Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank has issued a possession notice on Deccan Chronicle Holdings, publisher of English daily Deccan Chronicle, under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for recovering payment of dues worth Rs 50.25 crore. As per the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, borrower to needs to repay the amount together with the interest at contractual rates and other costs and expenses from August 16, 2012, till payment or realization within 60 days from the date of receipt.

Private sector lender, which had lent around Rs 100 crore to the media house, stated that the publishing house defaulted on payment of Rs 50.25 crore, which is pending from 16 August last year. The bank has taken symbolic possession of the property admeasuring 9,892 sq yards located at Kondapur in Andhra Pradesh, where it has a printing press. A symbolic possession means the lender will not have the key of the property, which will still remain under the control of the borrower, but the borrower cannot alienate the property.