Lenders allege Deccan Chargers of squandering Rs 5,000 crore in 15 months

Last Updated: Monday, September 10, 2012 - 11:15

Zeenews Sports Bureau

New Delhi: A group of lenders has written to the Corporate Affairs Ministry that T Venkattram Reddy’s Deccan Chronicle Holdings Limited (DCHL) has allegedly squandered away about Rs 5,000 crore in just 15 months.

The lenders have also questioned the intentions of the Hyderabad-based listed media company, which is now on the verge of losing its control over IPL team Deccan Chargers.

When contacted, Corporate Affairs Minister Veerappa Moily told a leading English daily, “We are seized of the matter. We are looking into it.”

Notably over a dozen-and-a-half banks have lent amounts ranging from Rs 50 crore to Rs 500 crore to the Deccan Chronicle group, but now they are finding themselves in helpless situation after Venkattram Reddy wasn’t available to answer to their phones and messages.



First Published: Monday, September 10, 2012 - 11:27

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