Exclusive: Unveiling the Sun-Dayanidhi connection

Exclusive: Unveiling the Sun-Dayanidhi connection - Newindpress.com: "Take the issue of shares first. Without going too much into the past, even as late as in January this year, two companies in which Dayanidhi Maran had indirect equity interests sold their shareholdings in Sun TV to another company and to an individual. The two companies, Kal Cables Pvt Ltd and Network Cable Solutions Pvt Ltd held 31 shares each in Sun TV. This entire shareholding of 62 shares of Rs. 10 each was transferred to Kungumam Publications Pvt Ltd and K. Shanmugam, vice-president of Sun TV at par.

While Sun TV chairman Kalanidhi Maran holds 75 percent shares in Kal Cables and Network Cable Solutions, the other 25 percent is held by DK Enterprises Pvt Ltd, a company in which Dayanidhi holds 91 percent shares and his wife Priya the other 9 percent. In other words, 25 percent of the shares transferred on January 9 were held by Dayanidhi and his wife Priya. The shares held are not significant but it is clear that Dayanidhi’s statement of April 27 is far from true.

This holds 25% of Kal Cables which downlinks Sun TV programmes. And it is this company, which more or less controls the cable and condition access system (CAS) operations, which had at one time been a division of the Sun TV.

It is to this company the famous Sumangali Cables, which was a division of Sun TV till April 2001 was ultimately transferred. Sun TV’s IPO document says that this transfer was made for a consideration of Rs 33.9 millions!"