The CA Institute has written to the lenders of Deccan Chronicle Holdings Ltd seeking “relevant information” about its accounts, its President Subodh Kumar Agrawal has said.

This is a suo-motu action initiated by the CA Institute based on available public information, Agrawal said during a press conference in the Capital.

Last year, Deccan Chronicle Holdings Ltd, which publishes the English daily Deccan Chronicle was in the news for its financial difficulties.

One of the lenders even filed a winding-up petition against the company.

The overall banking system exposure to Deccan Chronicle Holding was reportedly estimated at about Rs 4,000 crore, including Rs 1,090 crore outstanding to seven public sector banks as on September 30 last year.

Deccan Chronicle Holding-promoted IPL franchise Deccan Chargers was removed by the Board of Control for Cricket in India for failure to meet obligations.

Agrawal said the CA Institute has not written to the statutory auditor, but only to the banks.

REEBOK India case

The Institute has written a “strong letter” to Reebok India’s former Chief Financial Officer Vishnu Bhagat.

The letter has warned that an ex-parte decision may be taken if Bhagat does not furnish the relevant information sought from him, Agrawal said.

Bhagat had earlier sought time till March 31 to respond to the show-cause notice issued to him by the CA Institute. But no response has yet come on this matter, Agrawal said.

Agrawal also expressed confidence that hearing would be completed by end April on the 90 pending cases under the erstwhile disciplinary mechanism.

srivats.kr@thehindu.co.in

Related Topics
comment COMMENT NOW