DCHL hit with winding up petitions from three firms
15 Oct 2012
Beleaguered Deccan Chronicle Holdings Ltd (DCHL) has been hit with winding up petitions at the Andhra Pradesh High Court from three creditors even as the earlier one by IFCI comes up for hearing today.
Technology provider, Photon Infotech, National Pension System Trust and Adonis Ltd, a newsprint supplier, approached the high court seeking the winding up of the media company for recoveriy of their dues.
The DNA newspaper quoting sources said, Photon Infotech had invested about Rs5 crore in the debt instruments issued by DCHL, the media group however, failed to redeem the instruments, which led Photon to seek the winding up of DCHL.
The National Pension System Trust had invested about Rs20 crore in DCHL debt instruments through SBI Pension Funds. The company had failed to repay the loan despite the instruments reaching their maturity.
The trust established in 2008 under PFRDA, has sought the appointment of a liquidator for winding up of the company to get back its dues:
''The respondent company (DCHL) be ordered to be wound by and under the orders and directions of this Hon'ble Court under the provisions of the Companies Act,1956. That the official liquidator be appointed as liquidator of the respondent company with all its powers under Section 450 of the Companies Act,1956,'' the Trust said in its petition.