Shares of Sun TV crashed over 25% on Monday amid reports that 33 television channels of the Kalanithi Maran-promoted Sun TV Network may be taken off air.
The Home Ministry had struck down an Information and Broadcasting Ministry’s proposal for giving security clearance to 33 television channels of Kalanithi Maran-promoted Sun TV Network, a move that could lead to cancellation of their broadcasting licence.
The Network had applied to the Information and Broadcasting Ministry for renewing its broadcasting licence for 10 years. The process required security clearance from the Home Ministry.
The I&B Ministry has been informed about the decision of the Home Ministry, which was believed to have been influenced by pending criminal cases against Mr. Maran and his brother and former Union Minister Dayanidhi Maran, official sources said.
The television channels are free to seek a legal recourse. The decision could also be altered by Prime Minister Narendra Modi if he intervenes and overrules the Home Ministry’s decision.
The Sun TV Network is one of India’s largest media groups whose TV channels reach more than 95 million households in India.
Earlier, the Home Ministry had denied security clearance to 40 FM radio stations run by the Sun Network, prompting Information and Broadcasting Minister Arun Jaitley to write to Home Minister Rajnath Singh in April, seeking a review of the decision.
