The Indian Premier League (IPL) franchise Sunrisers Hyderabad has become embroiled in a major controversy as serious allegations of financial fraud, money laundering, and irregular shareholding practices have been leveled against the team’s owner, Kalanithi Maran, by his brother, Dayanidhi Maran.
Inheritance Dispute or Financial Misconduct?
According to media reports, Dayanidhi Maran, the founder of Sun TV Network and a former minister, has accused his brother Kalanithi of weakening the family during their father’s illness in 2003 and strategically taking full control of the family’s media empire through a long-term plan.
He claims that Kalanithi Maran allotted himself 1.2 million shares at a rate of just 10 rupees per share, while their actual market value ranged from 2,500 to 3,000 rupees per share at the time. As a result, the family’s original shareholding dropped from 50% to just 20%, causing an estimated financial loss of around 3,498 crore rupees.
Assets and Companies Allegedly Acquired Through Illicit Funds
Dayanidhi alleges that Kalanithi used these unlawful earnings to acquire several companies and assets, including Sun Direct TV, Kal Airways, Kal Radios, IPL franchise Sunrisers Hyderabad, South Asian FM, Sun Pictures, the airline SpiceJet, and cricket teams in T20 leagues in South Africa and the UK.
The legal notice further claims that Sun TV’s prospectus stated that their mother, Mallika Maran, was paid a dividend of 10.64 crore rupees in 2005, but in reality, no such payment was made.
Was the IPL Franchise Purchase Funded Illegally?
Dayanidhi asserts that illegal funds were also used in the purchase and financing of Sunrisers Hyderabad and that the team’s assets were acquired using criminal proceeds, constituting an offense under the Money Laundering Act.
Legal Demands and Threats of Action
The notice demands that Kalanithi Maran and his wife, Kavery Maran, return all assets, shares, and profits to their original 2003 state. If not, they could face both criminal and civil legal proceedings.
Past Settlement Also Revealed
Dayanidhi also revealed that in 2024, Kalanithi paid 500 crore rupees to their sister Anbukarasi as part of a private settlement to prevent legal action.
This dispute has now evolved beyond a mere family inheritance conflict, encompassing allegations of corporate fraud, corruption, and money laundering, casting a shadow over not only Sun TV Network but also the future of IPL franchise Sunrisers Hyderabad.
