With liabilities of Deccan Chronicle Holdings running into crore, Industrial Finance Corporation of India (IFCI) has filed winding-up petition against the Hyderabad-based company in the High Court on the grounds of company being on the verge of being commercially unviable and solvent.
Further towards this development, government established financial consultant has requested the High Court to appoint an official liquidator in order to pin down the company and its officials from disposing of, transferring or encumbering any of the company's assets ahead of the final disposal of the petition.
This move of the development Financial Institution came after the company defaulted on redemption of 250 unsecured redeemable non-convertible debentures (NCDs) earlier on June 26 this year, besides failing to pay up its dues of Rs 27.80 crore. This petition is also triggered by DCHL’s chairman T Venkattram Reddy’s stamp undertaking acknowledgement of paying off company’s liability amounting to Rs 25 crore plus interest on NCDs by July 4, this year.
Deccan Chronicle Holdings is one of the leading publication houses in Andhra Pradesh (AP). Its publications include Deccan Chronicle, Andhra Bhoomi and Financial Chronicle.
| Company Name | CMP |
|---|---|
| D.B. Corp | 214.40 |
| Navneet Education | 157.80 |
| Jagran Prakashan | 67.00 |
| HT Media | 23.96 |
| Hindustan Media Vent | 68.84 |
| View more.. | |
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