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ICAI seeks information from banks on Deccan Chronicle
April, 03rd 2013

Accounting regulator ICAI today said it has sought information from banks regarding media group Deccan Chronicle Holdings LtdBSE 1.19 % (DCHL).

"We have written to the appropriate authority to get information... We have written to banks regarding Deccan Chronicle (issue)," Institute of Chartered Accountants of India (ICAI) President Subodh Kumar Agrawal said here.

He did not divulge specific details. Deccan Chronicle is facing financial troubles and many of its lenders have taken legal recourse to recover their dues.

The company management recently asserted that they are taking all necessary steps to address financial constraints.

When asked whether the accounting regulator ICAI has written to the auditors of Deccan Chronicle, Agrawal replied in the negative.

"Unless and until the situation warrants, we will not be writing to auditors," Agrawal said.

In a separate query related to allegations of money laundering by some banks, he said that ICAI has written to the Financial Services Secretary extending support for any help required.

"The institute is by their side... If there is something, we can take action against our members," he said.

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