Trading in shares of Deccan Chronicle Holding Ltd will be suspended from January 23 as the company failed to respond to the National Stock Exchange notice for non-compliance of listing agreements.
According to NSE, “Non-compliance with provisions of listing agreement includes non-submission of shareholding pattern under Clause 35, non-submission of corporate governance report under Clause 49, non-submission of financial results under Cause 41 and non-submission of reconciliation of share capital audit report for the quarter ended September 30, 2012.”
The Hyderabad-based listed entity and a publisher of English daily Deccan Chronicle is in news following a liquidity crisis it is facing resulting in a series of cases filed against it by lenders and financial institutions seeking their dues.
Recovery proceedings
Some of the banks and financial institutions — including IFCI, Canara Bank, Axis Bank, Kotak Mahindra Bank, have initiated civil cases in different forums, including Debt Recovery Tribunal and High Court for recovery and also winding up of the company.
Some of the banks and lenders such as GE capital, to whom the printing machinery has been mortgaged, and Kotak Mahindra Bank, have initiated possession proceedings for recovery of dues. Kotak now has a symbolic possession of two of the DCHL properties.
DCHL, which also has a chain of retail stores under Odyssey brand, and was a franchisee of Hyderabad-based Indian Premier League cricket team, has been removed from the league by the Board of Control for Cricket in India for non-payment of its dues.
On Tuesday, the company’s shares closed 4.98 per cent higher at Rs 7.17 on the NSE. It had a 52-week high of Rs 52 and low of Rs 4.92.
rishikumar.vundi@thehindu.co.in