(Image source from: Deccan Chronicle Holdings owners properties attached})
Presiding officer of the Debt Recovery Tribunal (DRT), K Sai Mohan today passed the order of attaching five important properties of T Venkatram Reddy, chairman of Deccan Chronicle Holdings Ltd (DCHL) and P K Iyer, the vice-chairman of the company, after they allegedly failed to repay off a loan of Rs. 427 crore to the Axis Bank.
The attachment order held the bosses of DCHL responsible for failing to pay off the loan despite of six months time issued by the bank to provide the required security.
The tribunal took the decision following V Dharma Suri, Axis Bank counsel's plea. It's believed that DHCL management was trying to pass on the ownership of their assets to third parties.
Talking about this, Mr. Suri said, “These properties are mortgaged to us and allowing them to be sold would cause damage to our interests.”
AW: Suchorita Dutta
