The Bombay High Court has ordered media firm Deccan Chronicle Holdings Limited (DCHL) and its promoter T Venkattram Reddy to give security of 101 crore to its lender Tata Capital within four weeks.
In March 2011, Tata Capital had lent Hyderabad-based DCHL 100 crore against a personal guarantee by T Venkattram Reddy, a promoter of the company.
Tata Capital had asked the company to repay the entire loan amount after the company defaulted on short-term non-convertible debentures and suffered a rating downgrade.
Deccan Chronicle Holdings Ltd (DCHL) on Monday revealed that all of its four independent directors had resigned from the company's board.
The four independent directors who resigned from the board are: M Sukumar Reddy, P Siddhartha, G Kumar and V Suresh.
The beleaguered company, however, didn't give any reasons for its board members' resignations.
Technical analyst MB Singh has maintained 'buy' rating on Deccan Chronicle Holdings Limited stock with a target of Rs 118.
The analyst said that the stock can be purchased with a stop loss of Rs 105.
The stock of the company, on December 29, closed at Rs 108.60 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 180.05 and a low of Rs 95.75 on BSE.
Current EPS & P/E ratio stood at 10.54 and 10.23 respectively.
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