According to the report, the CBI has filed a complaint against DCHL and its chairman T Venkattram Reddy for a Rs 30.54 crore fraud
According to news agency ANI, the Central Bureau of Investigation (CBI) filed a case against Deccan Chronicle Holdings Ltd (DCHL) and its chairman T Venkattram Reddy in a Rs 30.54 crore fraud case on Friday. CARE Rating Agency and United India Insurance Company personnel have also been named as defendants by the CBI.The National Company Law Tribunal (NCLT) in Hyderabad appointed an insolvency resolution professional (IRP) in July last year while hearing a petition filed by Canara Bank alleging that DCHL owes it over Rs 723 crore. The NCLT had also put a hold on the company's liquidation at the time.T Venkatram Reddy, the chairman of the Hyderabad-based English daily Deccan Chronicle, was detained by the CBI in February 2015 in connection with an alleged default on a Rs 357 crore loan from Canara Bank. According to PTI, CBI sources said the arrest was in connection with a case filed by the agency against Deccan Chronicle Holdings Limited in July 2013 based on a complaint from Canara Bank in Bangalore.Venkatram Reddy was charged with alleged cheating and criminal conspiracy by the agency in 2013. The bank had refused to modify the company's loan, which had gone unpaid for a long time. Reddy was apprehended by a CBI team from Bangalore in 2015 following a brief interrogation, according to sources reported by PTI.T Vinayak Ravi Reddy, the company's vice-chairman and managing director, was also arrested at the time, according to CBI sources reported by the news agency. The Deccan Chronicle owes a group of banks more than Rs 4,000 crore in repayments.
The Times of India reported in February 2018 that interim insolvency resolution professional (IRP) KK Rao has requested prospective investors/consortiums of investors to submit their resolution plans by February 15, 2018.