Deccan Default: CBI search fails bring key details to light

The CBI is currently conducting search operations at the premises of Deccan Chronicle Holdings (DCHL). A search is on at the residence of the company's managing director. CNBC-TV18's Appaji Reddem reports that the search is related to the liabilities of the company which is reeling under a pile of debt.

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A team of 24 CBI officers from Bangalore conducted search operations at the official premises of DCHL and also at the residence of managing director Vinayak Ravi Reddy. The search is related to DCHL's debt default.

DCHL has over liabilities of Rs 5,000 crore borrowed from different banks and financial institutions. Several winding up petitions have been filed against DCHL in different courts including the Andhra Pradesh High Court. The finance ministry had ordered a forensic audit which was conducted by Canara Bank. However, neither the audit or the search operations were able to bring key details to light.

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