Sun TV slips as Madras HC directs Dayanidhi Maran to surrender before CBI

NEW DELHI: Sun TV Ltd slipped 6.5 per cent in trade on Tuesday, after the Madras High Court cancelled former Telecom Minister Dayanidhi Maran's interim anticipatory bail in the controversial telephone exchange case and directed him to surrender before the CBI within three days.

The stock, however, pared all lossses and ended the day flat, after reports suggested that the promoter has sought stay on the cancellation of his anticipatory bail in telephone exchange case by the Madras high court.

The apex court bench headed by Justice TS Thakur directed the hearing of matter on Wednesday after senior counsel Abhishek Manu Singhvi told the court that Maran has been investigated in the matter twice in 2014 and twice in 2015, TOI reported.
In a 49-page order, Justice Vaidhyanthan held that "prima facie" Maran had "misused" his office by obtaining telephone connections "illegally" and allegations against him were backed by material, said a PTI report.

He rejected the argument that Maran had been falsely implicated in the case due to political vendetta and that the accusations have been made with the object of injuring and humiliating the former minister by arresting him, added the report.

The judge granted three days for Maran to surrender before CBI by 4.30 PM on Aug 13.