Companies & Sectors
Sun TV remains silent, Maran alleges political vendetta

The impact of the ED action on the Sun TV Network Ltd's scrip would be known only on Monday when markets open for trading

 

The Sun TV group continued to maintain a studied silence on Friday over the attachment of assets worth Rs.742.58 crore by the Enforcement Directorate (ED) belonging to Dayanidhi Maran, Kalanithi Maran, his wife Kaveri Kalanithi and other group companies.
 
Senior group officials were not available for comments for the second successive day, though it was business as usual at various channels owned by the group.
 
However, former telecom minister and DMK leader Dayanidhi Maran has termed the ED action as political vendetta.
 
The impact of the ED action on the Sun TV Network Ltd's scrip would be known only on Monday when markets open for trading.
 
On April 1, the Sun TV's scrip closed at Rs.453.85 in the Bombay Stock Exchange.
 
Kalanithi Maran owns 75 percent of the Sun TV's shares.
 
On Wednesday, the ED announced attachment of assets (moveable and immovable) worth Rs.742.58 crore belonging to the Maran brothers, Kaveri Kalanithi and group companies in connection with the Aircel-Maxis deal case.
 
Dayanidhi Maran said the assets belonging to him that were attached by the ED were acquired long before the alleged crime.
 
According to Dayanidhi Maran, foreign investments in an Indian company could be made only with the approval of the central government.
 
He claimed the Aircel-Maxis deal was above the board.
 
The former telecom minister claimed that he would fight the case and win.
 
The Central Bureau of Investigation (CBI) has alleged that Dayanidhi Maran used his influence to help 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 company. He also alleged that the company made investments through Astro Network in a firm stated to be owned by the Maran family.
 
Four companies - 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 August 29, 2014 by the CBI.
 
The CBI said there was sufficient evidence to prosecute the accused.
 
It has booked all the accused on charges of criminal conspiracy under the Indian Penal Code (IPC) as well as provisions of the Prevention of Corruption Act.
 
On Wednesday, the ED said its investigations revealed that illegal gratification of Rs.742.58 crore was paid by the companies based in Mauritius for Dayanidhi Maran in the two companies, namely Sun Direct TV Pvt. Ltd. (SDTPL) and South Asia FM Ltd. (SAFL).
 
These two companies are owned and controlled by Kalanithi Maran. The money has been utilised by the companies in their business or investments, the ED said.
 
"The offence of money laundering under Section 3 of the Prevention of Money Laundering Act (PMLA) is being investigated in respect of offences punishable under Section 120-B of the IPC read with Sections 7, 12 and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, which are scheduled offences under PMLA and is punishable under Section 4 of the act," it said.
 
The CBI has filed a chargesheet against the Maran brothers and their companies, including foreign firms.
 
So, the attachment of the illegal gratification by Dayanidhi Maran has been done thereafter, as per provisions of the PMLA, the ED said.
 
The investigation under the PMLA revealed that promoters of SDTPL were Kalanithi Maran his wife Kaveri Kalanithi, the ED said.
 
These two people are holding 80 percent shares of the SDTPL.
 
The shareholders of the SAFL are Sun TV Network Ltd. (60 percent) and 20 percent each are with A.H. Multisoft Pvt. Ltd. and South Asia Multimedia Technologies Ltd., Mauritius.
 
Kalanithi Maran and Kaveri Kalanithi are having 90 percent and 10 percent shareholding respectively in Kal Comm Pvt. Ltd., the ED said.
 
According to the ED, the following properties were attached under Section 5(1) of the PMLA:
 
1. Fixed deposits held by Dayanidhi Maran and others - Rs.7.47 crore. 
2. Fixed deposits held by SDTPL - Rs.31.34 crore. 
3. Fixed deposits held by SAFL - Rs.6.19 crore. 
4. Mutual funds held by SAFL - Rs.15.14 crore. 
5. Fixed deposit held by Kalanithi Maran - Rs.100 crore. 
6. Mutual funds held by Kalanithi Maran - Rs.2.78 crore. 
7. Fixed deposit held by Kaveri Kalanithi - Rs.1.3 crore. 
8. Mutual funds held by Kaveri Kalanithi - Rs.1.78 crore. 
9. Land and building owned by Kal Comm Private Limited - Rs.171.55 crore. 
10. Free-hold land and building owned by Sun Network TV Pvt. Ltd. - Rs.266 crore. 
11. Shares of SDTPL held by Kalanithi Maran - Rs.139 crore.
 

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ED files charge sheet in Rose Valley ponzi scam

The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate

 

Arrested Rose Valley group chairman Gautam Kundu was among the six people named in the charge sheet filed by the Enforcement Directorate in the Rose Valley ponzi scam on Thursday.
 
The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate.
 
Arrested March 25 by the ED under the Prevention of Money Laundering Act for mobilising public money without proper sanction of the SEBI, Kundu was sent to 10 days judicial custody on Tuesday.
 
The corporate affairs ministry in 2013 had named Rose Valley as one of the 73 companies involved in ponzi schemes in West Bengal.
 
Having cast its net across the states of Bengal, Tripura, Assam, Odisha, Jharkhand and Maharashtra among others, the company is alleged to have raised close to Rs.15,000 crore.
 
Found the company guilty of running "collective investment scheme" without necessary approvals, the SEBI in June 2014 had ordered it to refund the money to the investors and barred it  from accessing the securities market.
 

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Nifty, Sensex in a bullish mode – Weekly closing report

Nifty is headed for 8,700 and Bank Nifty possibly for 19,000 

 

The S&P BSE Sensex closed the week that ended on 1st April at 28,260 (up 802 points or 2.92%), while the NSE’s CNX Nifty closed at 8,586 (up 245 points or 2.94%). In the previous week, we had mentioned that Nifty, Sensex may rally next week but the rally, most likely, will be a weak one. 
 
On Monday, NSE’s CNX Nifty register gains on lower volume. A positive opening followed by a range bound session gained momentum in the noon session. By the end of the session, the 50-share index hit a three-day high and closed near to it. Nifty closed at 8,492 (up 151 points or 1.81%).  The Reserve Bank of India (RBI) relaxed norms for non-performing assets (NPAs), according to which, banks can now use 50% of their floating provision for specific NPA provision as compared to 33% earlier.
 
China unveiled more details and projections for its "New Silk Road" plan to boost trade and economic relations with the rest of Eurasia and Africa.
 
The upward move on Tuesday was followed by the Nifty giving up all the gains midway and finally closing flat. The benchmark closed at 8,491 (down 1 points or 0.02%). The Income Tax (I-T) department on Tuesday took to the strategy of 'naming and shaming' of some large tax defaulters as it published names of 18 entities who owe over Rs500 crore of taxes to the exchequer.
 
The natural gas price was cut by about 8% to $4.66 a unit to reflect the softening in international prices. This is the first reduction in price of natural gas in India.
 
We anticipated on Tuesday that the 50-share benchmark is still in an uptrend. Nifty closed at 8,586 (up 95 points or 1.12%) on Wednesday.
 
The eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) have recorded 1.4% growth in February 2015 over February 2014.
 
The Cabinet Committee on Economic Affairs (CCEA) approved a major policy intervention, to supply gas at uniform delivered price to all fertilizer plants on the gas grid for production of urea through a pooling mechanism. It is expected that the cost of production of urea at pooled price would be less than the price of imported urea.
 
India's stock markets remain closed on Thursday and Friday for Mahavir Jayanti and Good Friday, respectively.
 
Of the 1,444 companies on the NSE, 1,281 companies closed in the green, 133 companies closed in the red while 30 companies closed flat.
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 
 

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