Axis bank classified loans to Deccan Chronicle as NPAs
By Joseph Samson
Oct 17, 2012
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India, third largest lender, Axis Bank treats loan to the Deccan Chronicle Holdings Ltd (DCHL) as non-performing assets (NPAs), said by a top official of the bank.

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

Mr. Sengupta declined to furnish further details on the specific accounts of loan to DCHL which owns the Deccan Chronicle newspaper and the IPL cricket team.

The Hyderabad based media group, DCHL borrowed Rs 4,000 crore from Axis bank, ICICI Bank, Canara Bank, Yes Bank and Kotak Bank.

Canara Bank is conducting forensic audit of DCHL accounts. After the result of the forensic audit is known, Bankers would then take a call on admitting DCHL into the Corporate Debt Restructuring (CDR) cell.


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