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Four Independent Directors on Deccan Chronicle Holding Ltd board M. Sukumar Reddy, G. Kumar, V. Suresh and P. Siddhartha have resigned.
Deccan Chronicle Holdings has informed the BSE today that the board of directors, at its meeting on December 8, has accepted their resignations.
Further, the board of directors announced the appointment of V. Lakshmana Charya, Venkateswarlu Malapaka and S. Suresh as Additional Directors. They will serve as Directors in the capacity of being Non Executive-Independent.
In view of the fresh appointment of Non Executive-Independent Directors, the board has said it has re-constituted the Committees on Audit, Remuneration, Investors’ Grievance Committee. Accordingly, the committees have been restructured.
The Hyderabad-based publisher of English daily Deccan Chronicle has been in the news following a series of cases initiated against it by lenders, including a winding up petition by couple of companies.
The company has piled up a huge debt and has admitted that it is faced with liquidity issues. Its efforts to sell Deccan Chargers, the Indian Premier League team did not materialise. The team was later removed by the Board of Control for Cricket in India.
Several cases have also been instituted against the company in the debt recovery Tribunals seeking directions for recovery.
During July, N. Krishnan, Managing Director of DCHL, resigned.
The company’s shares ended at Rs 6, up 1.35 per cent, on the BSE.
The Hindu Business Line competes with The Financial Chronicle.
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