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Sun TV stock tanks 7% after CBI books Maran Brothers

Sun TV stock tanks 7% after CBI books Maran Brothers
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First Published: Mon, Oct 10 2011. 12 34 PM IST

Former telecom minister Dayanidhi Maran. (File photo)
Former telecom minister Dayanidhi Maran. (File photo)
Updated: Mon, Oct 10 2011. 12 34 PM IST
Chennai: Shares of Sun TV Network Ltd dropped nearly 7% on Monday morning after the Central Bureau of Investigation (CBI) raided premises of owner Kalanithi Maran and his brother and former telecom minister Dayanidhi Maran.
Former telecom minister Dayanidhi Maran. (File photo)
The CBI has registered a caseagainst Dayanidhi Maran related to the takeover of telecom company Aircel by Malaysia-based Maxis Group.
The agency has also booked his brother Kalanithii Maran, Maxis owner T. Ananda Krishnan, senior executive Ralph Marshall and three companies Aspro, Maxis and Sun TV in the case on charges of criminal conspiracy under IPC and Prevention of Corruption Act.
After registering the case, the agency carried out searches at the premises of Maran brothers in Delhi and Chennai.
“CBI has registered case against Maran brothers, Ralph Marshall and T. Anandkrishnan and three companies under section 120b of IPC read with 13(2) with 13 (1)(d) and also section 7 and 12 of the Prevention of Corruption Act. Case was registered on 9 October. Searches were conducted at Delhi and Chennai,” CBI spokesperson Dharini Mishra said in Delhi.
It has been alleged by former Aircel chief C. Sivasankaran that Maran as the then telecom minister favoured Maxis-group in the takeover of his company and in return investments were made by the company through Astro network in Sun TV owned by Maran family.
The CBI, in its recent status report to the Supreme Court, had said that during Maran’s tenure there was “deliberate delay” to provide letter of intent to Sivasankaran.
The agency had said that after Aircel was sold to Maxis, investments were made by the Malaysian firm into the family business of Marans.
Former aides of Maran had reportedly told CBI that the processing of the files of Sivasankaran was delayed allegedly at the direction of the minister, agency sources claimed.
Maran had refuted the allegations.
PTI contributed to this story
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First Published: Mon, Oct 10 2011. 12 34 PM IST