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Employees at The Asian Age and Deccan Chronicle Face an Uncertain Future With the insolvency process still dragging, employees faced grossly delayed salary payments at a time when they needed it the most. Illustration: The Wire/Reuters. The Asian Age and Deccan Chronicle â two well-known daily newspapers owned by beleaguered Deccan Chronicle Holdings Limited (DCHL), whose recent corporate insolvency resolution process saw a few hiccups â have not been paid their salaries for the last 12 months. According to employees that The Wire spoke to, the salary for January 2020 is still awaited by many journalists. “We received our salary for December 2019 in October 2020. We received nothing in November 2020. The next salary instalment we received was on December 22, 2020. That too just half of our January 2020 salary. We still havenât received the other half and we are in January 2021,” an employee of ....
Hungry for Stressed Assets Private equity and stressed asset funds continue to show interest in acquiring value assets undergoing insolvency proceedings despite delays and litigation Illustration by Raj Verma The battle for acquiring Dewan Housing Finance Ltd, the first financial service provider to go through insolvency proceeding, is intensifying with Adani group s last minute revised offer, taking other bidders, also called resolution applicants, by surprise. While others in the race - Piramal Enterprises and foreign distressed asset firms such as Oaktree Capital and SC Lowy - took umbrage at the last-minute change in Adani group s offer and threatened to pull out of the bidding process, Adani hit out at them for using the media to prevent maximisation of value for lenders and depositors. ....