Shares of Sun TV Network fell by 4.5 per cent today amid reports that the government has decided to challenge the decisions of the Madras and Delhi High Courts allowing Kalanithi Maran promoted Sun Group to participate in the FM radio phase-III auction.
The stock declined by 4.48 per cent to settle at Rs 347.85 on the BSE. In intra-day, it slipped 7.95 per cent to Rs 335.20.
At the NSE, shares of the company fell by 4.56 per cent to Rs 347.25.
Instructions have been given for filing a Special Leave Petition in the Supreme Court for challenging the July 26 order of the Delhi High Court allowing Sun Network's Red FM to participate in phase-III of FM auction on July 27, reports said.
A similar order has also been issued for approaching division bench of the Madras High Court to challenge a single bench order on July 23 allowing the Sun Group companies to participate in the auction.
The Sun Group had approached the High Courts of Delhi and Madras with the plea that the government had denied security clearance to Sun Group as Kalanithi Maran and his brother former Telecom Minister Dayanidhi Maran were being prosecuted in cases of money laundering and that they should be allowed to participate in the auction as it has been running FM radio channels since 2002.
