The creditors of Deccan Chronicle Holdings unable to recover dues worth more than INR5,000 crore because of a dispute over the publishing titles. The two banks in dispute are Kotak Mahindra and IDBI Bank.
The current issue ensured that IDBI Bank would not be able to find any buyer. The holdings firm recently invited bids for newpaper titles including Deccan Chronicle, Asian Age, Financial Chronicle and Andhra Bhoomi.
According to a banker who spoke on condition of anonymity, "There is opposition to IDBI Bank's move to auction the trademarks. So the auction has failed."
Both the Deccan Chronicle and IDBI Bank declined to make any comment on the newspaper report. For its part, Kotak Mahindra Bank did not respond to a sent email inquiry. On other hand, an IDBI Bank executive who spoke on condition of anonymity, "We have a right to seek request for proposals, which we have received."
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