MUMBAI: The Bombay high court has directed Deccan Chronicle Holdings Ltd and T Venkatram Reddy to furnish, within four weeks, security of Rs 101 crore in favour of Tata Capital Financial Services and of Rs 25 crore in favour of L&T Finance Ltd. Justice R D Dhanuka who passed the order on Thursday February 21, 2013 in response to arbitration petitions filed by Tata group company and L&T also directed that failure to furnish the bank guarantees within a month would result in appointment of a court receiver over the properties of the Hyderabad-based Deccan Chronicle.
In the case of Tata Finance who moved the HC to recover its Rs 100 crore loan to Deccan, the court after hearing counsel Virag Tulzapurkar along with Ashok Paranjpe also imposed a 3% yearly interest on Rs 101 crore since August 23, 2012. In the Tata case the properties that would be attached if Deccan Chronicle misses are its prime property forming part of Mathuradas Mills Compound, Lower Parel and other assets/properties of Venkatram Reddy including land and building, vehicles , investments in other entities, cash and bank balances and investments in Deccan Chronicles Holdings Ltd. Till the Court Receiver takes possession of these properties there is an injunction against DC. The court also directed DC and Reddy to give details of their assets within two weeks .
After hearing advocate Shakuntala Joshi for L&T, the HC directed that Deccan pays 15% interest per year since July 2012 as'' overdue compensation'' to L&T. Deccan Chronicle represented by law firm Jaykar&Partners basically argued that an arbitration agreement cannot be invoked for enforcement of mortgage, relying of various SC judgments. But the HC judge held that filing an application under Section 9 of the Arbitration Act for interim relief does not amount to enforcement of mortgage and hence the court was empowered to grant interim relief to preserve and protect the property.
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