Andhra Bank to auction Deccan Chronicle's property in Bengaluru on Sept 10

Andhra Bank will auction Deccan Chronicle Holdings Ltd's (DCHL) immovable property in Bengaluru on September 10, 2015 through e-auction to recover the loan dues.

According to a sale and e-auction notice issued by the bank, DCHL had availed itself of the credit facilities to the tune of about Rs 200 crore from Andhra Bank’s Sultan Bazar Branch and had defaulted to pay.

Andhra Bank had taken possession of two properties of Deccan Chronicle Holdings worth Rs 160 crore located in Chennai and Bengaluru under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act in 2013.

According to a senior official of the bank, the properties are ‘clean’ and exclusive to Andhra Bank, and the proceeds need not be shared with any other lender.

Andhra Bank is one of the lenders of the company along with ICICI Bank, Canara Bank, Axis Bank, IDBI Bank, Corporation Bank, Indian Overseas Bank and State Bank of Hyderabad. The total loan dues of DCHL stands at Rs 4,000 crore.

State Bank of Hyderabad, Indian Overseas Bank and Canara Bank had filed cases against DCHL independently.

BusinessLine competes with The Financial Chronicle.


Source : Thehindubusinessline