HYDERABAD: India's largest private sector lender ICICI BankBSE 0.50 % has moved theAndhra Pradesh High Court on Saturday opposing the scheme of arrangement proposed by the ailing media house Deccan Chronicle Holdings LtdBSE -2.24 % that involved demerger of print business.
This makes ICICI Bank the first lender among dozen odd lenders to contest the proposal that the media house submitted to the AP High Court for a scheme of arrangement with the creditors and lenders.
"ICICI Bank, which has some Rs 500 core exposure to Deccan ChronicleBSE -2.24 %Holdings, submitted to the court that the scheme of arrangement should be first approved by the market regulator SEBIbefore seeking the nod of High Court," saidSri Harsha Reddy, legal counsel representing the lender. The case is expected to come up for hearing on 15 April.
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