Sun TV stock up by 26% after Maran brothers discharged in Aircel-Maxis case

Kalanithi Maran-owned Sun Television Network's (Sun TV's) stock price spiked 26 per cent to Rs 694, also its lifetime high, on the National Stock Exchange in early morning trade.

Friday morning is the first trading day for the company after a special court discharged Kalanithi Maran and his brother and former Union minister Dayanidhi Maran in the Aircel-Maxis case. On Thursday, the company's stock price closed at Rs 551.85 a share, up by 1.30 or 0.24 per cent.

The court observed "no prima facie case warranting framing of charge against any of the accused is made out" because the charges against them are based on "misreading of official files", speculation and surmises of the complainant. Following the complaint of Chennai-based telecom promoter C Sivasankaran, the Marans and others were charged with criminal conspiracy and corruption for receiving "proceeds of crime" totalling Rs 742.58 crore and laundering the amount. Special CBI judge O P Saini, however, observed that there was no existence of proceeds of crime.

While Kalanithi Maran and Sivasankaran were not available for comment and they didn't respond to messages and emails sent to them, Dayanidhi Maran was available for comment. Dayanidhi said, "In Aircel-Maxis case, the CBI had filed a case against me, my brother Kalanithi Maran and his wife Kavery Kalanithi without any prima facie in the Delhi CBI special court. On the basis of this case, the Enforcement Directorate also filed the case against me and my brother's family, and also the companies, the directors of the companies owned by them without any basic evidence."

"This case was fabricated by the CBI without any evidence, even though I resigned from my ministerial post immediately. I made a statement at that time I will prove my innocence in the court. And, I had also said that this case was totally fabricated. I never misused my power when I was a minister. I had full confidence that justice always prevails," he said, adding, "In the last six years, we have faced the case. Several times, we faced disturbances and intimidation. We knew honesty always pays. Now, the Judgement has been announced and the truth has prevailed."