvt. Ltd. (SDTPL) and South Asia FM Ltd. (SAFL).

The main shareholder of the SAFL is Sun TV Network with 60 percent, while 20 percent each is with A.H. Multisoft Pvt. Ltd. and South Asia Multimedia Technologies Ltd., Mauritius.