Deccan Chronicle owes to 7 public sector banks
By Vaibhav Aggarwal
Nov 23, 2012
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The Deccan Chronicle Holdings Ltd owes total exposure of Rs 1090 crore to seven public sector banks.

Among all the seven banks, only Canara Bank's account has turned into non-performing asset (NPA). Canara Bank has given this information in written to Rajya Sabha on Thursday.

Mr. Namo Narain Meena, Minister of State said, "As against the same (total exposure), they held security of value Rs 1,469.04 crore". Canara Bank has the highest exposure to Deccan Chronicle Holdings with Rs 350 crore and it has been classified as non-performing asset.

"Banks are closely monitoring their loan portfolio and making all out efforts, as per the Reserve Bank of India guidelines in vogue, so that their loan amount does not turn into NPA," Namo Narain Meena said.

Deccan Chronicle, the Hyderabad-based publisher of English daily is in the news for lack of liquidity it is facing with and lenders filing a series of cases, including a winding-up petition by one of the lenders.

The company also Indian Premier League franchise team Deccan Chargers, which represented the team from Hyderabad, has been removed from the league for failure to meet obligations such as providing bank guarantees by the Board of Control for Cricket in India.

The efforts of the Deccan Chronicle management to sell the team did not materialize. The Hyderabad franchise was recently taken over by Sun TV.


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