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SUN TV shares crash by 25%

Share price of SUN TV crashed over 25% on the Bombay Stock Exchange’s (BSE) Sensex on Monday morning as Home Ministry denied it security clearance for its channels.

The share price of the company on the National Stock Exchange’s (NSE) Nifty, too, dropped nearly 26%, at Rs 264.80 at 10.13 am.

Home Ministry of India struck down the proposal by Information and Broadcasting Ministry for giving security clearance for SUN TV’s 33 channels.

Kalanithi Maran is the promoter of SUN TV.

This refusal to grant clearance could lead to cancellation of SUN TV’s broadcast licence.

Kalanithi and his brotherDayanidhi Maran — former Union Minister are facing criminal charges and a CBI probe over allotment of high speed telephone lines.

Apart from this, Aircel-Maxis deal and money laundering case by Enforcement Directorate are also currently pending against SUN TV and Kalanithi Maran.

This is not the first time SUN TV has been denied licences. Earlier, the company’s application for 40 FM stations were denied security clearance by Home Ministry.

The company has moved Madras High Court seeking respite from Home Ministry decision. kalanithi maran-kztD--621x414@LiveMint


NMTV was launched in the year 1999, and is Maharashtra only accredited 24-hour, 7-day-a-week local cable news station of Navi Mumbai airing news bulletins and programs in English, Hindi and Marathi. NMTV represents the state-of-the-art in local television news coverage, delivering on a commitment of responsible and community-oriented journalism on an around-the-clock basis.

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