2G scam: Sun TV Network stocks trade higher after verdict

According to allegations, Maran family-owned Sun TV Network was a beneficiary of pay-offs in the 2G scam by an overseas telecom firm.

Sun TV Network stocks price rose by 5 per cent after the Special CBI court on Thursday acquitted 19 accused, including former telecom minister A Raja and DMK leader Kanimozhi in the Enforcement Directorate's money laundering case relating to the 2G scam. The opening price of the share was Rs 932.45, but after the verdict the share price rose to Rs 980 on the Bombay Stock Exchange (BSE). According to allegations, Maran family-owned Sun TV Network was a beneficiary of pay-offs in the 2G scam by an overseas telecom firm.

Special Judge O P Saini also acquitted Shahid Balwa, Vinod Goenka, Asif Balwa, Rajiv Aggarwal, Karim Morani, P Amirtham and Sharad Kumar in connection with the case. In its charge sheet, the ED had also named DMK supremo M Karunanidhi's wife Dayalu Ammal as an accused in the case in which it had alleged that Rs 200 crore was paid by Swan Telecom (P) Ltd (STPL) promoters to DMK-run Kalaignar TV.

Sun TV Network Limited is an ass media company headquartered in Chennai, Tamil Nadu,. It is a part of Sun Group and is Asia's largest TV network. Established on 13 April 1992 by Kalanidhi Maran, it owns a variety of television channels and radio stations in multiple languages. Its flagship channel is Sun TV, which was the first fully privately owned Tamil channel in India. Sun Group has owned Hyderabad-based IPL team Sunrisers Hyderabad since 2012.

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