CBI Chargesheet Comes a Day Late, Deccan Chronicle Promoters Secure Bail

The CBI finally filed its chargesheet in a cheating case against Deccan Chronicle Holdings, but it came a day after the promoters of the media house secured bail because the investigation agency missed the 60-day deadline to register formal charges.

The key promoters of the publishing house, which owns English newspapers Deccan Chronicle, Asian Age and Financial Chronicle and Telugu daily Andhra Bhoomi, were in judicial custody since they were arrested on February 14. The CBI filed an FIR against the promoters in July 2013, after Canara Bank accused them of con .

Over the past three years, dozens of lenders, both public and private, had filed cases against Deccan Chronicle's promoters alleging fraud and forgery . While some of them seized their properties and auctioned them, a few resorted to converting loans into equity .

Its key lenders include Andhra Bank, Axis Bank, Canara Bank, Corporation Bank, Future Capital, HDFC Bank, ICICI Bank, IFCI, Indian Overseas Bank, Kotak Mahindra Bank, LIC, L&T Finance, Religare Finevest and Yes Bank.

Deccan Chronicle Holdings and the Times Group, which publishes this newspaper, compete in several markets.