Employees of Deccan Chronicle Holdings have approached NCLT complaining that the companys decision to close news bureaus and transfer the staff is illegal.
Deccan Chronicle, headquartered in Hyderabad, runs the English dailies Deccan Chronicle, Asian Age and Financial Chronicle, and the Telugu daily Andhra Bhoomi.
The case has been filed with the National Company Law Tribunal on the grounds that the SREI Multiple Asset Investments Trust's Vision India Fund, which is set to take over DCHL, hasn't assumed charge yet. Therefore, the employees contend, changes in the company structure are illegal.
For Deccan Chronicle, it has been a disastrous last few years. In 2015, its Chairman, T Venkattram Reddy, and his brother and the company's Managing Director, T Vinayaka Ravi Reddy, were arrested for forgery to secure loans worth Rs 10,000 crore.
In 2017, the company was declared insolvent for failing to pay its creditors and bids were invited for its takeover. In 2019, Srei, based out of Kolkata, won the bid.
Over the last two months, DCHL has shut its bureaus in Kolkata, Kochi, Mumbai, and Bengaluru, and transferred some of the staffers to the company's offices in Hyderabad and Chennai. In February 2019, when insolvency proceedings were still underway, the Financial Chronicle was discontinued as a daily. However, its staff was retained, and Deccan Chronicle and the Asian Age began publishing business news on two pages under the Financial Chronicle masthead.
On June 3, 2019, the National Company Law Tribunal, which adjudicates matters pertaining to corporate bodies, approved Srei's takeover plan of DCHL. The new management usually takes over a company immediately, but Srei hasn't done so yet.
In its order on December 5, 2019, the National Company Law Appellate Tribunal -- which hears appeals against the orders of the NCLT -- said that since Srei had not taken over DCHL, the company remained a "going concern".
Congress, CPI-M not part of INDIA bloc in Bengal: Mamata Banerjee
Trinamool Congress supremo and West Bengal Chief Minister Mamata Banerjee claimed on Friday that the Congress and the CPI-M are not constituents of the opposition INDIA bloc in Bengal.
Assam records 45.12 pc polling, Meghalaya's voter turnout 50.23 pc till 1 PM
An estimated 45.12 per cent voter turnout was recorded till 1 p.m. on Friday in the five Lok Sabha seats in Assam in the first of the seven-phased Lok Sabha elections, officials said.
Sushanta Chowdhury rules out oppositions’ allegation of unfair poll; says I.N.D.I.A bloc is sinking ship
Slamming the I.N.D.I.A bloc, Chowdhury on Friday said, “Most of the leaders of the I.N.D.I.A bloc are presently in jail and hence the sinking ship of the bloc has no future. People rejected the I.N.D.I.A bloc and will surely vote for Narendra Modi for more development to the nation.”
Assam: 30-year-old man abducted, kidnappers post pictures on social media
A relative of an executive member of Assam’s North Cachar Hills Autonomous Council (NCHAC) in Dima Hasao district was allegedly kidnapped by a proscribed group.
SC adjourns till July Ramdev's plea against FIRs over Covid-19 comments against allopathy
The Supreme Court on Friday adjourned hearing on a plea filed by Yoga guru Baba Ramdev seeking a stay on the proceedings against him in connection with the multiple FIRs lodged over his alleged remarks against the use of allopathic medicines during the Covid-19 pandemic.
CM Dr Manik Saha appeals to ensure peaceful voting; casts vote
He said, “People of Tripura had witnessed a complete free and fair and violence free poll in the last 2023 assembly election in Tripura. I do believe that this time too, peaceful voting will be ensured.”
Ensure 100% voting to build developed India; Biplab Kumar Deb casts vote
After casting his vote Deb interacted with the reporters and said, “I appeal to the people of this state to ensure 100% voting and make Narendra Modi, the Prime Minister of this country for the third consecutive term.”
Tripura: Around 34 pc voter turnout recorded in simultaneous polls
The polling percentage in Tripura till 11 a.m. was 34.6 per cent for Tripura West Lok Sabha seat and Ramnagar Assembly seat. Around 16 per cent voter turnout was registered till 9 a.m. in the Tripura West Lok Sabha seat amid tight security, election officials said on Friday.