Deccan Chronicle allows its independent directors to resign

Deccan Chronicle Holdings today said four of its independent directors, including M Sukumar Reddy and G Kumar, have resigned from the company's board. In a filing to the BSE, the company said its board has also accepted resignations of V Suresh and P Siddhartha.

The company's board, which met on December 8, also appointed V Lakshmana Charya, Venkateswarlu Malapaka and S Suresh as additional directors, it added. In September this year, the company's board had passed a resolution asking Corporate Debt Restructuring cell to rejig its existing debt.

Financial Services Secretary D K Mittal had said in September this year that the total exposure of banks to Deccan Chronicle Holdings stands at around Rs 5,000 crore of which exposure of public sector banks alone is around Rs 3,800 crore.

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