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A Chandigarh court has issued non-bailable warrants against directors of media company Deccan Chronicle Holdings Ltd in a cheque bounce case filed by the Religare Group.
When contacted, Sachindra Nath, Group Chief Executive Officer of Religare Enterprises, confirmed to Business Line that cases have been filed and that the warrants were issued against the Directors of DCHL.
The compliant relates to dishonour of cheque/cheques issued to Religare Finvest Ltd and loans given to Deccan Chronicle.
According to sources, the cheques were signed by authorised signatory M. S. Reddy.
He quit in December last. The Chandigarh police sought local police assistance to execute the warrants.
AGM
Earlier on Friday, shareholders of Deccan Chronicle today passed an enabling resolution that approves the sums borrowed by the company in the past beyond the approved limit.
While the company’s borrowing limit was Rs 1,000 crore, it had raised over Rs 3,500 crore.
With debt piling up past the Rs 4,000-crore mark, it has now passed a resolution that raises the borrowing limit to Rs 5,000 crore, shareholders were informed. This legitimises the amount raised.
At the 10th annual general meeting here, T. Vinayak Ravi Reddy, Vice-Chairman, was re-designated as the Managing Director and Vice-Chairman of the company.
The company shares closed at Rs 3.19, down 5.62 per cent at BSE.
rishikumar.vundi@thehindu.co.in
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