Andhra Pradesh High Court suspends CLB relief to Deccan Chronicle

Media House Deccan Chronicle Holdings Ltd (DCHL) pertaining to legal proceedings against it by lenders, the Andhra Pradesh High Court on 11 July suspended the orders of Company Law Board that stayed proceedings against DCHL. 

At a time when several lenders, who had together extended over Rs 4,000 crore of loans, initiated recovery proceedings against it, DCHL moved the Southern region CLB at Chennai and obtained stay orders on July 4 all the proceedings. 

Perturbed over the orders of CLB, India Bulls, one of the lenders to DCHL with a loan of Rs 100 crore, moved the AP High Court challenging the jurisdiction of CLB to stay the proceedings, that too through ex-parte orders. 

India Bulls took to the notice of company court of AP High Court headed by Justice Ramesh Ranganathan that the court had earlier refused to entertain similar plea by the DCHL promoters on staying recovery proceedings by various lenders. 

DCHL, which publishes English dailies Deccan Chronicle, Financial Chronicle and Asian Age, and Telugu daily and weekly Andhra Bhoomi, lost the franchise rights of the Indian Premier League cricket team Deccan Chargers September last year.

Source: http://cablequest.org/news/legal-news/item/2792-andhra-pradesh-high-court-suspends-clb-relief-to-deccan-chronicle.htmlSource: http://cablequest.org/news/legal-news/item/2792-andhra-pradesh-high-court-suspends-clb-relief-to-deccan-chronicle.html