IDBI Bank has put the newspaper titles of the debt-ridden Deccan Chronicle Holdings Limited (DCHL) for auction.
The public sector lender issued a request for proposal (RFP) for transferring titles of Deccan Chronicle, Andhra Bhoomi, The Asian Age and the Financial Chronicle. The last date for submission of the bids is August 27, and the bids would be opened the following day. This is the second notice issued by the bank for recovery of its ‘financial assistance’ (term loan of Rs.250 crore) to the DCHL. The bank had earlier released a notice in February but it was kept on hold by the Debt Recovery Tribunal following objections raised by other lenders.
Due to the failure on the part of the DCHL to repay the financial assistance provided to it, the bank had decided to enforce the security by transferring to the highest bidder its rights/interest on the trademark for a consideration.