Kotak Mahindra Bank Takes Over Deccan Chronicle Press -Wednesday May 15,2013

Deccan Chronicle Holdings Limited (DCHL) suffered another jolt on Wednesday May 15,2013 when Kotak Mahindra Bank took possession of the premises of its printing press located at Kondapur on the outskirts of Hyderabad.

This action follows notice served by the bank, which lent the media house close to Rs. 100 crore, for default on payment of Rs. 50 crore.

Earlier this year, the bank served a demand notice on DCHL, asking it to wipe out the entire liability within two months. The bank also served a possession notice under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002. 

Accordingly, it pasted a notice at the Kondapur press, indicating a “symbolic taking over” of over 9,800 square yards of land.