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Deccan Chronicle Holdings Ltd has approached the Board for Industrial and Financial Reconstruction seeking a bailout under the Sick Industrial Companies (Special Provisions) Act of 1985.
The Hyderabad-based media company, which publishes English daily Deccan Chronicle , financial daily Financial Chronicle and Telugu newspaper Andhra Bhoomi , has informed the BSE that the BIFR has registered its reference as a sick unit on September 17.
Properties attached
In the past few months, several bankers and financial institutions have filed cases and attached properties of the company seeking to reclaim the loans they had extended. The company owes more than Rs 4,000 crore to various banking and financial institutions. Some bankers have also initiated winding up proceedings against the company in the Andhra Pradesh High Court.
For the 18-months period ended September 30, 2012, the company registered a turnover of Rs 843.41 crore and a loss of Rs 1,040.41 crore.
A team from Ministry of Corporate Affairs is closely monitoring the company financials.
>rishikumar.vundi@thehindu.co.in
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