Unilazer Ventures Pvt Ltd, a Mumbai-based company, has filed a petition in the Andhra Pradesh High Court seeking appointment of a liquidator to wind up DCHL for recovery of its dues. Unilazer has claimed dues of about Rs22.33 crore.
Even as the promoters of Deccan Chronicle Holdings Ltd (DCHL) are claiming that they have put in place a strategy to bring the company out of the financial mess of sorts, a lender of a relatively small amount to the media group has sought winding up of the company for non-repayment of a loan.
Unilazer Ventures Pvt Ltd, a Mumbai-based company, has filed a petition in the Andhra Pradesh High Court seeking appointment of a liquidator to wind up DCHL for recovery of its dues. Unilazer has claimed dues of about Rs22.33 crore.
According to the petition, Unilazer had advanced Rs20 crore to DCHL in two tranches in May-June 2012. The inter-corporate deposit was to be returned in 180 days with an interest of about 16%.
However, Unilazer has alleged that DCHL did not repay the loan and cheques issued by it were dishonoured. DCHL, the petitioner said, did not even respond to the statutory notices issued by the lender.
Unilazer said DCHL officials had met the representative of Unilazer in September 2012 and had assured that the loan would be repaid in a week.
Unilazer’s petition, which has been posted for further hearing to June 5, 2013, is among the several petitions that have been filed against DCHL either seeking winding up or repayment of the loan. Apart from the high court, cases have also been filed in the Debts Recovery Tribunal in Hyderabad. However, lenders are also surprised at the way the small-ticket defaults are coming up.
“We still don’t know if the already announced Rs4,000 crore debt of DCHL includes all these small-ticket loans. All the loans in the knowledge of the lenders are between Rs50 crore and Rs450 crore. Now, we are seeing these Rs20 crore loans too coming up as defaults,” a source tracking DCHL affairs said.
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