MUMBAI: Sun TV network, the Maran-owned Southern broadcasting major, saw a steep fall and a rebound in its share price on Monday as the scrip closed 10 per cent up on the BSE.

Triggered by the CBI raids on the Maran family premises in Delhi and Chennai, the shares slumped as much as 16 per cent in the early trade hours. However, the scrip bounced back and ended at Rs 288.15, 10.21 per cent higher to its previous close.

The rebound added Rs 10.52 billion to Sun TV‘s market capitalization. The company‘s market cap stood at Rs 113.55 billion at the end of the day.

On the National Stock Exchange also, Sun TV stock closed at Rs 288, up 9.55 per cent, after seeing an intraday low of Rs 221.20.
 

NEW DELHI: Cineyug Films‘ founder Karim Morani today claimed before a Central Bureau of Investigation Special Court that the investigative agency had failed to establish that the alleged trail of Rs 2 bilion to the DMK-run Kalaignar TV was a bribe in lieu of grant of 2G licence.

Seeking his discharge in the 2G spectrum allocation scam, Morani said he was "‘innocent"‘ and "cannot be a part of the conspiracy. Being a friend to someone is not enough to prosecute anyone."

"It cannot be the case that Rs two billion was paid as quid pro quo for the grant of UAS (2G) licences. If the money was paid as bribe, than it would not have been paid back," senior advocate Siddhartha Luthra, appearing for Morani, told special judge O.P. Saini.

"Just being a shareholder in the company, my client (Morani) cannot be prosecuted. The umbrella of chargesheet filed in the case is not enough to hold my client guilty," he added.

Morani is not a habitual offender nor has he any connection with the telecom business, the counsel argued, adding the presumption cannot form a basis for his (Morani) prosecution.

There is no nexus between the transactions and the alleged favour done for award of licences, he said.

Morani is accused of intentionally aiding and facilitating the transfer of Rs 2 billion from Shahid Usman Balwa-promoted DB Group, an alleged beneficiary of the scam, as bribe to Kalaignar TV.

The first set of charges filed in the case (2 April) had named former communications minister A Raja, eight others and the three telecom companies as co-conspirators. 

The supplementary chargesheet (25 April) named DMK MP Kanimozhi, daughter of former Tamil Nadu chief minister M. Karunanidhi, her close aide and Kalaignar TV managing director Sharad Kumar, Morani and two others.

All the five are accused in the case for allegedly receiving the bribe which was returned after the CBI started quizzing Raja in the case and have been charged under various provisions of the Indian Penal Code and the Prevention of Corruption Act, 1988, including cheating, forgery and criminal conspiracy.

Meanwhile, Morani complained he was in bad health but the jail authorities were not arranging any treatment so he sought a court directive asking the authorities concerned to take him for medical checkup.

Judge Saini directed jail authorities to take him (Morani) for medical checkup at regular intervals of time.