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Deccan Chronicle compromise deal with IFCI

Hyderabad, Sep 15 () : Deccan Chronicle has filed a compromise deal to pay Rs 18 crore in four installments to the Industrial Finance Corporation of India (IFCI) if it withdraws the winding up petition before the AP High court.

Yesterday, the governing body of T20 IPL decided to cancel the contract of Deccan Chargers even as Yes Bank agreed to pay the outstanding dues of the players. The BCCI which meets today would decide to give the team to PVP Ventures who offered Rs 900 crore in the auction.

BCCI had given a 5 pm deadline for today but in the emergency meeting held late night, this decision was taken. The banks would stand to lose along with the promoters and hence might move the courts.

IFCI went to court as DC could not pay those holding debentures and felt that its credit far exceeded its assets and the lenders are far more than what it is projected. It therefore wanted DC to be declared insolvent and be wound up.

IFCI has filed a plea before the company board law to withdraw its winding up plea but the case before the AP court still stands.

BCCI meeting is in progress to decide on the future move as the DCHL who had pledged the team to banks has put a proposal from the banks consortium leader Yes Bank to pay Rs 36 crore to the players. BCCI is expected to come up with a clear picture after its meeting today.

A Secunderabad court has posted a hearing for Oct 3 on the plea by Tom Wright, the coach of the IPL team that he has to get his Rs 90 crore from the sale proceeds. Wright won a decree from a UK court and based on this, he approached the civil court. Tata Financial through the Mumbai court got an order that the sale proceeds should be deposited in ICICI account.