Tata Capital sues Deccan Chronicle over Rs 100 crore dues

In yet another legal blow to debt-ridden Deccan Chronicle Holdings Ltd, Tata Capital has dragged the Hyderabad –based media house and it’s chairman T Venkattram Reddy to the Bombay High Court seeking to recover 101 crore rupees in dues. In response to the Tata Capital plea, the court today directed attachment of 6 bank accounts of Deccan Chronicle with ICICI Bank, Punjab National Bank, HDFC Bank and Canara Bank and permitted transactions only to the extent of 5 crore rupees.

Amongst other directions restraining Deccan Chronicle from divesting related properties, the court also restrained the company from selling, disposing or transferring its mortaged immovable property spread across approximately 19,000 square feet in Mathuradas Mills Compound, Lower Parel, Mumbai.

Additionally, the court has sought a detailed disclosure of the assets and properties owned by the company and the chairman. The case will now be heard on 27th September. MDP & Partners acted as the advocates for Tata Capital Ltd.