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Tuesday, October 16, 2012

Deccan Chronicle loan has turned bad: Axis Bank

The Deccan Chronicle Holdings Ltd (DCHL) loan account has turned non-performing for Axis Bank, according to a top official.

“We have adequately provided for our loan exposure,” said Mr Somnath Sengupta, Executive Director & Head (Corporate Centre).

He, however, did not elaborate on the extent of Axis Bank’s loan exposure to DCHL or the amount of provisioning made by the bank.

A clutch of banks including Axis Bank, ICICI Bank, Kotak Bank, YES Bank, and Canara Bank have a loan exposure of about Rs 4,000 crore to the Hyderabad-based media group. Last month, bankers said they would take a call on admitting DCHL into the Corporate Debt Restructuring (CDR) Cell only after the results of the forensic audit of its accounts are known. Canara Bank is conducting the forensic audit.


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