Notes on Indian equities, sectors and economy

Deccan Chr..IFCI files suit, alleges ‘thousands of crores’ of loans, ICICI sanctioned loan on June 18

Posted by fairval on July 30, 2012

IFCI it appears has filed a winding up suit last Friday. From a newsreport…Don’t know why IFCI is alleging ‘thousands of crores’ of loans

Deccan Chronicle Holdings Limited (DCHL) has liabilities running into thousands of crores of rupees that may lead to the erosion of the entire net worth of the company and make it commercially unviable and insolvent, Industrial Finance Corporation of India Ltd (IFCI) has said in the winding-up petition which it has filed in the high court against the Hyderabad-based company.

The petition was filed by IFCI on Friday after DCHL defaulted on redemption of 250 unsecured redeemable non-convertible debentures (NCDs) on June 26 this year and failed to pay up its dues of Rs 27,80,47,945 despite “repeated requests and demands”.

IFCI said DCHL had massive secured and unsecured debts running into thousands of crores of rupees with various banks, financial institutions, non-banking finance institutions etc. and feared that many more winding up petitions may be filed by other creditors as the company had defaulted on several liabilities.


ICICI Bank it seems sanctioned a Term Loan of Rs 350 crore on June 18th! Deccan may not have been able to draw down, otherwise, it could have paid the likes of IFCI.


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