Enforcement Directorate attaches Rs 263 crore assets of Deccan Chronicle
HYDERABAD: In what could prove detrimental to the efforts of some lenders turned shareholders to revive the ailing media house Deccan Chronicle Holdings (DCHL), the Enforcement Directorate on Tuesday announced attaching its assets worth Rs 263 crore.
These properties attached afresh by ED are other than the properties pledged by DCHL and its promoters to various lenders that are either under attachment or acquired and auctioned under SARFAESI Act/DRT proceedings.
The attachment by ED comes a week after key lender turned shareholder Srei Infrastructure Finance, which currently holds around 24% stake, obtained approval of shareholders to appoint five directors on the DCHL board towards reviving the media house.
On Tuesday, ED announced attaching movable and immovable assets of DCHL in the form of land, residential properties, shares, bank balances, foreign currency receivables and luxury cars, accusing the promoters of duping six banks of Rs 1,162 crore.
These properties attached afresh by ED are other than the properties pledged by DCHL and its promoters to various lenders that are either under attachment or acquired and auctioned under SARFAESI Act/DRT proceedings.
The attachment by ED comes a week after key lender turned shareholder Srei Infrastructure Finance, which currently holds around 24% stake, obtained approval of shareholders to appoint five directors on the DCHL board towards reviving the media house.
On Tuesday, ED announced attaching movable and immovable assets of DCHL in the form of land, residential properties, shares, bank balances, foreign currency receivables and luxury cars, accusing the promoters of duping six banks of Rs 1,162 crore.
