Srei asks Deccan Chronicle to hold EGM

Srei Infrastructure Finance Ltd, one of the largest shareholders in debt-ridden Deccan Chronicle Holdings (DCHL), has sent a notice to the media firm to convene an extraordinary general meeting on March 20. Apart from seeking clarity on the DCHL’s financial health, the EGM will also take up the agenda of appointment of five new directors on the media firm’s board. The addition will be over and above the existing five directors representing the current promoters of DCHL. Srei had raised its stake to 24 per cent after converting a part of its ₹220 crore loan (to the media firm) into equity in 2015. The move is being seen by many as Srei’s attempts to take over the management control of the ailing firm.