According to the information, on March 23, a Chandigarh court issued warrants against DCHL Chairman T Venkattram Reddy and others, after they failed to appear in a cheque-bounce case filed by Religare Finvest Limited. The police team, which came to the city to enforce the warrants was searching through the day, it was learnt. An inquiry by a journalist here at the residence of Reddy had elicited the response that "Sir is not in town, he is in Delhi".
This is the first time a police team is going after the promoters since the loan-default episode unfolded last June, along with a criminal case filed against them by city-based Karvy Stock Broking Limited.
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DRT attaches properties
In a case of yet another loan default by debt-ridden DCHL, the Debt Recovery Tribunal (DRT) here has issued orders attaching the scheduled properties of the promoters.
The DRT has issued the orders after DCHL promoters failed to respond to a show-cause notice in a petition filed by Axis Bank Limited for the recovery of Rs 9.69 crore from the company.
"It is represented by the counsel for the petitioner that the respondents 1(DCHL), 2 (T Vinayak Ravi Reddy) and 3(T Venkattram Reddy), against whom the show-cause notices were issued in the interlocutory applications, including the present application, have neither furnished security nor given explanation. Further the respondents have also not filed their counters. Therefore, this Tribunal is of the considered opinion that it is a fit case to pass attachment before judgment in respect of the schedule properties," the presiding officer of the DRT said in his orders.
The scheduled properties to be attached include the personal properties of the DCHL promoters. Almost all the lenders of the company had approached the courts and the DRT seeking recovery of money lent to the company while some like IFCI and ICICI Bank had also filed winding up petitions in the AP high court.