"Sun TV denies the baseless allegations and rumors leading to abnormal volatility in share prices. Over the last few days and more particularly on June 02, 2011, there has been a steep fall in the prices of the Company"s shares possibly triggered by baseless allegations and rumors linking the Company with certain happenings relating to the 2G scam," the Sun TV statement said.
"We wish to inform that Sun TV Network Limited and Mr Kalanithi Maran do not have any relationship whatsoever to any of these happenings," the statement added.
Sun TV officials also said that Union Textile Minister and DMK leader Maran does not own any shares either in Sun TV Network Limited or in Sun Direct TV Private Limited.
Sun TV claimed that the "company has a robust and diversified business model with strong presence in TV broadcasting in the four southern languages (Tamil, Telugu, Kannada and Malayalam), a pan-India presence in the Radio business, and an emerging presence in the Movie production business."
Following media reports that alleged Maran of misusing his position as former telecom minister to get at least 323 BSNL fixed line connections to his residence in Chennai for his family owned Sun TV, Sun TV shares slipped more than 30 percent on Thursday, Jun 2.
Later, Maran denied the allegation against him and said, "There was a CBI enquiry on me that I have misused official position to get 300 phone lines. I wrote to the chief general manager that please explain to me how many lines are present in my residence. Let me quote from here - "Only one BSNL telephone was provided when you were a minister and MP at your residence."