Sun TV Network sees stock erosion of Rs 6,000 crore as clearance issue drags on | DTH Forum with Fastest DTH Updates

Sun TV Network sees stock erosion of Rs 6,000 crore as clearance issue drags on
[Image: FS_60617.jpg]
Sun TV Network woes still continue as the Ministry of Home Affairs (MHA) still maintains a stand on not granting the network security clearance for its 33 channels. The Ministry of Information & Broadcast (MIB) is now expected to issue a show cause notice to Sun TV Network if the MHA continues to deny security clearance for its channels say recent media reports. This allows the network to present its side of the argument in court. The reason for this is the MIB is looking to be cautious in its approach to give a final decision on the contentious issue which has left the MHA and MIB disputing.

Meanwhile, the shares of Sun TV Network have taken a beating in the stock markets as the BSE reported 0.64% drop and an almost 1% drop in the NSE. Though for the first time in a week the stocks on Tuesday saw it close on the slightly positive note as it closed two points up on BSE which is rise of 0.71% and 0.05% up on the NSE, the network had seen losses for six days in a row prior to that. The losses on the company’s stocks extends to around Rs.6,000 crore, out of which promoter Kalanithi Maran is estimated to face a loss of around Rs.4,500 crore said S L Naryanan Group Financial Officer, Sun Group in a recent interview to Business Standard.   

Earlier the Madras High Court had pulled up the MIB and MHA in the case of Kal Cables for not giving Sun Group a fair chance to present their arguments before directing closure of the cable network. The High Court had then set aside the MIB order on the closure of Kal Cables operations. It is also expected that a second meeting with the Prime Minister’s Office (PMO) will be convened soon with the MHA and MIB say some media reports. The first meeting with the PMO had the Prime Minister’s Principal Secretary finding merit in the argument of MHA. However, at that time I&B Minister Arun Jaitley was not in the country and a decision was expected to be taken after his return on June 25.

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