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Deccan Chronicle lenders appoint TSN Rao as permanent resolution professional
MUMBAI: Deccan Chronicle Holdings, which publishes Deccan Chronicle, Financial Chronicle, The Asian Age and Telugu daily Andhra Bhoomi, will have somebody in charge to propose turnaround measures of the beleaguered company.
Lenders of the media group have appointed a permanent resolution professional to suggest such measures. The creditors in a meeting held in Hyderabad approved the appointment of T.S.N. Raja, a chartered accountant by profession, as the permanent resolution professional, the Economic Times reported.
Earlier, the National Company Law Tribunal (NCLT) had appointed K.K. Rao as the interim resolution professional for a period of one month.
“In a meeting today, the lenders agreed to appoint TSN Raja as the resolution professional and also approved an expenditure of Rs 20 lakh towards the NCLT and other expenses,” ET quoted Canara Bank chief manager Koteshwar Rao as saying.
Deccan Chronicle Holdings has around Rs 4,000 crore debt on its books. The lenders include ICICI Bank, Canara Bank, IDBI Bank, Corporation Bank, Indian Overseas Bank, Axis Bank, Kotak Mahindra Bank, J&K Bank, LIC and Photon, a private lending agency.
The permanent resolution professional is expected to submit a report in five months to suggest turnaround measures for the company, the business daily reported.
In case the company operates properly and requires more time, there is a provision for an extension by three months.