The Registrar of Companies (RoC) has started preliminary scrutiny of the books of Deccan Chronicle Holdings (DCHL), as per a media report. DCHL, which apart from owning the Indian Premier League (IPL) team ‘Deccan Chargers’, publishes newspapers like Deccan Chronicle, Financial Chronicle, is into deep financial crisis with huge amount of debt. The company has planned to restructure its debt through CDR and has put its IPL cricket franchisee ‘Deccan Chargers’ on sale to clear some of its debt.
According to the secretary of the department of financial services in the financial ministry, Canara Bank is conducting a forensic audit of DCHL. Canara Bank is the lead banker of the lenders consortium. The total exposure of banks to DCHL is around Rs 5000 crore of which public sector banks account for Rs 3800 crore.
The creditors have approached the Bombay and Andhra Pradesh high courts and have moved the debt recovery tribunal as the promoters failed to repay the loans. One of the lenders’ IFCI has even filed a petition in the Andhra Pradesh high court to wind up the firm after a cheque of Rs 25 crore bounced.
| 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 |
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