Lenders to Deccan Chronicle Holdings Ltd (DCHL) would take a joint decision on future action once the forensic audit report of the Hyderabad-based company is submitted, a senior Canara Bank official said today.

“Probably we may initiate ... we may take legal action,” Canara Bank Executive Director, A K Gupta said when asked about the course of action once the audit report is out.

“Probably this month it (report on the forensic audit of Deccan Chronicle Holdings by Deloitte will be ready) must come, let’s see,” he said.

Canara Bank would be in touch with other lenders and take a joint decision on what needs to be done “in this case”. “A joint decision will be taken,” he said.

Canara Bank has an exposure of Rs 330 crore to DCHL, he said.

In the second quarter, the bank has made a provision of Rs 225 crore following the “slippage” on this account, Gupta added.

(This article was published on November 6, 2012)
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