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Deccan Chronicle Holdings Ltd has posted a loss of Rs 3.65 crore for the quarter ended December 31, 2013, as against a loss of Rs 2.21 crore for the corresponding quarter last year.
The income from operations for the December quarter was lower at Rs 89.27 crore as against Rs 102.32 crore for the same period a year before.
The Hyderabad-based media company and publisher of Deccan Chronicle newspaper and a few other publications, in a statement filed with the exchange, has said some of the lenders and creditors of the company have filed petitions, legal suits and complaints before the debt recovery tribunal and various courts and other forums for the recovery of dues and also initiated action against some of the assets.
Some of the lenders have also filed a winding-up petition against the company, but none of them has been admitted so far. The management said it was taking necessary legal recourse to defend the company in these cases.
With revenue and expenditure coming down, the company's net worth has been eroded and has turned negative according to the audited financial statements. A reference has been made to BIFR and the matter is pending, the statement said.
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