Hyderabad-based media house Deccan Chronicle Holdings (DCHL), which holds four dailies including Deccan Chronicle, Andhra Bhoomi, Financial Chornicle, Asian Age, is likely to be acquired by Manoj Mohanka. The movie is expected to give breather to the debt-ridden media house which has accumulated losses of Rs 513 crore as of September end 2012.
Manoj, who was the former chairman of Network 18 and the former president of Calcutta Chambers of Commerce, agreed in principle to the proposal from DCHL’s single largest stakeholder, Srei Infrastructure Finance, to infuse capital into the debt-laden newspaper firm.
Meanwhile, Srei Infra has obtained approval from the High Court to convene a meeting of DCHL stakeholders for a scheme of compromise and arrangement. The court-convened meeting to be held on March 19 is going to consider the proposals on reorganization of DCHL’s share capital.
The meeting is also expected to write off Rs 52.25 crore of losses against the paid-up capital of DCHL. The beleaguered media house currently has paid up equity of Rs 55 crore. Manoj Mohanka proposes to infuse Rs 30 crore as equity and unsecured loans to take charge of the day-to-day affairs of the firm.
“If all the stakeholders buy into the proposed scheme of compromise, then there is certainly huge opportunity for a turnaround of the publication,” Manoj was quoted as saying by Economic Times. Looks like, good days are back for DCHL.