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India’s State-Run Canara Bank Audits Deccan Chronicle’s Accounts

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Sept. 11 (Bloomberg) -- Canara Bank, an Indian state-owned lender, is conducting a forensic audit of accounts of Deccan Chronicle Holdings Ltd., which faces a liquidity crisis, a ministry official said.

Indian banks have lent Deccan Chronicle, India’s third-largest newspaper publisher, 50 billion rupees ($905 million), with loans from state-run banks standing at 38 billion rupees, D.K. Mittal, secretary of financial services at India’s finance ministry, said today in New Delhi. Phone calls to Canara Bank Chairman and Managing Director S. Raman weren’t answered.

Deccan Chronicle has decided to restructure its debt in accordance with guidelines approved by the Reserve Bank of India, the company said in a stock exchange filing today.

The company owns the Deccan Chargers, a cricket team representing the southern city of Hyderabad, in the Indian Premier League.

Deccan Chronicle shares fell 7.9 percent to 12.25 rupees at the close in Mumbai, extending its decline this year to 66 percent.

To contact the reporter on this story: Tushar Dhara in New Delhi at tdhara1@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net

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