DCHL owes the bank about Rs 200 crore (Rs 2 billion).
Capital markets regulator Sebi has sent a notice to Deccan Chronicle Holding's promoters and asked them to pay Rs 4.29 crore in a matter related to misrepresentation of financial statements of the company from FY 2008-09 to 2011-12. The regulator directed T Venkattram Reddy, T Vinayak Ravi Reddy and P K Iyer to pay Rs 4.29 crore, which includes interest and recovery costs, within 15 days, Sebi said in a demand notice issued on Friday. In the event of non-payment, it will recover the amount by attaching and selling the movable and immovable properties of the Deccan Chronicle Holdings Ltd (DCHL) promoters.
Odyssey is a leisure retail chain which sells books, music, toys, greeting cards and FMCG products of leading domestic and international brands.
The five per cent stake acquisition would be subject to statutory approvals and respective board approvals, the company added. Earlier, Deccan Chronicle was reported to be in the lookout for selling 5 to 8 per cent in Sieger Solutions, the owner of the Deccan Chargers IPL team to a strategic investor.
The IPL Governing Council had terminated Deccan Chargers in 2012, a move that the franchise had challenged.
The exposure, which is for the period ended September 2019, is across various platforms such as life funds, pension funds, and unit-linked funds.
The owners of the cash-strapped Deccan Chargers sold the Indian Premier League franchise to a real estate company for an undisclosed sum. Deccan Chronicle Holdings, which paid $107 million for the franchise in 2008, informed the stock exchanges on Friday of their decision to sell the team to Kamla Landmarc, a Mumbai-based real estate company.
The Bombay High Court on Monday suggested to the Board of Control for Cricket in India (BCCI) and Deccan Chronicles Holdings Ltd to settle their dispute over termination of IPL franchise by referring the matter to a mutually acceptable arbitrator.
In a minor relief to the beleaguered Deccan Chargers, the Bombay High Court on Monday directed the BCCI to maintain status quo regarding the termination of the IPL franchise, owned by Deccan Chronicles Holdings Ltd.
Beleaguered Indian Premier League (IPL) franchise Deccan Chargers' inability to find a buyer has put the Board of Control for Cricket in India (BCCI) in a quandary.
The Deccan Chronicle Holdings Limited (DCHL) on Thursday issued a tender notice inviting bids from prospective buyers for its IPL franchisee Deccan Chargers, which is currently in a financial mess.
The Board of Control for Cricket will invite fresh tenders for Indian Premier League franchise Deccan Chargers after a bid from PVP Ventures was rejected by the Hyderabad-based team at an auction in Chennai on Thursday. Deccan Chargers had put their team up for sale and PVP Ventures were the only ones interested, but their bid of Rs 900 crore was rejected by the 2009 IPL champions.
"Canara Bank is the lead banker of lenders' consortium to DCH and the bank is conducting forensic audit of DCH," Financial Services Secretary D K Mittal told reporters.
There was no confirmation on whether or not BCCI will review its earlier decision to terminate the franchise.
The Bombay high court has granted Deccan Chronicle Holdings Ltd (DCHL) three more days to furnish an irrevocable and unconditional bank guarantee of Rs 100 crore to the Board of Control for Cricket in India for its Indian Premier League franchise Deccan Chargers.
The Board Of Control For Cricket In India working committee decided to take a final call on the fate of the IPL franchisee, Deccan Chargers on September 15 in Chennai.
Deccan Chronicle Holdings has restarted efforts to sell its Indian Premier League franchise Deccan Chargers, and is in talks with Perth businessman Vikas Rambal and Adani Group, sources with direct knowledge of the talks, told Reuters.
Deccan Chronicle's ventures into niche aviation and IPL seem to be cause of its troubles Could the strange twists and turns in the relationship between the Deccan Chronicle and Kishore Biyani-controlled Future Capital be simply coincidental?
Bombay High Court-appointed arbitrator retired Justice CK Thakkar delivered the verdict on July 17 and told BCCI to pay Rs 4,800 crore as compensation by September 2020.
Deccan Chronicle holds 80 per cent stake in Deccan Chargers and had paid $107 million for the IPL franchise.
Deccan Chronicle Holdings Ltd on Tuesday said it has launched $54.02 million foreign currency convertible bonds offering.
Deccan Chronicle Holdings Ltd, the publisher of English newspaper Deccan Chronicle and Telugu paper Andhra Bhoomi
The entire amount is to be provided for four quarters.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
Deccan Chronicle had taken a Rs 170-crore loan from Future Capital and Rs 100-crore loan from Tata Capital.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
Srei Infrastructure's vice-chairman -- and former Assocham president -- Sunil Kanoria discusses the Kanoria businesses and his impression of the Modi government with Ishita Ayan Dutt and Namrata Acharya.
Despite all the controversies, the IPL's brand value hasn't diminished. Instead, says Harish Kotian/Rediff.com, the IPL made the BCCI richer by over Rs 3 billion!
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