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Deccan Chronicle moves court against arrest warrants

The directors of Deccan Chronicle Holdings Limited today moved the Punjab and Haryana High Court seeking quashing of the complaint filed against them in a case of cheque bounce

Written by Express News Service | Chandigarh | April 3, 2013 2:08:46 am

The directors of Deccan Chronicle Holdings Limited today moved the Punjab and Haryana High Court seeking quashing of the complaint filed against them in a case of cheque bounce. The company has also sought quashing of the summon orders and arrest warrants issued by a Chandigarh court last month.

Deccan Chronicle says that it is only the Delhi Court which has the jurisdiction to entertain any complaint against the company. The company has referred to the contract entered into with the complainant,Religare Group,engaged in the business of providing loans.

The contract between the two companies reads “the borrower further agree that all claims,differences and disputes,arising out of or in relation to dealings,transaction made in pursuant to this agreement including any question of whether such dealings,transactions have been entered into or not,shall be subject to the exclusive jurisdiction of the courts at Delhi only”.

Deccan Chronicle has alleged that Religare has got its shares transferred “dishonestly and fraudulently” without informing.

“On August 3,2012,post the illegal transfer of the shares by Religare to themselves they became the single largest shareholders of the company overnight. Thereby,making it impossible for the company to take any actions without the approval of the claimants” reads the petition filed today in the High Court.

The petition further reads,“The illegality on the part of the respondent continued when the respondent (Religare) who were also given nine luxury cars owned by the petitioner for safekeeping and to be used in respondent’s luxury business for which the petitioners were to receive valuable consideration… The respondent is refusing to now acknowledge these valuable assets and refusing to provide any receipts or adjustments in the alleged outstanding amount. As per the respondents,the worth of these cars was at least Rs 19.35 crore”.

The company has claimed that the value of properties pledged was much more than the outstanding amount as claimed by Religare. The petition was adjourned to April 5.

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